Capricorn in advanced talks with EGPC over gas concession agreements
Capricorn Energy confirmed on Friday that it is in advanced talks with Egyptian General Petroleum Corporation over the Western Desert Egyptian concession agreements, which could leave to an improved gas price and increased investment and production.
Capricorn and its operating partner, Cheiron Energy, each hold a 50% participating interest.
The company said: "An initial agreement has been reached with EGPC which outlines terms to promote increased investment and production, including an improved gas price for incremental production and new discoveries alongside modernised commercial terms.
"The company can confirm that it is in advanced discussions with EGPC, but any agreement is still subject to approval by the main board of EGPC and ratification by the Egyptian Parliament."