The Financial Statements on pages 88 to 127 were approved by the Board of Directors on 25 March 2026 and signed on its behalf by:
\u00a0
Randy Neely
Chief Executive
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a) Basis of preparation The consolidated Financial Statements of Capricorn Energy PLC\u00a0(\u201cCapricorn\u201d or \u201cthe Group\u201d) for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 25 March 2026. Capricorn is a limited company\u00a0incorporated and domiciled in the United Kingdom\u00a0whose shares are publicly traded. The registered office is located at 50 Lothian Road, Edinburgh, Scotland, EH3 9BY. The registered company number is SC226712. Capricorn prepares its Financial Statements on a historical cost basis, unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the Financial Statements. The Financial Statements comply with the Companies Act 2006 as applicable to companies using UK-adopted International Financial Reporting Standards (IFRS). All accounting policies have been applied consistently across all years disclosed. The Group\u2019s Financial Statements are prepared on a going concern basis. | \n
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\u00a0 b) Accounting standards The Financial Statements of Capricorn have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. During the year, no new standards or amendments to standards were adopted that had a material impact on Capricorn\u2019s results or Financial Statement disclosures. The IASB has issued the following standards and amendments which are not yet effective and have not been early adopted by the Group. IFRS\u202f18 \u2013 Presentation and Disclosure in Financial Statements (effective 1\u202fJanuary\u202f2027) replaces IAS\u202f1 and introduces new requirements relating to the presentation of the income statement and enhanced disclosure requirements. The Group is assessing the impact of IFRS\u202f18, which is expected to primarily affect presentation and disclosure. Amendments to IFRS\u202f9 and IFRS\u202f7 \u2013 Financial Instruments (effective 1\u202fJanuary\u202f2026) clarify aspects of classification, derecognition and related disclosures. The amendments are not expected to have a material impact on the Group\u2019s financial statements. | \n
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\u00a0 c) Basis of consolidation The consolidated Financial Statements include the results of Capricorn Energy PLC and its subsidiary undertakings to the balance sheet date. Where subsidiaries follow differing accounting policies from those of the Group, those accounting policies have been adjusted to align with those of the Group. Intercompany balances and transactions between Group companies are eliminated on consolidation, though foreign exchange differences arising on intercompany balances between subsidiaries with differing functional currencies are not offset. The results of subsidiaries acquired or incorporated in any year are included in the Income Statement and Statement of Cash Flows from the effective date of acquisition, while the results of subsidiaries disposed of or liquidated during the year are included in the Income Statement and Statement of Cash Flows to the date at which control passes from the Group. | \n
\u00a0
| \n |
\u00a0 d) Joint arrangements Capricorn is a partner (joint operator as defined by IFRS 11) in oil and gas exploration, development and production licences which are unincorporated joint arrangements. All of the Group\u2019s current interests in these arrangements are determined to be joint operations. A full list of oil and gas licence interests can be found on page 137. Costs relating to an interest in a joint operation incurred on non-well specific exploration activities or costs directly associated with the production of hydrocarbons are charged immediately to the Income Statement. Costs relating to exploration wells are capitalised in accordance with the Group\u2019s accounting policy for intangible exploration/appraisal assets (note 2.2) pending determination of the success of the well. All costs associated with development activities for oil and gas assets are capitalised in property, plant & equipment \u2013 development/producing assets note 2.3. All costs capitalised in either exploration/appraisal or development/producing assets relate to interests in joint operations. Capricorn\u2019s working capital balances relating to joint operations are included in trade and other receivables (note 3.5) and trade and other payables (note 3.7). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. | \n
| \n |
e) Foreign currencies These Financial Statements continue to be presented in US dollars ($), the functional currency of the Parent. In the Financial Statements of individual Group companies, Capricorn translates foreign currency transactions into the functional currency at the rate of exchange prevailing at the transaction date (or an approximation thereof where not materially different). Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are taken to the Income Statement except for those incurred on borrowings specifically allocable to development projects, which are capitalised as part of the cost of the asset, though there were none in either the current or preceding year. The Group maintains the Financial Statements of the Parent and subsidiary undertakings in their functional currency. Where applicable, the Group translates subsidiary Financial Statements into the presentation currency, US dollars, using the closing rate method for assets and liabilities, which are translated at the rate of exchange prevailing at the balance sheet date and monthly average rates for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group companies whose functional currency is non\u2013US dollar directly to the foreign currency translation reserve within equity. | \n
| \n | \n | \n | \n | \n | \n | \n |
Rates of exchange to $1 were as follows: | \n ||||||
\u00a0 | \n \u00a0 | \n Closing 2025 | \n YTD average 2025 | \n Closing 2024 | \n YTD average 2024 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n GBP | \n 0.742 | \n 0.764 | \n 0.799 | \n 0.782 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n
| \n |
f) Exceptional items Where items have a significant impact on profit or loss, occur infrequently and are not part of the Group\u2019s normal operating cycle, such items may be disclosed as exceptional items on the face of the Income Statement. \u00a0 | \n
| \n |
Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to communal storage tanks in onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value, including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income does not meet the IFRS definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Cost of sales include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. | \n
| \n |
Capricorn follows a full successful efforts accounting policy for oil and gas assets. \u00a0 Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as pre-award costs. \u00a0 Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held, undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete or commercial reserves have been discovered and a field development plan approved. \u00a0 Non-well specific exploration expenditure incurred in the process of determining oil and gas exploration targets is charged directly to the Income Statement in the year it is incurred. \u00a0 Exploration/appraisal drilling costs directly relating to an exploration well are capitalised until the success or otherwise of the well has been established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are written off to the Income Statement. \u00a0 Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for impairment. \u00a0 Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with any excess being credited to the Income Statement. | \n
| \n | \n | \n |
\u00a0 | \n Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development or concession area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: | \n |
\u00a0 | \n \u2013 | \n downward revisions of reserves estimates; | \n
\u00a0 | \n \u2013 | \n increases in cost estimates for development projects; or | \n
\u00a0 | \n \u2013 | \n a decrease in the oil price or other negative changes in market conditions. | \n
\u00a0 | \n Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier year, that charge will be reversed in a later year where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. | \n
\u00a0
SECTION 2 \u2013 OIL AND GAS ASSETS, OPERATIONS AND OTHER NON-CURRENT ASSETS CONTINUED
\n| \n | \n |
\u00a0 | \n Accounting policies Carbon credits There is no specific guidance under IFRS as to how carbon credit purchases should be accounted. The IASB had previously issued an IFRIC on the subject (IFRIC 3 Emission Rights, issued in 2004) but this withdrawn shortly after issue. However, in the deliberations leading up to the IFRIC, the Interpretations Committee concluded that an allowance that is purchased is an asset that should be recognised. \u00a0 Having recorded the asset at cost, Capricorn has elected to carry the asset on Balance Sheet and amortise on a Carbon Emissions (\u201cUOP\u201d) basis in the periods in which the credits are utilised. Right-of-use assets \u2013 leasehold property At the start of the lease, the Capricorn recognises a Right-of-Use (\u201cROU\u201d) asset in the Balance Sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. | \n
\u00a0 | \n \u00a0 | \n
| \n |
Accounting policy Lease liabilities are measured and recorded on commencement of the asset being brought into use. Measurement is based on the lower of fair value of the asset or the net present value of fixed lease commitments under the contract. Lease payments made in excess of the fixed installments are charged direct to the Income Statement as variable lease costs. Lease payments are allocated between capital and interest based on the rate implicit in the lease agreement. Where this is not practical to determine, the Group\u2019s incremental borrowing rate is used. Where there are changes subsequent to initial recognition, adjustments are made to both the lease liability and the capitalised asset. The interest rate used where the rate implicit in the lease is not determinable is updated at the date of the remeasurement. No lease liability is recognised for leases where the period over which the right-of-use of an asset is obtained is forecast to be less than 12 months. Leases for low-value items are not recorded as a liability but are charged as appropriate when the benefit is obtained. | \n
| \n |
Accounting policy Spare parts inventories in Egypt are maintained by Bapetco on behalf of the Operator. Inventory is held at the lower of cost and net realisable value, where net realisable value is measured at cost less provisions for obsolescence, based on the age of the items held. | \n
| \n |
Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt and royalty payments receivable from producing fields in Mongolia. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables of the joint arrangements themselves. Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value and subsequently recorded at amortised cost. A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date. Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material. Prepayments, which are not financial assets, are measured at historic cost. | \n
| \n |
Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. | \n
| \n |
Accounting policy The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | \n
| \n |
a) Basis of preparation The consolidated Financial Statements of Capricorn Energy PLC\u00a0(\u201cCapricorn\u201d or \u201cthe Group\u201d) for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the Directors on 25 March 2026. Capricorn is a limited company\u00a0incorporated and domiciled in the United Kingdom\u00a0whose shares are publicly traded. The registered office is located at 50 Lothian Road, Edinburgh, Scotland, EH3 9BY. The registered company number is SC226712. Capricorn prepares its Financial Statements on a historical cost basis, unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the Financial Statements. The Financial Statements comply with the Companies Act 2006 as applicable to companies using UK-adopted International Financial Reporting Standards (IFRS). All accounting policies have been applied consistently across all years disclosed. The Group\u2019s Financial Statements are prepared on a going concern basis. | \n
| \n |
\u00a0 b) Accounting standards The Financial Statements of Capricorn have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. During the year, no new standards or amendments to standards were adopted that had a material impact on Capricorn\u2019s results or Financial Statement disclosures. The IASB has issued the following standards and amendments which are not yet effective and have not been early adopted by the Group. IFRS\u202f18 \u2013 Presentation and Disclosure in Financial Statements (effective 1\u202fJanuary\u202f2027) replaces IAS\u202f1 and introduces new requirements relating to the presentation of the income statement and enhanced disclosure requirements. The Group is assessing the impact of IFRS\u202f18, which is expected to primarily affect presentation and disclosure. Amendments to IFRS\u202f9 and IFRS\u202f7 \u2013 Financial Instruments (effective 1\u202fJanuary\u202f2026) clarify aspects of classification, derecognition and related disclosures. The amendments are not expected to have a material impact on the Group\u2019s financial statements. | \n
| \n |
\u00a0 c) Basis of consolidation The consolidated Financial Statements include the results of Capricorn Energy PLC and its subsidiary undertakings to the balance sheet date. Where subsidiaries follow differing accounting policies from those of the Group, those accounting policies have been adjusted to align with those of the Group. Intercompany balances and transactions between Group companies are eliminated on consolidation, though foreign exchange differences arising on intercompany balances between subsidiaries with differing functional currencies are not offset. The results of subsidiaries acquired or incorporated in any year are included in the Income Statement and Statement of Cash Flows from the effective date of acquisition, while the results of subsidiaries disposed of or liquidated during the year are included in the Income Statement and Statement of Cash Flows to the date at which control passes from the Group. | \n
| \n |
\u00a0 c) Basis of consolidation The consolidated Financial Statements include the results of Capricorn Energy PLC and its subsidiary undertakings to the balance sheet date. Where subsidiaries follow differing accounting policies from those of the Group, those accounting policies have been adjusted to align with those of the Group. Intercompany balances and transactions between Group companies are eliminated on consolidation, though foreign exchange differences arising on intercompany balances between subsidiaries with differing functional currencies are not offset. The results of subsidiaries acquired or incorporated in any year are included in the Income Statement and Statement of Cash Flows from the effective date of acquisition, while the results of subsidiaries disposed of or liquidated during the year are included in the Income Statement and Statement of Cash Flows to the date at which control passes from the Group. | \n
| \n |
\u00a0 d) Joint arrangements Capricorn is a partner (joint operator as defined by IFRS 11) in oil and gas exploration, development and production licences which are unincorporated joint arrangements. All of the Group\u2019s current interests in these arrangements are determined to be joint operations. A full list of oil and gas licence interests can be found on page 137. Costs relating to an interest in a joint operation incurred on non-well specific exploration activities or costs directly associated with the production of hydrocarbons are charged immediately to the Income Statement. Costs relating to exploration wells are capitalised in accordance with the Group\u2019s accounting policy for intangible exploration/appraisal assets (note 2.2) pending determination of the success of the well. All costs associated with development activities for oil and gas assets are capitalised in property, plant & equipment \u2013 development/producing assets note 2.3. All costs capitalised in either exploration/appraisal or development/producing assets relate to interests in joint operations. Capricorn\u2019s working capital balances relating to joint operations are included in trade and other receivables (note 3.5) and trade and other payables (note 3.7). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. | \n
| \n |
\u00a0 d) Joint arrangements Capricorn is a partner (joint operator as defined by IFRS 11) in oil and gas exploration, development and production licences which are unincorporated joint arrangements. All of the Group\u2019s current interests in these arrangements are determined to be joint operations. A full list of oil and gas licence interests can be found on page 137. Costs relating to an interest in a joint operation incurred on non-well specific exploration activities or costs directly associated with the production of hydrocarbons are charged immediately to the Income Statement. Costs relating to exploration wells are capitalised in accordance with the Group\u2019s accounting policy for intangible exploration/appraisal assets (note 2.2) pending determination of the success of the well. All costs associated with development activities for oil and gas assets are capitalised in property, plant & equipment \u2013 development/producing assets note 2.3. All costs capitalised in either exploration/appraisal or development/producing assets relate to interests in joint operations. Capricorn\u2019s working capital balances relating to joint operations are included in trade and other receivables (note 3.5) and trade and other payables (note 3.7). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. | \n
| \n |
e) Foreign currencies These Financial Statements continue to be presented in US dollars ($), the functional currency of the Parent. In the Financial Statements of individual Group companies, Capricorn translates foreign currency transactions into the functional currency at the rate of exchange prevailing at the transaction date (or an approximation thereof where not materially different). Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are taken to the Income Statement except for those incurred on borrowings specifically allocable to development projects, which are capitalised as part of the cost of the asset, though there were none in either the current or preceding year. The Group maintains the Financial Statements of the Parent and subsidiary undertakings in their functional currency. Where applicable, the Group translates subsidiary Financial Statements into the presentation currency, US dollars, using the closing rate method for assets and liabilities, which are translated at the rate of exchange prevailing at the balance sheet date and monthly average rates for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group companies whose functional currency is non\u2013US dollar directly to the foreign currency translation reserve within equity. | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n |
Rates of exchange to $1 were as follows: | \n ||||||
\u00a0 | \n \u00a0 | \n Closing 2025 | \n YTD average 2025 | \n Closing 2024 | \n YTD average 2024 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n GBP | \n 0.742 | \n 0.764 | \n 0.799 | \n 0.782 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n
| \n |
e) Foreign currencies These Financial Statements continue to be presented in US dollars ($), the functional currency of the Parent. In the Financial Statements of individual Group companies, Capricorn translates foreign currency transactions into the functional currency at the rate of exchange prevailing at the transaction date (or an approximation thereof where not materially different). Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are taken to the Income Statement except for those incurred on borrowings specifically allocable to development projects, which are capitalised as part of the cost of the asset, though there were none in either the current or preceding year. The Group maintains the Financial Statements of the Parent and subsidiary undertakings in their functional currency. Where applicable, the Group translates subsidiary Financial Statements into the presentation currency, US dollars, using the closing rate method for assets and liabilities, which are translated at the rate of exchange prevailing at the balance sheet date and monthly average rates for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group companies whose functional currency is non\u2013US dollar directly to the foreign currency translation reserve within equity. | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n |
Rates of exchange to $1 were as follows: | \n ||||||
\u00a0 | \n \u00a0 | \n Closing 2025 | \n YTD average 2025 | \n Closing 2024 | \n YTD average 2024 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n GBP | \n 0.742 | \n 0.764 | \n 0.799 | \n 0.782 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n |
Rates of exchange to $1 were as follows: | \n ||||||
\u00a0 | \n \u00a0 | \n Closing 2025 | \n YTD average 2025 | \n Closing 2024 | \n YTD average 2024 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n GBP | \n 0.742 | \n 0.764 | \n 0.799 | \n 0.782 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
\u00a0 | \n
| \n |
f) Exceptional items Where items have a significant impact on profit or loss, occur infrequently and are not part of the Group\u2019s normal operating cycle, such items may be disclosed as exceptional items on the face of the Income Statement. \u00a0 | \n
1.2 Going concern
The Directors have considered the factors relevant to support a statement of going concern. In assessing whether the going concern assumption is appropriate, the Board considered the Group cash flow forecasts under various scenarios, identifying risks and mitigating factors. The cash flow forecasts assessed for the going concern assessment cover the period to March 2027.
\u00a0
On 11th March 2026, Capricorn confirmed it has received multiple unsolicited non-binding proposals from Alamadiyaf al Masiyyah for Trading LLC, a member of the Cafani Group, regarding a possible all cash offer to acquire the entire issued and to be issued share capital of the Company. At the time of approval of the financial statements, no firm offer has been made. There can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer, or whether the Directors would recommend any offer to shareholders. As a result, this possible offer has not been considered as part of the Directors Going Concern assessment.
\u00a0
As the Directors will not commit to investing further Group funds into the Egypt business, separate cash flow forecasts have been run for Capricorn Egypt, the Egypt asset-holding subsidiary and the remaining Capricorn Energy PLC Group. However, Capricorn Egypt has the forecast financial capacity to settle the outstanding balance on the Junior facility within the going concern period allowing cash flow forecasts to now include remittance of surplus funds from the Egypt business back to the Capricorn Energy PLC Group.
Group cash flow forecasts have been run on base-case, price crash and downside assumptions. Base case assumptions forecast administrative costs and assume a successful outcome in the Senegal tax arbitration. A downside scenario includes an increase to administrative costs and a tax settlement payable in Senegal. The Senegal arbitration process is highly unlikely to conclude within the Going Concern period. Scenarios run currently exclude future returns to shareholders. In the Egypt business, downside assumptions include a return to lower oil prices, with an oil price averaging $58/bbl until April 2027, and $60/bbl thereafter through to the end of 2027, a 10% reduction in forecast production from 2026 onward and reductions to collections against outstanding Egypt trade receivables. An oil-price crash scenario assumes a fall in the oil price to $35/bbl at the end of Q1 2026 with a recovery to $65/bbl by the end of 2027. In all cases, capital expenditure remains as forecast, though the ability to reduce future spend to match lower revenue receipts is one of several mitigants open to the Company. Sensitivities assuming early repayment of the Junior loan facility have also been run, should post year end events of default be enforced.
Under all scenarios Capricorn continues to operate as a going concern with sufficient cash balances, allowing the Group to meet its current and contracted commitments both within and outside Egypt as and when they fall due for a period of at least 12 months from the date of signing these Financial Statements.
The Board and Audit Committee assessments of risk and mitigants to the Group\u2019s operational existence beyond this 12-month period is included in the Viability Statement on page 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_1c2c5392-e8bc-4cd2-b588-e67b6ba896e9": { "value": "1.3 Post balance sheet events \u2013 Middle East instability
As of March 2026, the oil market is experiencing significant volatility, with prices ranging from $80/bbl to near $120/bbl following military conflicts in the Middle East, particularly around the Strait of Hormuz. The escalation of conflict involving Iran risks prolonged supply disruption with a significant quantity of global crude oil supply passing through the affected areas. Egypt has not been involved in the ongoing regional turmoil.
\u00a0
A prolonged crisis could lead to fiscal challenges in Egypt, which may in turn impact the Company. Capricorn continues to monitor future capital spend against collections.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNonadjustingEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_d9aabf41-bc46-4616-bd5c-662aa59c9cad": { "value": "Key estimates and assumptions in this section:
Estimation of reserves based on merged concessions
Capricorn\u2019s impairment test is performed across the BED and Obaiyed areas as a single cash-generating unit (CGU), reflecting the merged concession agreement which is expected to be formally ratified in H1 2026. Reserves estimates at the year end are calculated using commercial terms and contractual field lives based on this revised concession. Despite not being formally ratified at the year end, the Directors believe that with the agreement approved by all parties, including EGPC, and with an operational start date of 1 July 2025, the use for the revised reserves estimates in 2025 best reflects the results for the year.
Estimation of fair value of assets for use in impairment tests
The fair value less cost of disposal of property, plant & equipment \u2013 development/producing assets in Egypt used in the Group\u2019s impairment test of goodwill has been measured using the net present value of discounted future cash flows over the commercial field life of the concessions, based on the revised field life and commercial terms included in the merged concession agreement, consistent with how a market participant would value the assets. These valuations represent a level 3 estimate of fair value.
The key assumptions used in the Group\u2019s discounted cash flow models used to estimate the fair value of the asset reflect past experience and take account of external factors. These assumptions include:
\n| \n | \n |
\u2013 | \n drilling plans aligned with forecast cash collections from EGPC; | \n
\u2013 | \n short/medium-term oil price based on the forward curve for two years from the balance sheet date; | \n
\u2013 | \n long-term oil price of $65/bbl (2024: $65/bbl) escalated at 2% per annum; | \n
\u2013 | \n Egypt price differentials to base oil prices; | \n
\u2013 | \n proved and probable reserves estimates and production profiles, based on \u00a0external estimates under revised concession terms and internal price assumptions; | \n
\u2013 | \n collection of revenues on monthly invoices; | \n
\u2013 | \n cost profiles for future costs escalated at 2.0% per annum (2024: 4.0% per annum); | \n
\u2013 | \n carbon prices based on World Energy Outlook 2023 (\u201cWEO-2023\u201d) Net Zero Emissions by 2050 Scenario; and | \n
\u2013 | \n post-tax discount rates of 15% (2024: 15%). | \n
\u00a0
Climate change assumptions
Capricorn\u2019s cost of carbon assumptions are included in the fair value models used to attribute value to the assets. Those models will also determine the useful life-of-field assumptions for each producing asset and increasing costs of carbon could result in reduced commercial reserves volumes. Sensitivities performed on alternate carbon cost assumptions did not have a significant impact on the fair values of the assets in Egypt.
\u00a0
Decommissioning and well abandonment costs
In Egypt, under model concession agreements and the Fuel Material Law, liabilities in respect of development/producing assets
passes to the Egyptian Government through the transfer of ownership from the contractor to the government under the cost recovery process. While the current risk to the Company of becoming liable for decommissioning liabilities in Egypt is low, future changes to legislation could result in decommissioning liabilities in Egypt. Any increase in Egyptian decommissioning liabilities could adversely affect the Company's financial condition.
\u00a0
In relation to petroleum wells, under good oilfield practices, the contractor is responsible for decommissioning non-producing wells under a decommissioning plan approved by EGPC during the life of the concession agreement. If EGPC agrees that a producing well is not economic, then the contractor may be responsible for decommissioning the well under an EGPC approved decommissioning plan. EGPC, at its own discretion, may not require a well to be decommissioned if it wants to preserve the ability to use the well for other purposes. As EGPC has discretion on decommissioning wells, there is a risk that the Company could incur well decommissioning costs. In accordance with the respective concession agreements, expenses approved by EGPC are recoverable through the cost recovery mechanism.
As at 31 December 2024 and 2025, no decommissioning assets or liabilities have been recorded on the Balance Sheet.
There are currently no assets that have been identified as at risk of becoming stranded.
Significant accounting judgements and key estimates and assumptions in this section:
Expected credit loss adjustment on Egypt trade receivables
Capricorn reviews expected credit loss adjustments that reduce the value of receivables in Egypt at each reporting date. While Capricorn ultimately expects to recover the full value of receivables, the credit risk assessment is based on latest market observed risk ratings and the current ageing of receivables.
There is no reasonable change in assumptions that would lead to material impact on the Financial Statements and therefore no sensitivity analysis is provided.
Significant accounting judgements in this section:
Segmental disclosures and discontinued operations
IFRS 8 \u2018Operating Segments\u2019 does not provide guidance as to whether segment disclosures apply to discontinued operations. Capricorn has included the results of discontinued operations within the \u201cOther Capricorn Energy Group\u201d segment for both
years presented.
Key estimates and assumptions in this section:
There are several key estimates and assumptions used in the calculation of the Group\u2019s share-based payment charges. These are detailed in note 4.2 (b).
Significant accounting judgements in this section:
Recognition of deferred tax liabilities and tax charge on profits from Egypt concessions
Under the Egypt concession agreements, each contractor\u2019s share of income tax due on taxable profit for the year is paid on the contractor\u2019s behalf by EGPC from their share of production. The tax liability however remains with the contractor to the point of settlement. Therefore, Capricorn recognises deferred tax liabilities on temporary taxable difference where the carrying value of non-current assets exceeds their tax written down values.
Capricorn also records a tax charge in the year for tax that is payable on the Group\u2019s share of profits from production. Other income is recorded within gross profit to reflect the sale of additional volumes by EGPC on behalf of the Group to settle the tax liability arising; see note 2.1.
In the current year, deferred tax calculations have been amended to reflect the merged concessions agreement. The new single concession merges eight previous concessions into one, eliminating previous deferred tax liabilities that existed across five concessions where the net book value of assets exceeded the tax written down value. Under the merged concession, a deferred tax assets is instead recorded.
Deferred taxation \u2013 recognition of deferred tax assets on Egypt concessions
At the year end, Capricorn recognise deferred tax assets across two concessions, including the merged concession, where available tax losses are expected to be recovered, within a period not exceeding five years, on forecast future taxable profits over which the losses can be utilised.
Significant accounting judgements in this section
Senegal tax assessment
On 14 November 2023, Capricorn received notification of tax assessment raised in Senegal against Woodside Petroleum (\u201cWoodside\u201d). The claim contains two items that Capricorn is responsible for under the agreement for the sale of the assets from Capricorn to Woodside. Capricorn strongly refutes that any tax is due and will robustly defend the Group\u2019s position. At the balance sheet date, no provision has been made in the Financial Statements, with further disclosures of this contingent liability in note 6.3.
Significant accounting judgements and key estimates and assumptions in this section:
There are no significant accounting judgements or key estimates and assumptions in this section.
Key estimates and assumptions in this section:
Impairment testing on investments in subsidiaries
The Company\u2019s investment in Capricorn Oil Limited has been reviewed for indicators of impairment by comparison against the fair value of intangible exploration/appraisal assets, property, plant & equipment \u2013 development/producing assets and working capital, including cash and cash equivalents and intercompany receivables, held within the Capricorn Oil Limited sub-group. The fair value of oil and gas assets is calculated using the same assumptions as noted in section 2. With the significant change in the value of oil and gas assets through the merged concession agreement reflected in the prior year carrying value of investments in subsidiaries, through a reversal of previous impairment, there is no further impairment reversal in the current year.
8.1 Basis of preparation
The Financial Statements of Capricorn Energy PLC have been prepared in accordance with UK-adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The Company applies accounting policies consistent with those applied by the Group. To the extent that an accounting policy is relevant to both Group and Company Financial Statements, refer to the Group Financial Statements for disclosure of the accounting policy. Material policies that apply to the Company only are included as appropriate.
Capricorn has used the exemption granted under S408 of the Companies Act 2006 that allows for the non-disclosure of the Income Statement of the Parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_8e1db408-2aa3-4c2f-baad-c6712bb15173": { "value": "2.1 Gross profit: revenue and cost of sales
\u00a0
| \n |
Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to communal storage tanks in onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value, including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income does not meet the IFRS definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Cost of sales include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Oil sales | \n \u00a0 | \n 96.8 | \n \u00a0 | \n \u00a0 | \n 111.6 | \n \u00a0 | \n
Gas sales | \n \u00a0 | \n 37.5 | \n \u00a0 | \n \u00a0 | \n 35.2 | \n \u00a0 | \n
Revenue from oil and gas sales | \n \u00a0 | \n 134.3 | \n \u00a0 | \n \u00a0 | \n 146.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Royalty income | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n
Total revenue | \n \u00a0 | \n 134.9 | \n \u00a0 | \n \u00a0 | \n 147.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Other income \u2013 tax entitlement volumes | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 30.1 | \n \u00a0 | \n
Other income | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 30.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Production costs and inventory movements | \n \u00a0 | \n (39.4 | \n ) | \n \u00a0 | \n (41.6 | \n ) | \n
Cost of sales | \n \u00a0 | \n (39.4 | \n ) | \n \u00a0 | \n (41.6 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Depletion (note 2.3) | \n \u00a0 | \n (50.8 | \n ) | \n \u00a0 | \n (85.1 | \n ) | \n
Gross profit | \n \u00a0 | \n 45.6 | \n \u00a0 | \n \u00a0 | \n 51.2 | \n \u00a0 | \n
\u00a0
Revenue
Capricorn recognised oil and gas revenue on producing concessions in Egypt, based on an entitlement interest. Payment terms are within 30 days from the date of the invoice for oil sales and 45 days from the date of the invoice for gas sales. All sales in the year were domestic sales. Revenue includes $15.2m of additional income relating to the merged concession agreement, for production from 1 July 2025 to 31 December 2025. This amount remains unbilled, with invoices to be issued following ratification.
Oil and gas revenue in Egypt for the year ended 31 December 2025 was $134.3m (2024: $146.8m), from net entitlement production of 3.6 mmboe (2024: 3.6 mmboe) of which ~40% (2024: ~39%) was liquids. Oil sales averaged $68.4/boe (2024: $79.3/boe) and with gas sales at $3.1/mscf (2024: $2.9/mscf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC \u2013 see section 5.
Production costs over the year were $39.4m (2024: $41.6m), or $5.4/boe (2024: $4.8/boe) (on a working interest (WI) basis), including inventory movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_388b5dca-a603-4b84-9831-b8988c0c3140": { "value": "2.1 Gross profit: revenue and cost of sales
\u00a0
| \n |
Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to communal storage tanks in onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value, including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income does not meet the IFRS definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Cost of sales include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Oil sales | \n \u00a0 | \n 96.8 | \n \u00a0 | \n \u00a0 | \n 111.6 | \n \u00a0 | \n
Gas sales | \n \u00a0 | \n 37.5 | \n \u00a0 | \n \u00a0 | \n 35.2 | \n \u00a0 | \n
Revenue from oil and gas sales | \n \u00a0 | \n 134.3 | \n \u00a0 | \n \u00a0 | \n 146.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Royalty income | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n
Total revenue | \n \u00a0 | \n 134.9 | \n \u00a0 | \n \u00a0 | \n 147.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Other income \u2013 tax entitlement volumes | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 30.1 | \n \u00a0 | \n
Other income | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 30.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Production costs and inventory movements | \n \u00a0 | \n (39.4 | \n ) | \n \u00a0 | \n (41.6 | \n ) | \n
Cost of sales | \n \u00a0 | \n (39.4 | \n ) | \n \u00a0 | \n (41.6 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Depletion (note 2.3) | \n \u00a0 | \n (50.8 | \n ) | \n \u00a0 | \n (85.1 | \n ) | \n
Gross profit | \n \u00a0 | \n 45.6 | \n \u00a0 | \n \u00a0 | \n 51.2 | \n \u00a0 | \n
\u00a0
Revenue
Capricorn recognised oil and gas revenue on producing concessions in Egypt, based on an entitlement interest. Payment terms are within 30 days from the date of the invoice for oil sales and 45 days from the date of the invoice for gas sales. All sales in the year were domestic sales. Revenue includes $15.2m of additional income relating to the merged concession agreement, for production from 1 July 2025 to 31 December 2025. This amount remains unbilled, with invoices to be issued following ratification.
Oil and gas revenue in Egypt for the year ended 31 December 2025 was $134.3m (2024: $146.8m), from net entitlement production of 3.6 mmboe (2024: 3.6 mmboe) of which ~40% (2024: ~39%) was liquids. Oil sales averaged $68.4/boe (2024: $79.3/boe) and with gas sales at $3.1/mscf (2024: $2.9/mscf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC \u2013 see section 5.
Production costs over the year were $39.4m (2024: $41.6m), or $5.4/boe (2024: $4.8/boe) (on a working interest (WI) basis), including inventory movements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_30ca471d-e9ef-4548-b7c3-cfef80c52383": { "value": "| \n |
Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to communal storage tanks in onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value, including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income does not meet the IFRS definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Cost of sales include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. | \n
2.2 Intangible exploration/appraisal assets
\u00a0
| \n |
Capricorn follows a full successful efforts accounting policy for oil and gas assets. \u00a0 Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as pre-award costs. \u00a0 Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held, undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete or commercial reserves have been discovered and a field development plan approved. \u00a0 Non-well specific exploration expenditure incurred in the process of determining oil and gas exploration targets is charged directly to the Income Statement in the year it is incurred. \u00a0 Exploration/appraisal drilling costs directly relating to an exploration well are capitalised until the success or otherwise of the well has been established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are written off to the Income Statement. \u00a0 Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for impairment. \u00a0 Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with any excess being credited to the Income Statement. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Egypt | \n \u00a0 | \n Other | \n \u00a0 | \n Total | \n \u00a0 | \n |||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||
Cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n
Additions | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 6.4 | \n \u00a0 | \n \u00a0 | \n 6.4 | \n \u00a0 | \n
Unsuccessful exploration costs | \n \u00a0 | \n (2.5 | \n ) | \n \u00a0 | \n (6.4 | \n ) | \n \u00a0 | \n (8.9 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Additions | \n \u00a0 | \n 13.3 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n \u00a0 | \n \u00a0 | \n 16.0 | \n \u00a0 | \n
Unsuccessful exploration costs | \n \u00a0 | \n (10.3 | \n ) | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n (13.0 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n 3.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 3.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net book value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 31 December 2023 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 3.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 3.0 | \n \u00a0 | \n
\u00a0
Additions to intangible exploration/appraisal assets were funded through cash and working capital, including increased provisions for well abandonment costs.
Egypt
Three exploration wells were completed in Egypt during 2025 on the NUMB, WEF and SEH concessions, with the NUMB-6 and SEH-6X wells producing encouraging results. In NUMB, the joint venture is progressing a development lease application following the drilling of NUMB-6. In SEH, the SEH-6X well, encountered sub-commercial volumes and costs were written off, however the well did establish the extension of an active petroleum system and was considered sufficiently positive to justify progressing to phase 2 on the licence. Unsuccessful exploration costs of $10.3m (2024: $2.5m) include the SEH and WEF concessions and directly relate to the two wells drilled.
Other countries
Additions of $2.7m (2024: $6.4m) relate to an increase of $2.7m (2024: $1.7m) on estimated historic UK well abandonment costs, and $nil (2024: $4.7m) of past costs no longer expected to be recovered following the exit of from all remaining licences in Mexico. All additions were immediately written off as unsuccessful exploration costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_0d3f7188-c3dd-4ec3-bfdf-58644072fe72": { "value": "| \n |
Capricorn follows a full successful efforts accounting policy for oil and gas assets. \u00a0 Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as pre-award costs. \u00a0 Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held, undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete or commercial reserves have been discovered and a field development plan approved. \u00a0 Non-well specific exploration expenditure incurred in the process of determining oil and gas exploration targets is charged directly to the Income Statement in the year it is incurred. \u00a0 Exploration/appraisal drilling costs directly relating to an exploration well are capitalised until the success or otherwise of the well has been established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are written off to the Income Statement. \u00a0 Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for impairment. \u00a0 Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with any excess being credited to the Income Statement. | \n
2.3 Property, plant & equipment \u2013 development/producing assets
\u00a0
| \n | \n | \n |
\u00a0 | \n Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development or concession area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: | \n |
\u00a0 | \n \u2013 | \n downward revisions of reserves estimates; | \n
\u00a0 | \n \u2013 | \n increases in cost estimates for development projects; or | \n
\u00a0 | \n \u2013 | \n a decrease in the oil price or other negative changes in market conditions. | \n
\u00a0 | \n Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier year, that charge will be reversed in a later year where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. | \n
\u00a0
SECTION 2 \u2013 OIL AND GAS ASSETS, OPERATIONS AND OTHER NON-CURRENT ASSETS CONTINUED
2.3 Property, plant & equipment \u2013 development/producing assets continued
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n Egypt | \n \u00a0 | \n |
\u00a0 | \n $m | \n \u00a0 | \n |
Cost | \n \u00a0 | \n \u00a0 | \n |
At 1 January 2024 | \n \u00a0 | \n 572.2 | \n \u00a0 | \n
Additions | \n \u00a0 | \n 62.6 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 634.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Additions | \n \u00a0 | \n 63.0 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 697.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Accumulated depletion and impairment | \n \u00a0 | \n \u00a0 | \n |
At 1 January 2024 | \n \u00a0 | \n 354.6 | \n \u00a0 | \n
Depletion charge | \n \u00a0 | \n 85.1 | \n \u00a0 | \n
Reversal of impairment | \n \u00a0 | \n (15.7 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n 424.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Depletion charge | \n \u00a0 | \n 50.8 | \n \u00a0 | \n
Impairment | \n \u00a0 | \n 10.6 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 485.4 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net book value | \n \u00a0 | \n \u00a0 | \n |
At 31 December 2023 | \n \u00a0 | \n 217.6 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 210.8 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 212.4 | \n \u00a0 | \n
\u00a0
\u00a0
Egypt
Additions have been funded through cash and working capital wholly within the Egypt business. Capricorn continues to align capital investment in the Egypt assets with cash collections against the outstanding trade receivables balance. Additions in the year predominantly relate to the costs of producing wells drilled. During 2025, 20 wells were spudded, 18 on the BED concessions and two on the AESW concession. All wells were complete by the end of January 2026.
Depletion of $50.8m (2024: $85.1m) was charged to the Income Statement based on entitlement interest production during the year. The costs for depletion include future capital costs-to-complete consistent with the life-of-field reserves estimates used in the calculation.
Impairment review
Impairment reviews conducted at the year end identified indicators of impairment on the AESW concession. This loss of future forecast production reduces the recoverable value of the asset and leads to the impairment charge of $10.6m. Immediate drilling activity is focused on the newly merged concessions, with the recoverable value of AESW reducing as a result of deferred development activity and the shorter remaining concession term. Negotiations to improve the concession terms on AESW were initiated in 2025. Post impairment, the AESW net book value is now $1.8m. Given the low values, there are no changes to assumptions which would result in a material adjustment to the amounts recorded in the financial statements, therefore no sensitivity analysis has been provided.
No indicators were identified on remaining concessions and these assets were not therefore tested for impairment. They are however included within the Egypt operating segment along with goodwill which is tested annually for impairment and reflects that Capricorn's market capitalisation remains below the net book value of the Group's Balance Sheet.
At 31 December 2024, the Group\u2019s development/producing assets in Egypt were reviewed for indicators of impairment or reversal of previous impairments. Following significant progress on the revised concession agreement with EGPC at the year end, the anticipated increased field lives and improved commercial terms were an indicator that previous impairments may be reversed. Impairment tests were conducted across the BED and Obaiyed concessions as a single CGU and resulted in the full reversal of prior year impairment after adjusting for additional notional depletion. Given the significant headroom generated by the increase in fair value under the improved terms, there are no reasonable changes to assumptions that would reduce the reversal of impairment recorded, therefore no sensitivity analysis has been provided. AESW and NEAG concessions were reviewed for indicators of impairment but as no indicator was identified, no impairment tests were performed.
2.5 Other property, plant & equipment and intangible assets
| \n | \n |
\u00a0 | \n Accounting policies Carbon credits There is no specific guidance under IFRS as to how carbon credit purchases should be accounted. The IASB had previously issued an IFRIC on the subject (IFRIC 3 Emission Rights, issued in 2004) but this withdrawn shortly after issue. However, in the deliberations leading up to the IFRIC, the Interpretations Committee concluded that an allowance that is purchased is an asset that should be recognised. \u00a0 Having recorded the asset at cost, Capricorn has elected to carry the asset on Balance Sheet and amortise on a Carbon Emissions (\u201cUOP\u201d) basis in the periods in which the credits are utilised. Right-of-use assets \u2013 leasehold property At the start of the lease, the Capricorn recognises a Right-of-Use (\u201cROU\u201d) asset in the Balance Sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. | \n
\u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Carbon | \n \u00a0 | \n Intangible | \n \u00a0 | \n Property, plant & | \n \u00a0 | \n Right-of- | \n \u00a0 | \n Total | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||||
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n \u00a0 | \n 26.9 | \n \u00a0 | \n
Additions | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n
Right-of-use asset adjustment | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.6 | \n ) | \n \u00a0 | \n (0.6 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 4.0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.0 | \n \u00a0 | \n \u00a0 | \n 18.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n 16.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Accumulated depreciation and amortisation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 11.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 12.4 | \n \u00a0 | \n
Charge for the year | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 3.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Charge for the year | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 2.9 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Net book value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
At 31 December 2023 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 14.5 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n \u00a0 | \n 13.0 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n \u00a0 | \n 12.0 | \n \u00a0 | \n
\u00a0
Disposals of intangible assets in 2024 relate to fully amortised, historic software costs written off including the Group\u2019s legacy ERP system which was replaced in that year.
In 2022, the Group invested $6.8m in verified carbon credits, which will be used to offset the Group\u2019s future emissions from its operations in Egypt, to help achieve its net zero targets. For more details see the TCFD Report, on pages 25 to 31. None of the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. The carrying value of carbon credits are included within the Egypt cash generating unit for impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_2de09c86-8764-4740-9707-8f65026f029d": { "value": "| \n | \n | \n |
\u00a0 | \n Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development or concession area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: | \n |
\u00a0 | \n \u2013 | \n downward revisions of reserves estimates; | \n
\u00a0 | \n \u2013 | \n increases in cost estimates for development projects; or | \n
\u00a0 | \n \u2013 | \n a decrease in the oil price or other negative changes in market conditions. | \n
\u00a0 | \n Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier year, that charge will be reversed in a later year where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. | \n
\u00a0
SECTION 2 \u2013 OIL AND GAS ASSETS, OPERATIONS AND OTHER NON-CURRENT ASSETS CONTINUED
| \n | \n | \n |
\u00a0 | \n Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development or concession area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: | \n |
\u00a0 | \n \u2013 | \n downward revisions of reserves estimates; | \n
\u00a0 | \n \u2013 | \n increases in cost estimates for development projects; or | \n
\u00a0 | \n \u2013 | \n a decrease in the oil price or other negative changes in market conditions. | \n
\u00a0 | \n Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier year, that charge will be reversed in a later year where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. | \n
\u00a0
SECTION 2 \u2013 OIL AND GAS ASSETS, OPERATIONS AND OTHER NON-CURRENT ASSETS CONTINUED
2.3 Property, plant & equipment \u2013 development/producing assets continued
\u00a0
\n| \n | \n | \n | \n |
\u00a0 | \n Egypt | \n \u00a0 | \n |
\u00a0 | \n $m | \n \u00a0 | \n |
Cost | \n \u00a0 | \n \u00a0 | \n |
At 1 January 2024 | \n \u00a0 | \n 572.2 | \n \u00a0 | \n
Additions | \n \u00a0 | \n 62.6 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 634.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Additions | \n \u00a0 | \n 63.0 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 697.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Accumulated depletion and impairment | \n \u00a0 | \n \u00a0 | \n |
At 1 January 2024 | \n \u00a0 | \n 354.6 | \n \u00a0 | \n
Depletion charge | \n \u00a0 | \n 85.1 | \n \u00a0 | \n
Reversal of impairment | \n \u00a0 | \n (15.7 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n 424.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Depletion charge | \n \u00a0 | \n 50.8 | \n \u00a0 | \n
Impairment | \n \u00a0 | \n 10.6 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 485.4 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net book value | \n \u00a0 | \n \u00a0 | \n |
At 31 December 2023 | \n \u00a0 | \n 217.6 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 210.8 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n 212.4 | \n \u00a0 | \n
2.4 Goodwill
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Egypt | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n |
Cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
At 1 January 2024, 31 December 2024 and 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 10.8 | \n \u00a0 | \n
\u00a0
Goodwill arose on the acquisition of the Western Desert assets in Egypt in 2021. Goodwill has been tested for impairment at 31 December 2025 and no impairment was identified. As there are no reasonable changes to assumptions that would result in an impairment of goodwill, no sensitivity analysis has been provided.
\u00a0
\u00a0
2.5 Other property, plant & equipment and intangible assets
| \n | \n |
\u00a0 | \n Accounting policies Carbon credits There is no specific guidance under IFRS as to how carbon credit purchases should be accounted. The IASB had previously issued an IFRIC on the subject (IFRIC 3 Emission Rights, issued in 2004) but this withdrawn shortly after issue. However, in the deliberations leading up to the IFRIC, the Interpretations Committee concluded that an allowance that is purchased is an asset that should be recognised. \u00a0 Having recorded the asset at cost, Capricorn has elected to carry the asset on Balance Sheet and amortise on a Carbon Emissions (\u201cUOP\u201d) basis in the periods in which the credits are utilised. Right-of-use assets \u2013 leasehold property At the start of the lease, the Capricorn recognises a Right-of-Use (\u201cROU\u201d) asset in the Balance Sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. | \n
\u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Carbon | \n \u00a0 | \n Intangible | \n \u00a0 | \n Property, plant & | \n \u00a0 | \n Right-of- | \n \u00a0 | \n Total | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||||
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n \u00a0 | \n 26.9 | \n \u00a0 | \n
Additions | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n
Right-of-use asset adjustment | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.6 | \n ) | \n \u00a0 | \n (0.6 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 4.0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.0 | \n \u00a0 | \n \u00a0 | \n 18.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n 16.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Accumulated depreciation and amortisation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 11.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 12.4 | \n \u00a0 | \n
Charge for the year | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 3.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Charge for the year | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 2.9 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Net book value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
At 31 December 2023 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 14.5 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n \u00a0 | \n 13.0 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n \u00a0 | \n 12.0 | \n \u00a0 | \n
\u00a0
Disposals of intangible assets in 2024 relate to fully amortised, historic software costs written off including the Group\u2019s legacy ERP system which was replaced in that year.
In 2022, the Group invested $6.8m in verified carbon credits, which will be used to offset the Group\u2019s future emissions from its operations in Egypt, to help achieve its net zero targets. For more details see the TCFD Report, on pages 25 to 31. None of the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. The carrying value of carbon credits are included within the Egypt cash generating unit for impairment testing.
SECTION 2 \u2013 OIL AND GAS ASSETS, OPERATIONS AND OTHER NON-CURRENT ASSETS CONTINUED
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_68ec806b-765d-454e-a33a-ad9b6d955bd4": { "value": "2.4 Goodwill
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Egypt | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n |
Cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
At 1 January 2024, 31 December 2024 and 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 10.8 | \n \u00a0 | \n
\u00a0
Goodwill arose on the acquisition of the Western Desert assets in Egypt in 2021. Goodwill has been tested for impairment at 31 December 2025 and no impairment was identified. As there are no reasonable changes to assumptions that would result in an impairment of goodwill, no sensitivity analysis has been provided.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_d37635d0-cfc6-4c06-9593-05e7f2ac5cf8": { "value": "2.5 Other property, plant & equipment and intangible assets
| \n | \n |
\u00a0 | \n Accounting policies Carbon credits There is no specific guidance under IFRS as to how carbon credit purchases should be accounted. The IASB had previously issued an IFRIC on the subject (IFRIC 3 Emission Rights, issued in 2004) but this withdrawn shortly after issue. However, in the deliberations leading up to the IFRIC, the Interpretations Committee concluded that an allowance that is purchased is an asset that should be recognised. \u00a0 Having recorded the asset at cost, Capricorn has elected to carry the asset on Balance Sheet and amortise on a Carbon Emissions (\u201cUOP\u201d) basis in the periods in which the credits are utilised. Right-of-use assets \u2013 leasehold property At the start of the lease, the Capricorn recognises a Right-of-Use (\u201cROU\u201d) asset in the Balance Sheet. The ROU asset is initially measured at cost, and subsequently at cost less accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. | \n
\u00a0 | \n \u00a0 | \n
\u00a0
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Carbon | \n \u00a0 | \n Intangible | \n \u00a0 | \n Property, plant & | \n \u00a0 | \n Right-of- | \n \u00a0 | \n Total | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||||
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 12.2 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n \u00a0 | \n 26.9 | \n \u00a0 | \n
Additions | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n
Right-of-use asset adjustment | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.6 | \n ) | \n \u00a0 | \n (0.6 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 4.0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.0 | \n \u00a0 | \n \u00a0 | \n 18.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n 16.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Accumulated depreciation and amortisation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 11.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 12.4 | \n \u00a0 | \n
Charge for the year | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.8 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 3.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Charge for the year | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n
Disposals | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (2.7 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 2.9 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
Net book value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||
At 31 December 2023 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 14.5 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n \u00a0 | \n 13.0 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n 6.8 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n \u00a0 | \n 12.0 | \n \u00a0 | \n
\u00a0
Disposals of intangible assets in 2024 relate to fully amortised, historic software costs written off including the Group\u2019s legacy ERP system which was replaced in that year.
In 2022, the Group invested $6.8m in verified carbon credits, which will be used to offset the Group\u2019s future emissions from its operations in Egypt, to help achieve its net zero targets. For more details see the TCFD Report, on pages 25 to 31. None of the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. The carrying value of carbon credits are included within the Egypt cash generating unit for impairment testing.
2.6 Provisions \u2013 well abandonment
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n |
At 1 January 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.5 | \n \u00a0 | \n
Change in estimate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n \u00a0 | \n
Unwinding of discount | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7.3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Change in estimate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n \u00a0 | \n
Unwind of discount | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n
Well abandonment expenses paid | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10.9 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Amounts due less than one year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10.9 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10.9 | \n \u00a0 | \n
\u00a0
Well abandonment provisions at 31 December 2025 represent the present value of costs related to the abandonment of two wells on the Tybalt P1632 licence in the UK.
The provision is based on operator cost estimates, subject to internal review and amendment where considered necessary, and is calculated using assumptions based on existing technology and the current economic environment. Based on updated timings from the operator, all amounts are now due within 12 months. In 2024, for amounts due greater than one year, cost escalation was 3.0% with a discount rate of 4.1% per annum. The reasonableness of these assumptions is reviewed at each reporting date to take into account any material changes required.
\u00a0
In December 2025, the well abandonment work plan was updated resulting in increases to the provision of $2.7m (2024: $1.7m). The work has been brought forward to 2026 from 2027, resulting in the full provision being classified as a current liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_0bf8917e-e069-4aba-a62f-7f4c60e9f1e8": { "value": "2.7 Capital commitments
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n At 31 December 2025 $m | \n \u00a0 | \n At 31 December 2024 $m | \n \u00a0 | \n
Oil and gas expenditure: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Intangible exploration/appraisal assets | \n \u2013 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n
Contracted for | \n \u2013 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n
\u00a0
Capital commitments represent Capricorn\u2019s share of obligations in relation to its interests in joint operations. These commitments include Capricorn\u2019s share of the capital commitments of the joint operations themselves.
There were no capital commitments for intangible exploration/appraisal assets relating to remaining licence commitments in Egypt (2024: $7.6m). Commitments totalling $9.9m were approved in January 2026, through joint venture budgets.
At 31 December 2025, there were no capital commitments recorded for property, plant & equipment \u2013 development/producing assets (2024: $nil). However, commitments totalling $82.8m were approved in January 2026 through joint venture budgets.
There were no short-term lease commitments at the 2025 balance sheet date (2024: $nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_10f962a2-ce69-4821-afe7-5b882800e9aa": { "value": "3.1 Cash and cash equivalents
\n| \n | \n |
\u00a0 | \n Accounting policy Cash and cash equivalents Cash and cash equivalents comprise cash at bank and short-term deposits with an original maturity of three months or less. For the purposes of the statements of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. | \n
\u00a0 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Cash at bank | \n \u00a0 | \n \u00a0 | \n 19.7 | \n \u00a0 | \n \u00a0 | \n 16.2 | \n \u00a0 | \n
Money market funds | \n \u00a0 | \n \u00a0 | \n 113.0 | \n \u00a0 | \n \u00a0 | \n 107.2 | \n \u00a0 | \n
Cash and cash equivalents | \n \u00a0 | \n \u00a0 | \n 132.7 | \n \u00a0 | \n \u00a0 | \n 123.4 | \n \u00a0 | \n
\u00a0
At 31 December 2025, $55.3m (2024: $48.7m) of cash and cash equivalents are restricted and not available for immediate ordinary business use. This includes $53.6m (2024: $45.5m) of cash and cash equivalents in Egypt. Restricted cash in Egypt may be used to fund ongoing working capital requirements of the producing assets and to fund principal and interest payments on the Group\u2019s debt facilities.
Cash and cash equivalents earn interest at floating rates. Short-term investments are made for varying periods, which can be as short as instant access but generally not more than three months, depending on the cash requirements of the Group. At 31 December 2025 and 31 December 2024, Capricorn had invested surplus funds into money market funds and short-term bank deposits. These meet the criteria of cash and cash equivalents.
Capricorn limits the placing of funds and other investments to banks or financial institutions that have ratings of BBB- or above from at least two of Moody\u2019s, Standard & Poor\u2019s or Fitch, unless a sovereign guarantee is available from a BBB- rated government. The limits set by the counterparties vary between $20.0m and $200.0m depending on the ratings of the counterparty. No investments are placed with any counterparty with a five-year credit default swap exceeding 250 bps. Investments in money market liquidity funds are only made with BBB-rated liquidity funds and the maximum holding in any single fund is 20% of total investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_4625a475-6f74-4b79-bcfc-f161c537fef8": { "value": "3.1 Cash and cash equivalents
\n| \n | \n |
\u00a0 | \n Accounting policy Cash and cash equivalents Cash and cash equivalents comprise cash at bank and short-term deposits with an original maturity of three months or less. For the purposes of the statements of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. | \n
\u00a0 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Cash at bank | \n \u00a0 | \n \u00a0 | \n 19.7 | \n \u00a0 | \n \u00a0 | \n 16.2 | \n \u00a0 | \n
Money market funds | \n \u00a0 | \n \u00a0 | \n 113.0 | \n \u00a0 | \n \u00a0 | \n 107.2 | \n \u00a0 | \n
Cash and cash equivalents | \n \u00a0 | \n \u00a0 | \n 132.7 | \n \u00a0 | \n \u00a0 | \n 123.4 | \n \u00a0 | \n
\u00a0
At 31 December 2025, $55.3m (2024: $48.7m) of cash and cash equivalents are restricted and not available for immediate ordinary business use. This includes $53.6m (2024: $45.5m) of cash and cash equivalents in Egypt. Restricted cash in Egypt may be used to fund ongoing working capital requirements of the producing assets and to fund principal and interest payments on the Group\u2019s debt facilities.
Cash and cash equivalents earn interest at floating rates. Short-term investments are made for varying periods, which can be as short as instant access but generally not more than three months, depending on the cash requirements of the Group. At 31 December 2025 and 31 December 2024, Capricorn had invested surplus funds into money market funds and short-term bank deposits. These meet the criteria of cash and cash equivalents.
Capricorn limits the placing of funds and other investments to banks or financial institutions that have ratings of BBB- or above from at least two of Moody\u2019s, Standard & Poor\u2019s or Fitch, unless a sovereign guarantee is available from a BBB- rated government. The limits set by the counterparties vary between $20.0m and $200.0m depending on the ratings of the counterparty. No investments are placed with any counterparty with a five-year credit default swap exceeding 250 bps. Investments in money market liquidity funds are only made with BBB-rated liquidity funds and the maximum holding in any single fund is 20% of total investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_aef78d1c-4be5-4182-86b8-e878374685ba": { "value": "3.2 Loans and borrowings
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing liabilities to cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening liabilities | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n \u00a0 | \n 111.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Loan repayments in the year disclosed in the statement of Cash Flows | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Senior Debt Facility | \n \u00a0 | \n \u00a0 | \n (60.1 | \n ) | \n \u00a0 | \n (13.5 | \n ) | \n
Junior Debt Facility | \n \u00a0 | \n \u00a0 | \n (10.0 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n (70.1 | \n ) | \n \u00a0 | \n (13.5 | \n ) | \n
Non-cash movements | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Junior Debt Facility payment allocated to prepayments | \n \u00a0 | \n \u00a0 | \n 10.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Accrued debt facility interest | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Amortisation of debt arrangement fees | \n \u00a0 | \n \u00a0 | \n 1.3 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Closing liabilities | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amounts due less than one year | \n \u00a0 | \n \u00a0 | \n 10.4 | \n \u00a0 | \n \u00a0 | \n 26.4 | \n \u00a0 | \n
Amounts due greater than one year | \n \u00a0 | \n \u00a0 | \n 30.0 | \n \u00a0 | \n \u00a0 | \n 72.9 | \n \u00a0 | \n
Closing liabilities | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0
Capricorn Egypt debt facilities
In September 2021, Capricorn Egypt entered into a $325.0m Senior Debt Facility and an $80.0m Junior Debt Facility jointly with the Operator in Egypt, to finance the acquisition of the Egyptian Western Desert portfolio. The facility commitments are split 50:50 with the Operator. The remaining Senior Debt Facility was repaid in full in 2025 by Capricorn and the Operator, and the Senior Debt Facility was cancelled. The Junior Debt Facility remains active. The maximum drawdown available to Capricorn at 31 December 2025 was $40.0m (2024: $40.0m) for the Junior Debt Facility. All drawings in the year were denominated in US dollars. The first amortisation payment on the Junior Debt Facility was due on 5th January 2026, however Capricorn made this repayment in late December 2025. As the liability was not formally extinguished until the due date, the $10.0m payment is classified as an other asset at the year end, see note 3.5.
Interest on the Junior debt drawn is charged at the appropriate SOFR for the currency drawn plus an applicable margin, with additional charges relating to notional marketing fees. The remaining Junior Facility is scheduled to be repaid in 2027 and 2028. Capricorn has provided no guarantee outside the subsidiary holding the Egypt assets. The Junior facility is cross-guaranteed by the Group companies party to the facility, including the Operator. Capricorn has provided no guarantee outside the subsidiary holding the Egypt business. Post year end, events of default exist on the Junior Facility; however, lenders have taken no action to force repayment of the outstanding balance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_a392fbd3-8b58-45af-9ece-5475074e2a81": { "value": "3.2 Loans and borrowings
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing liabilities to cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening liabilities | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n \u00a0 | \n 111.8 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Loan repayments in the year disclosed in the statement of Cash Flows | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Senior Debt Facility | \n \u00a0 | \n \u00a0 | \n (60.1 | \n ) | \n \u00a0 | \n (13.5 | \n ) | \n
Junior Debt Facility | \n \u00a0 | \n \u00a0 | \n (10.0 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n (70.1 | \n ) | \n \u00a0 | \n (13.5 | \n ) | \n
Non-cash movements | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Junior Debt Facility payment allocated to prepayments | \n \u00a0 | \n \u00a0 | \n 10.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Accrued debt facility interest | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Amortisation of debt arrangement fees | \n \u00a0 | \n \u00a0 | \n 1.3 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Closing liabilities | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amounts due less than one year | \n \u00a0 | \n \u00a0 | \n 10.4 | \n \u00a0 | \n \u00a0 | \n 26.4 | \n \u00a0 | \n
Amounts due greater than one year | \n \u00a0 | \n \u00a0 | \n 30.0 | \n \u00a0 | \n \u00a0 | \n 72.9 | \n \u00a0 | \n
Closing liabilities | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0
Capricorn Egypt debt facilities
In September 2021, Capricorn Egypt entered into a $325.0m Senior Debt Facility and an $80.0m Junior Debt Facility jointly with the Operator in Egypt, to finance the acquisition of the Egyptian Western Desert portfolio. The facility commitments are split 50:50 with the Operator. The remaining Senior Debt Facility was repaid in full in 2025 by Capricorn and the Operator, and the Senior Debt Facility was cancelled. The Junior Debt Facility remains active. The maximum drawdown available to Capricorn at 31 December 2025 was $40.0m (2024: $40.0m) for the Junior Debt Facility. All drawings in the year were denominated in US dollars. The first amortisation payment on the Junior Debt Facility was due on 5th January 2026, however Capricorn made this repayment in late December 2025. As the liability was not formally extinguished until the due date, the $10.0m payment is classified as an other asset at the year end, see note 3.5.
Interest on the Junior debt drawn is charged at the appropriate SOFR for the currency drawn plus an applicable margin, with additional charges relating to notional marketing fees. The remaining Junior Facility is scheduled to be repaid in 2027 and 2028. Capricorn has provided no guarantee outside the subsidiary holding the Egypt assets. The Junior facility is cross-guaranteed by the Group companies party to the facility, including the Operator. Capricorn has provided no guarantee outside the subsidiary holding the Egypt business.3.6 Financial liabilities at fair value through profit or loss
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Current liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average annual dated Brent oil price for each year up to and including the 2024 year end. A maximum $50.0m was due for each year, split 50:50 between Capricorn and the Operator where the average oil price exceeded $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of 2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell.
In 2024, the Group recorded a $5.2m loss on fair value movements increasing the financial liability to the full $25.0m due3.8 Financial instruments
Below is the comparison by category of carrying amounts and fair values of all the Group\u2019s financial instruments that are carried in the Financial Statements.
Financial assets
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Carrying amount at fair value | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Financial assets at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Cash and cash equivalents | \n \u00a0 | \n \u00a0 | \n 132.7 | \n \u00a0 | \n \u00a0 | \n 123.4 | \n \u00a0 | \n
Trade receivables | \n \u00a0 | \n \u00a0 | \n 84.4 | \n \u00a0 | \n \u00a0 | \n 175.4 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 21.2 | \n \u00a0 | \n \u00a0 | \n 54.1 | \n \u00a0 | \n
Joint operation receivables (excluding VAT) | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 238.7 | \n \u00a0 | \n \u00a0 | \n 354.0 | \n \u00a0 | \n
\u00a0
Due to the short-term nature of remaining financial assets held at amortised cost, their carrying amount is considered to be the same as their fair value.
There are no material impairments of financial assets held on the Balance Sheet at either 31 December 2025 or 2024 other than the impairment of other long-term receivables and other receivables relating to amounts due on the settlement agreement with Waldorf Production Limited (see note 6.1).
Financial liabilities
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Carrying amount at fair value | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 128.1 | \n \u00a0 | \n \u00a0 | \n 240.4 | \n \u00a0 | \n
\u00a0
The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates.
Maturity analysis of financial liabilities
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2025 is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n <1 year | \n \u00a0 | \n 1-2 years | \n \u00a0 | \n 2-5 years | \n \u00a0 | \n >5 years | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 14.5 | \n \u00a0 | \n \u00a0 | \n 12.9 | \n \u00a0 | \n \u00a0 | \n 21.2 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 97.6 | \n \u00a0 | \n \u00a0 | \n 13.9 | \n \u00a0 | \n \u00a0 | \n 23.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
\u00a0
3.8 Financial instruments continued
Financial liabilities continued
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2024 was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n <1 year | \n \u00a0 | \n 1-2 years | \n \u00a0 | \n 2-5 years | \n \u00a0 | \n >5 years | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 33.9 | \n \u00a0 | \n \u00a0 | \n 47.0 | \n \u00a0 | \n \u00a0 | \n 40.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 169.9 | \n \u00a0 | \n \u00a0 | \n 48.0 | \n \u00a0 | \n \u00a0 | \n 42.8 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
\u00a0
Fair value
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Liabilities measured at fair value \u2013 Level 2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0
3.9 Financial risk management: objectives and policies
The main risks arising from the Group\u2019s financial instruments are commodity price risk, liquidity risk, credit risk and foreign currency risk. The Board of Capricorn, through the Treasury Subcommittee, reviews and agrees policies for managing each of these risks and these are summarised below.
The Group\u2019s treasury function and executive team as appropriate are responsible for managing these risks, in accordance with the policies set by the Board. Management of these risks is carried out by monitoring of cash flows, investment and funding requirements using a variety of techniques. These potential exposures are managed while ensuring that the Company and the Group have adequate liquidity at all times in order to meet their immediate cash requirements. There are no significant concentrations of risks unless otherwise stated. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes.
The primary financial assets and liabilities comprise cash, short- and medium-term deposits, money market liquidity funds, intra\u2011group loans and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy is to finance its operations through a mixture of retained profits and bank borrowings. Other alternatives such as equity issues and other forms of non-investment-grade debt finance will be reviewed by the Board, when appropriate.
Commodity price risk
Commodity price risk arises principally from the Group\u2019s Egyptian production, which could adversely affect revenue and debt availability due to changes in commodity prices.
The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. However, the Group did not enter into any commodity price hedging arrangements during either year covered by this report.
Liquidity risk
The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, incorporating debt financing plans and active portfolio management of investments. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, further delays in the settlement of trade receivables in Egypt, changes in asset production profiles and cost schedules as well as collection assumptions on receivables related to legacy items.
During the year, the Group\u2019s treasury function has actively managed the Group\u2019s US dollar and EGP position in Egypt. EGP has been maintained at sufficient levels to meet upcoming local and joint operation payments falling due, but limiting holding significant funds to avoid exposure to currency devaluation. US dollar payments have been carefully managed to match cash inflows on receivable settlements preserving sufficient funds to meet upcoming debt repayments as and when they fall due.
Section 3 \u2013 Working capital, financial instruments and long-term liabilities CONTINUED
\u00a0
\u00a0
3.9 Financial risk management: objectives and policies continued
Liquidity risk continued
The Group runs sensitivities on its liquidity position at various times throughout the year. This includes scenarios forecasting different levels of capital expenditure dependent on uncertain payment schedules from EGPC. Further details are noted in the Viability Statement provided on page 18. Details of the Group\u2019s debt facilities can be found in note 3.2.
Future liquidity of the Egypt business is dependent upon the timing of payments from EGPC to maintain the current receivables position. The Group preserves liquidity by committing only to further investment that can be funded through collections. Outside of Egypt the Group has sufficient funds to settle all other financial liabilities.
The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements.
Credit risk
Credit risk arises from cash and cash equivalents, investments with banks and financial institutions and trade and other receivables.
Customers, joint operation partners and other debtors are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. At the year end, the Group\u2019s trade receivables primarily relates to amounts due from EGPC for oil and gas sales in Egypt. Amounts are recognised after providing for expected credit losses, based on management\u2019s assessment of credit risk.
Credit risk for investments with banks and other financial institutions is managed by the Group treasury function in accordance with Board-approved policies. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The limits are set to minimise the concentration of risks and therefore mitigate the risk of financial loss through counterparty failure.
Capricorn\u2019s policy is to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. Repayment of principal is the overriding priority and this is achieved by diversification and shorter maturities to provide flexibility. The Board monitors the Group\u2019s policy and updates as required.
At the year end, the Group does not have any significant concentrations of bad debt risk with financial institutions. As at 31 December 2025, the Group had material investments with six counterparties (2024: 10) to ensure no concentration of counterparty investment risk. At 31 December 2025 and 2024, the Group\u2019s investments were a combination of instant access and term deposits.
The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date.
3.9 Financial risk management: objectives and policies continued
Foreign currency risk
Capricorn manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position.
The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet.
Where residual net exposures do exist and they are considered significant, the Company and Group may from time to time opt to use derivative financial instruments to minimise exposure to fluctuations in foreign exchange and interest rates.
The following table demonstrates the sensitivity to movements in the USD:GBP exchange rate, with all other variables held constant, on the Group\u2019s monetary assets and liabilities. These are considered to be reasonably possible changes for the purposes of sensitivity analysis. The Group\u2019s exposure to foreign currency changes for all other currencies, including EGP, is not material.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At 31 December 2025 | \n At 31 December 2024 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Effect on profit | \n \u00a0 | \n Effect on | \n \u00a0 | \n Effect on profit | \n \u00a0 | \n Effect on | \n \u00a0 | \n ||||
| \n
| \n before tax | \n
| \n equity | \n
| \n before tax | \n
| \n equity | \n
| \n ||||
| \n
| \n $m | \n
| \n $m | \n
| \n $m | \n
| \n $m | \n
| \n ||||
10% increase in GBP to USD | \n
| \n
| \n (6.9 | \n ) | \n
| \n (1.2 | \n ) | \n
| \n (7.6 | \n ) | \n
| \n (0.9 | \n ) | \n
10% decrease in GBP to USD | \n
| \n
| \n 6.9 | \n
| \n
| \n 1.2 | \n
| \n
| \n 7.6 | \n
| \n
| \n 0.9 | \n
| \n
7.3 Capital management
The objective of the Group\u2019s capital management structure is to ensure that there remains sufficient liquidity within the Group to carry out committed work programme requirements. The Group monitors the long-term cash flow requirements of the business in order to assess the requirement for changes to the capital structure to meet that objective and to maintain flexibility. The Group was subject to biannual forecast liquidity tests as part of the Senior and Junior Debt Facilities, and provided regular liquidity updates to the lenders in advance of the early repayment of the Senior facility in December 2025. The Group complied with the capital requirements of these tests at all times during the current and preceding year, other than a breach for the delayed payment of deferred consideration due on past business combinations which was settled in May 2024. The Board has made clear that no further investment will be made from the Group into the Egypt business, which must generate its own cash flows to fund future work programmes and debt repayments.
Capricorn manages the capital structure and makes adjustments to it in light of changes to economic conditions. To maintain or adjust the capital structure, Capricorn may repurchase shares, make a special dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate. No significant changes were made in the objectives, policies or processes during the year ended 31 December 2025, other than the early repayment of the Senior debt facility noted above.
Capital and net funds, including lease liabilities, was as follows:
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loans and borrowings | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
Less cash and cash equivalents | \n \u00a0 | \n (132.7 | \n ) | \n \u00a0 | \n (123.4 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net funds | \n \u00a0 | \n (86.7 | \n ) | \n \u00a0 | \n (18.0 | \n ) | \n
Equity | \n \u00a0 | \n 373.3 | \n \u00a0 | \n \u00a0 | \n 349.3 | \n \u00a0 | \n
Capital and net funds | \n \u00a0 | \n 286.6 | \n \u00a0 | \n \u00a0 | \n 331.3 | \n \u00a0 | \n
Gearing ratio | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
3.3 Lease liabilities
\u00a0
| \n |
Accounting policy Lease liabilities are measured and recorded on commencement of the asset being brought into use. Measurement is based on the lower of fair value of the asset or the net present value of fixed lease commitments under the contract. Lease payments made in excess of the fixed installments are charged direct to the Income Statement as variable lease costs. Lease payments are allocated between capital and interest based on the rate implicit in the lease agreement. Where this is not practical to determine, the Group\u2019s incremental borrowing rate is used. Where there are changes subsequent to initial recognition, adjustments are made to both the lease liability and the capitalised asset. The interest rate used where the rate implicit in the lease is not determinable is updated at the date of the remeasurement. No lease liability is recognised for leases where the period over which the right-of-use of an asset is obtained is forecast to be less than 12 months. Leases for low-value items are not recorded as a liability but are charged as appropriate when the benefit is obtained. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing liabilities to cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening Liabilities | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Lease payments in the year disclosed in the statement of Cash Flows as financing cash flows | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total lease payments | \n \u00a0 | \n \u00a0 | \n (1.3 | \n ) | \n \u00a0 | \n (0.9 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Non-cash movements: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Lease adjustment | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n
Lease interest charges | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n
Foreign exchange | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n
Closing lease liabilities | \n \u00a0 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amounts due less than one year | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n
Amounts due greater than one year | \n \u00a0 | \n \u00a0 | \n 4.6 | \n \u00a0 | \n \u00a0 | \n 5.1 | \n \u00a0 | \n
Total lease liabilities | \n \u00a0 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
\u00a0
\u00a0
As at 31 December 2025, the balance of $5.6m (2024: $6.1m) wholly relates to office lease costs in the UK and Egypt.
As at 31 December 2025, the Group did not incur any further fixed or variable lease costs. There are no material costs relating to short-term leases or the lease of low-value assets. Amortisation charges relating to right-of-use assets and the carrying value at the year end are disclosed in note 2.5. The maturity analysis of lease liabilities is included in note 3.8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_06f15e7b-c9df-4ca3-9ef2-f02bf2192aa3": { "value": "| \n |
Accounting policy Lease liabilities are measured and recorded on commencement of the asset being brought into use. Measurement is based on the lower of fair value of the asset or the net present value of fixed lease commitments under the contract. Lease payments made in excess of the fixed installments are charged direct to the Income Statement as variable lease costs. Lease payments are allocated between capital and interest based on the rate implicit in the lease agreement. Where this is not practical to determine, the Group\u2019s incremental borrowing rate is used. Where there are changes subsequent to initial recognition, adjustments are made to both the lease liability and the capitalised asset. The interest rate used where the rate implicit in the lease is not determinable is updated at the date of the remeasurement. No lease liability is recognised for leases where the period over which the right-of-use of an asset is obtained is forecast to be less than 12 months. Leases for low-value items are not recorded as a liability but are charged as appropriate when the benefit is obtained. | \n
3.4 Inventory
\u00a0
| \n |
Accounting policy Spare parts inventories in Egypt are maintained by Bapetco on behalf of the Operator. Inventory is held at the lower of cost and net realisable value, where net realisable value is measured at cost less provisions for obsolescence, based on the age of the items held. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Spare parts \u2013 Egypt concessions | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n 8.0 | \n \u00a0 | \n
| \n |
Accounting policy Spare parts inventories in Egypt are maintained by Bapetco on behalf of the Operator. Inventory is held at the lower of cost and net realisable value, where net realisable value is measured at cost less provisions for obsolescence, based on the age of the items held. | \n
3.5 Trade and other receivables
\u00a0
| \n |
Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt and royalty payments receivable from producing fields in Mongolia. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables of the joint arrangements themselves. Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value and subsequently recorded at amortised cost. A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date. Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material. Prepayments, which are not financial assets, are measured at historic cost. | \n
\u00a0
| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Trade receivables | \n \u00a0 | \n \u00a0 | \n 84.4 | \n \u00a0 | \n \u00a0 | \n 175.4 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 21.2 | \n \u00a0 | \n \u00a0 | \n 54.1 | \n \u00a0 | \n
Prepayments and other assets | \n \u00a0 | \n \u00a0 | \n 10.5 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n
Joint operation receivables | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 116.5 | \n \u00a0 | \n \u00a0 | \n 231.4 | \n \u00a0 | \n
\u00a0
Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC to manage the receivables position and retain the capability to restrict further investment in Egypt to match revenue collections. The significant improvement in collections across 2025 has resulted in a material reduction in the trade receivables balance at the year end. At
31 December 2025, the expected credit loss adjustment offsetting receivables is $1.3m (2024: $8.7m), a net credit of $7.4m
(2024: net charge $3.9m) is to the Income Statement in the year.
Trade receivables are initially recorded at fair value and subsequently measured at amortised cost, net of an allowance for expected credit losses. Revenue is recognised at the point in time where title passes to the customer and payment becomes unconditional. The fair value measurement of revenue for oil and gas sales in Egypt includes adjustments to invoiced quantities for expected entitlement share adjustments.
The other receivables balance of $21.2m (2024: $54.1m) includes accrued oil and gas revenue receivable of $15.2m (2024: $nil) which will be invoiced on formal ratification of the revised concession agreement, interventure receivables of $0.6m (2024: $0.6m), VAT recoverable in the UK of $0.2m (2024: $0.1m), money market interest receivable of $0.4m (2024: $0.9m) and the earnout settlement receivable of $4.0m (2024: $1.5m) (see note 6.1). The 2024 balance also included $50.0m of further consideration due on the past sale of assets in Senegal (see note 6.1 for details).
Prepayments and other assets at 31 December 2025 include a $10.0m early repayment on the Junior Debt Facility. See note 3.2.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing receivables to operating cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening trade and other receivables | \n \u00a0 | \n \u00a0 | \n 231.4 | \n \u00a0 | \n \u00a0 | \n 186.0 | \n \u00a0 | \n
Closing trade and other receivables | \n \u00a0 | \n \u00a0 | \n (116.5 | \n ) | \n \u00a0 | \n (231.4 | \n ) | \n
Decrease/(Increase) in trade and other receivables | \n \u00a0 | \n \u00a0 | \n 114.9 | \n \u00a0 | \n \u00a0 | \n (45.4 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n \u00a0 | \n (1.4 | \n ) | \n
Senegal consideration (received)/receivable | \n \u00a0 | \n \u00a0 | \n (50.0 | \n ) | \n \u00a0 | \n 50.0 | \n \u00a0 | \n
Decrease in joint operation receivables relating to investing activities | \n \u00a0 | \n \u00a0 | \n (6.9 | \n ) | \n \u00a0 | \n (7.7 | \n ) | \n
Decrease in other receivables relating to investing activities | \n \u00a0 | \n \u00a0 | \n (0.6 | \n ) | \n \u00a0 | \n (4.4 | \n ) | \n
Increase in prepayments and other receivables relating to financing activities | \n \u00a0 | \n \u00a0 | \n 10.2 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n
Trade and other receivables movement on earnout settlement | \n \u00a0 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n (0.5 | \n ) | \n
Trade and other receivables cash flow movement | \n \u00a0 | \n \u00a0 | \n 74.0 | \n \u00a0 | \n \u00a0 | \n (9.1 | \n ) | \n
\u00a0
The movements in joint operation receivables relating to investing activities relate to the Group\u2019s share of the receivables of joint operations in respect of exploration, appraisal and development activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_7f1f0851-1842-485d-87b9-2cba18c4881b": { "value": "| \n |
Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt and royalty payments receivable from producing fields in Mongolia. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables of the joint arrangements themselves. Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value and subsequently recorded at amortised cost. A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date. Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material. Prepayments, which are not financial assets, are measured at historic cost. | \n
| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Trade receivables | \n \u00a0 | \n \u00a0 | \n 84.4 | \n \u00a0 | \n \u00a0 | \n 175.4 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 21.2 | \n \u00a0 | \n \u00a0 | \n 54.1 | \n \u00a0 | \n
Prepayments and other assets | \n \u00a0 | \n \u00a0 | \n 10.5 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n
Joint operation receivables | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 116.5 | \n \u00a0 | \n \u00a0 | \n 231.4 | \n \u00a0 | \n
\u00a0
Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC to manage the receivables position and retain the capability to restrict further investment in Egypt to match revenue collections. The significant improvement in collections across 2025 has resulted in a material reduction in the trade receivables balance at the year end. At
31 December 2025, the expected credit loss adjustment offsetting receivables is $1.3m (2024: $8.7m), a net credit of $7.4m
(2024: net charge $3.9m) is to the Income Statement in the year.
Trade receivables are initially recorded at fair value and subsequently measured at amortised cost, net of an allowance for expected credit losses. Revenue is recognised at the point in time where title passes to the customer and payment becomes unconditional. The fair value measurement of revenue for oil and gas sales in Egypt includes adjustments to invoiced quantities for expected entitlement share adjustments.
The other receivables balance of $21.2m (2024: $54.1m) includes accrued oil and gas revenue receivable of $15.2m (2024: $nil) which will be invoiced on formal ratification of the revised concession agreement, interventure receivables of $0.6m (2024: $0.6m), VAT recoverable in the UK of $0.2m (2024: $0.1m), money market interest receivable of $0.4m (2024: $0.9m) and the earnout settlement receivable of $4.0m (2024: $1.5m) (see note 6.1). The 2024 balance also included $50.0m of further consideration due on the past sale of assets in Senegal (see note 6.1 for details).
Prepayments and other assets at 31 December 2025 include a $10.0m early repayment on the Junior Debt Facility. See note 3.2.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing receivables to operating cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening trade and other receivables | \n \u00a0 | \n \u00a0 | \n 231.4 | \n \u00a0 | \n \u00a0 | \n 186.0 | \n \u00a0 | \n
Closing trade and other receivables | \n \u00a0 | \n \u00a0 | \n (116.5 | \n ) | \n \u00a0 | \n (231.4 | \n ) | \n
Decrease/(Increase) in trade and other receivables | \n \u00a0 | \n \u00a0 | \n 114.9 | \n \u00a0 | \n \u00a0 | \n (45.4 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n \u00a0 | \n (1.4 | \n ) | \n
Senegal consideration (received)/receivable | \n \u00a0 | \n \u00a0 | \n (50.0 | \n ) | \n \u00a0 | \n 50.0 | \n \u00a0 | \n
Decrease in joint operation receivables relating to investing activities | \n \u00a0 | \n \u00a0 | \n (6.9 | \n ) | \n \u00a0 | \n (7.7 | \n ) | \n
Decrease in other receivables relating to investing activities | \n \u00a0 | \n \u00a0 | \n (0.6 | \n ) | \n \u00a0 | \n (4.4 | \n ) | \n
Increase in prepayments and other receivables relating to financing activities | \n \u00a0 | \n \u00a0 | \n 10.2 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n
Trade and other receivables movement on earnout settlement | \n \u00a0 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n (0.5 | \n ) | \n
Trade and other receivables cash flow movement | \n \u00a0 | \n \u00a0 | \n 74.0 | \n \u00a0 | \n \u00a0 | \n (9.1 | \n ) | \n
3.6 Financial liabilities at fair value through profit or loss
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Current liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average annual dated Brent oil price for each year up to and including the 2024 year end. A maximum $50.0m was due for each year, split 50:50 between Capricorn and the Operator where the average oil price exceeded $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of 2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell.
In 2024, the Group recorded a $5.2m loss on fair value movements increasing the financial liability to the full $25.0m due.
Fair value
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Liabilities measured at fair value \u2013 Level 2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
3.6 Financial liabilities at fair value through profit or loss
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Current liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average annual dated Brent oil price for each year up to and including the 2024 year end. A maximum $50.0m was due for each year, split 50:50 between Capricorn and the Operator where the average oil price exceeded $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of 2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell.
In 2024, the Group recorded a $5.2m loss on fair value movements increasing the financial liability to the full $25.0m due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_52ac639c-567e-4297-b8fd-13b44c86c341": { "value": "3.7 Trade and other payables
\u00a0
| \n |
Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Other taxation and social security | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 82.8 | \n \u00a0 | \n \u00a0 | \n 110.6 | \n \u00a0 | \n
\u00a0
Joint operation payables include $6.7m (2024: $13.7m) and $69.4m (2024: $89.9m) relating to exploration/appraisal asset and development/producing asset costs respectively. $72.2m (2024: $99.6m) relates to the Group\u2019s operations in Egypt.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing payables to operating cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening trade and other payables | \n \u00a0 | \n \u00a0 | \n (110.6 | \n ) | \n \u00a0 | \n (82.0 | \n ) | \n
Closing trade and other payables | \n \u00a0 | \n \u00a0 | \n 82.8 | \n \u00a0 | \n \u00a0 | \n 110.6 | \n \u00a0 | \n
(Decrease)/Increase in trade and other payables | \n \u00a0 | \n \u00a0 | \n (27.8 | \n ) | \n \u00a0 | \n 28.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.5 | \n ) | \n
Decrease/(Increase) in joint operation payables relating to investing activities | \n \u00a0 | \n \u00a0 | \n 27.3 | \n \u00a0 | \n \u00a0 | \n (18.2 | \n ) | \n
Decrease/(Increase) in accruals and other payables relating to investing activities | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n
Increase in accruals and other payables relating to financing activities | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.1 | \n ) | \n
Trade and other payables cash flow movement | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 9.1 | \n \u00a0 | \n
\u00a0
Movements above for investing activities relate to exploration, appraisal and development activities through the Group\u2019s joint operations. Movements relating to production activities are included in amounts through operating cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_190952b5-cecd-4ab3-9767-f45ac5ab8e3d": { "value": "3.7 Trade and other payables
\u00a0
| \n |
Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Other taxation and social security | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 82.8 | \n \u00a0 | \n \u00a0 | \n 110.6 | \n \u00a0 | \n
\u00a0
Joint operation payables include $6.7m (2024: $13.7m) and $69.4m (2024: $89.9m) relating to exploration/appraisal asset and development/producing asset costs respectively. $72.2m (2024: $99.6m) relates to the Group\u2019s operations in Egypt.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing payables to operating cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening trade and other payables | \n \u00a0 | \n \u00a0 | \n (110.6 | \n ) | \n \u00a0 | \n (82.0 | \n ) | \n
Closing trade and other payables | \n \u00a0 | \n \u00a0 | \n 82.8 | \n \u00a0 | \n \u00a0 | \n 110.6 | \n \u00a0 | \n
(Decrease)/Increase in trade and other payables | \n \u00a0 | \n \u00a0 | \n (27.8 | \n ) | \n \u00a0 | \n 28.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.5 | \n ) | \n
Decrease/(Increase) in joint operation payables relating to investing activities | \n \u00a0 | \n \u00a0 | \n 27.3 | \n \u00a0 | \n \u00a0 | \n (18.2 | \n ) | \n
Decrease/(Increase) in accruals and other payables relating to investing activities | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n
Increase in accruals and other payables relating to financing activities | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.1 | \n ) | \n
Trade and other payables cash flow movement | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 9.1 | \n \u00a0 | \n
\u00a0
Movements above for investing activities relate to exploration, appraisal and development activities through the Group\u2019s joint operations. Movements relating to production activities are included in amounts through operating cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_6d41ef8f-fc74-4297-8dae-d1eb58e2f53f": { "value": "3.7 Trade and other payables
\u00a0
| \n |
Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Other taxation and social security | \n \u00a0 | \n \u00a0 | \n 0.7 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 82.8 | \n \u00a0 | \n \u00a0 | \n 110.6 | \n \u00a0 | \n
\u00a0
Joint operation payables include $6.7m (2024: $13.7m) and $69.4m (2024: $89.9m) relating to exploration/appraisal asset and development/producing asset costs respectively. $72.2m (2024: $99.6m) relates to the Group\u2019s operations in Egypt.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Reconciliation of opening and closing payables to operating cash flow movements: | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Opening trade and other payables | \n \u00a0 | \n \u00a0 | \n (110.6 | \n ) | \n \u00a0 | \n (82.0 | \n ) | \n
Closing trade and other payables | \n \u00a0 | \n \u00a0 | \n 82.8 | \n \u00a0 | \n \u00a0 | \n 110.6 | \n \u00a0 | \n
(Decrease)/Increase in trade and other payables | \n \u00a0 | \n \u00a0 | \n (27.8 | \n ) | \n \u00a0 | \n 28.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Foreign exchange | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.5 | \n ) | \n
Decrease/(Increase) in joint operation payables relating to investing activities | \n \u00a0 | \n \u00a0 | \n 27.3 | \n \u00a0 | \n \u00a0 | \n (18.2 | \n ) | \n
Decrease/(Increase) in accruals and other payables relating to investing activities | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n
Increase in accruals and other payables relating to financing activities | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.1 | \n ) | \n
Trade and other payables cash flow movement | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n \u00a0 | \n 9.1 | \n \u00a0 | \n
\u00a0
Movements above for investing activities relate to exploration, appraisal and development activities through the Group\u2019s joint operations. Movements relating to production activities are included in amounts through operating cash flows.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_1b9b76b5-6843-445f-9e5d-2a60ad316ea1": { "value": "| \n |
Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. | \n
Financial assets
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Carrying amount at fair value | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Financial assets at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Cash and cash equivalents | \n \u00a0 | \n \u00a0 | \n 132.7 | \n \u00a0 | \n \u00a0 | \n 123.4 | \n \u00a0 | \n
Trade receivables | \n \u00a0 | \n \u00a0 | \n 84.4 | \n \u00a0 | \n \u00a0 | \n 175.4 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 21.2 | \n \u00a0 | \n \u00a0 | \n 54.1 | \n \u00a0 | \n
Joint operation receivables (excluding VAT) | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 238.7 | \n \u00a0 | \n \u00a0 | \n 354.0 | \n \u00a0 | \n
\u00a0
Due to the short-term nature of remaining financial assets held at amortised cost, their carrying amount is considered to be the same as their fair value.
There are no material impairments of financial assets held on the Balance Sheet at either 31 December 2025 or 2024 other than the impairment of other long-term receivables and other receivables relating to amounts due on the settlement agreement with Waldorf Production Limited (see note 6.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_21be3c9c-84a1-487a-a8dc-b487f414e380": { "value": "Financial liabilities
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Carrying amount at fair value | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 128.1 | \n \u00a0 | \n \u00a0 | \n 240.4 | \n \u00a0 | \n
\u00a0
The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates.
Maturity analysis of financial liabilities
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2025 is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n <1 year | \n \u00a0 | \n 1-2 years | \n \u00a0 | \n 2-5 years | \n \u00a0 | \n >5 years | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 14.5 | \n \u00a0 | \n \u00a0 | \n 12.9 | \n \u00a0 | \n \u00a0 | \n 21.2 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 97.6 | \n \u00a0 | \n \u00a0 | \n 13.9 | \n \u00a0 | \n \u00a0 | \n 23.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
\u00a0
3.8 Financial instruments continued
Financial liabilities continued
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2024 was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n <1 year | \n \u00a0 | \n 1-2 years | \n \u00a0 | \n 2-5 years | \n \u00a0 | \n >5 years | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n 2.7 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 33.9 | \n \u00a0 | \n \u00a0 | \n 47.0 | \n \u00a0 | \n \u00a0 | \n 40.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 169.9 | \n \u00a0 | \n \u00a0 | \n 48.0 | \n \u00a0 | \n \u00a0 | \n 42.8 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Financial liabilities
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Carrying amount at fair value | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Financial liabilities at amortised cost | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Trade payables | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Accruals and other payables | \n \u00a0 | \n \u00a0 | \n 5.9 | \n \u00a0 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
Joint operation payables | \n \u00a0 | \n \u00a0 | \n 76.1 | \n \u00a0 | \n \u00a0 | \n 103.6 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
Loans and borrowings | \n \u00a0 | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Financial liabilities at fair value | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred consideration on business combinations | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 25.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 128.1 | \n \u00a0 | \n \u00a0 | \n 240.4 | \n \u00a0 | \n
\u00a0
The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_d2ba0d03-4dac-4fdc-90d2-21d286a066fc": { "value": "3.9 Financial risk management: objectives and policies
The main risks arising from the Group\u2019s financial instruments are commodity price risk, liquidity risk, credit risk and foreign currency risk. The Board of Capricorn, through the Treasury Subcommittee, reviews and agrees policies for managing each of these risks and these are summarised below.
The Group\u2019s treasury function and executive team as appropriate are responsible for managing these risks, in accordance with the policies set by the Board. Management of these risks is carried out by monitoring of cash flows, investment and funding requirements using a variety of techniques. These potential exposures are managed while ensuring that the Company and the Group have adequate liquidity at all times in order to meet their immediate cash requirements. There are no significant concentrations of risks unless otherwise stated. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes.
The primary financial assets and liabilities comprise cash, short- and medium-term deposits, money market liquidity funds, intra\u2011group loans and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy is to finance its operations through a mixture of retained profits and bank borrowings. Other alternatives such as equity issues and other forms of non-investment-grade debt finance will be reviewed by the Board, when appropriate.
Commodity price risk
Commodity price risk arises principally from the Group\u2019s Egyptian production, which could adversely affect revenue and debt availability due to changes in commodity prices.
The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. However, the Group did not enter into any commodity price hedging arrangements during either year covered by this report.
Liquidity risk
The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, incorporating debt financing plans and active portfolio management of investments. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, further delays in the settlement of trade receivables in Egypt, changes in asset production profiles and cost schedules as well as collection assumptions on receivables related to legacy items.
During the year, the Group\u2019s treasury function has actively managed the Group\u2019s US dollar and EGP position in Egypt. EGP has been maintained at sufficient levels to meet upcoming local and joint operation payments falling due, but limiting holding significant funds to avoid exposure to currency devaluation. US dollar payments have been carefully managed to match cash inflows on receivable settlements preserving sufficient funds to meet upcoming debt repayments as and when they fall due.
Section 3 \u2013 Working capital, financial instruments and long-term liabilities CONTINUED
\u00a0
\u00a0
3.9 Financial risk management: objectives and policies continued
Liquidity risk continued
The Group runs sensitivities on its liquidity position at various times throughout the year. This includes scenarios forecasting different levels of capital expenditure dependent on uncertain payment schedules from EGPC. Further details are noted in the Viability Statement provided on page 18. Details of the Group\u2019s debt facilities can be found in note 3.2.
Future liquidity of the Egypt business is dependent upon the timing of payments from EGPC to maintain the current receivables position. The Group preserves liquidity by committing only to further investment that can be funded through collections. Outside of Egypt the Group has sufficient funds to settle all other financial liabilities.
The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements.
Credit risk
Credit risk arises from cash and cash equivalents, investments with banks and financial institutions and trade and other receivables.
Customers, joint operation partners and other debtors are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. At the year end, the Group\u2019s trade receivables primarily relates to amounts due from EGPC for oil and gas sales in Egypt. Amounts are recognised after providing for expected credit losses, based on management\u2019s assessment of credit risk.
Credit risk for investments with banks and other financial institutions is managed by the Group treasury function in accordance with Board-approved policies. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The limits are set to minimise the concentration of risks and therefore mitigate the risk of financial loss through counterparty failure.
Capricorn\u2019s policy is to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. Repayment of principal is the overriding priority and this is achieved by diversification and shorter maturities to provide flexibility. The Board monitors the Group\u2019s policy and updates as required.
At the year end, the Group does not have any significant concentrations of bad debt risk with financial institutions. As at 31 December 2025, the Group had material investments with six counterparties (2024: 10) to ensure no concentration of counterparty investment risk. At 31 December 2025 and 2024, the Group\u2019s investments were a combination of instant access and term deposits.
The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date.
3.9 Financial risk management: objectives and policies continued
Foreign currency risk
Capricorn manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position.
The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet.
Where residual net exposures do exist and they are considered significant, the Company and Group may from time to time opt to use derivative financial instruments to minimise exposure to fluctuations in foreign exchange and interest rates.
The following table demonstrates the sensitivity to movements in the USD:GBP exchange rate, with all other variables held constant, on the Group\u2019s monetary assets and liabilities. These are considered to be reasonably possible changes for the purposes of sensitivity analysis. The Group\u2019s exposure to foreign currency changes for all other currencies, including EGP, is not material.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At 31 December 2025 | \n At 31 December 2024 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Effect on profit | \n \u00a0 | \n Effect on | \n \u00a0 | \n Effect on profit | \n \u00a0 | \n Effect on | \n \u00a0 | \n ||||
| \n
| \n before tax | \n
| \n equity | \n
| \n before tax | \n
| \n equity | \n
| \n ||||
| \n
| \n $m | \n
| \n $m | \n
| \n $m | \n
| \n $m | \n
| \n ||||
10% increase in GBP to USD | \n
| \n
| \n (6.9 | \n ) | \n
| \n (1.2 | \n ) | \n
| \n (7.6 | \n ) | \n
| \n (0.9 | \n ) | \n
10% decrease in GBP to USD | \n
| \n
| \n 6.9 | \n
| \n
| \n 1.2 | \n
| \n
| \n 7.6 | \n
| \n
| \n 0.9 | \n
| \n
7.3 Capital management
The objective of the Group\u2019s capital management structure is to ensure that there remains sufficient liquidity within the Group to carry out committed work programme requirements. The Group monitors the long-term cash flow requirements of the business in order to assess the requirement for changes to the capital structure to meet that objective and to maintain flexibility. The Group was subject to biannual forecast liquidity tests as part of the Senior and Junior Debt Facilities, and provided regular liquidity updates to the lenders in advance of the early repayment of the Senior facility in December 2025. The Group complied with the capital requirements of these tests at all times during the current and preceding year, other than a breach for the delayed payment of deferred consideration due on past business combinations which was settled in May 2024. The Board has made clear that no further investment will be made from the Group into the Egypt business, which must generate its own cash flows to fund future work programmes and debt repayments.
Capricorn manages the capital structure and makes adjustments to it in light of changes to economic conditions. To maintain or adjust the capital structure, Capricorn may repurchase shares, make a special dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate. No significant changes were made in the objectives, policies or processes during the year ended 31 December 2025, other than the early repayment of the Senior debt facility noted above.
Capital and net funds, including lease liabilities, was as follows:
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loans and borrowings | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
Less cash and cash equivalents | \n \u00a0 | \n (132.7 | \n ) | \n \u00a0 | \n (123.4 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net funds | \n \u00a0 | \n (86.7 | \n ) | \n \u00a0 | \n (18.0 | \n ) | \n
Equity | \n \u00a0 | \n 373.3 | \n \u00a0 | \n \u00a0 | \n 349.3 | \n \u00a0 | \n
Capital and net funds | \n \u00a0 | \n 286.6 | \n \u00a0 | \n \u00a0 | \n 331.3 | \n \u00a0 | \n
Gearing ratio | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Commodity price risk
Commodity price risk arises principally from the Group\u2019s Egyptian production, which could adversely affect revenue and debt availability due to changes in commodity prices.
The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. However, the Group did not enter into any commodity price hedging arrangements during either year covered by this report.
Foreign currency risk
Capricorn manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position.
The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet.
Where residual net exposures do exist and they are considered significant, the Company and Group may from time to time opt to use derivative financial instruments to minimise exposure to fluctuations in foreign exchange and interest rates.
The following table demonstrates the sensitivity to movements in the USD:GBP exchange rate, with all other variables held constant, on the Group\u2019s monetary assets and liabilities. These are considered to be reasonably possible changes for the purposes of sensitivity analysis. The Group\u2019s exposure to foreign currency changes for all other currencies, including EGP, is not material.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At 31 December 2025 | \n At 31 December 2024 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Effect on profit | \n \u00a0 | \n Effect on | \n \u00a0 | \n Effect on profit | \n \u00a0 | \n Effect on | \n \u00a0 | \n ||||
| \n
| \n before tax | \n
| \n equity | \n
| \n before tax | \n
| \n equity | \n
| \n ||||
| \n
| \n $m | \n
| \n $m | \n
| \n $m | \n
| \n $m | \n
| \n ||||
10% increase in GBP to USD | \n
| \n
| \n (6.9 | \n ) | \n
| \n (1.2 | \n ) | \n
| \n (7.6 | \n ) | \n
| \n (0.9 | \n ) | \n
10% decrease in GBP to USD | \n
| \n
| \n 6.9 | \n
| \n
| \n 1.2 | \n
| \n
| \n 7.6 | \n
| \n
| \n 0.9 | \n
| \n
Liquidity risk
The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, incorporating debt financing plans and active portfolio management of investments. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, further delays in the settlement of trade receivables in Egypt, changes in asset production profiles and cost schedules as well as collection assumptions on receivables related to legacy items.
During the year, the Group\u2019s treasury function has actively managed the Group\u2019s US dollar and EGP position in Egypt. EGP has been maintained at sufficient levels to meet upcoming local and joint operation payments falling due, but limiting holding significant funds to avoid exposure to currency devaluation. US dollar payments have been carefully managed to match cash inflows on receivable settlements preserving sufficient funds to meet upcoming debt repayments as and when they fall due.
Section 3 \u2013 Working capital, financial instruments and long-term liabilities CONTINUED
\u00a0
\u00a0
3.9 Financial risk management: objectives and policies continued
Liquidity risk continued
The Group runs sensitivities on its liquidity position at various times throughout the year. This includes scenarios forecasting different levels of capital expenditure dependent on uncertain payment schedules from EGPC. Further details are noted in the Viability Statement provided on page 18. Details of the Group\u2019s debt facilities can be found in note 3.2.
Future liquidity of the Egypt business is dependent upon the timing of payments from EGPC to maintain the current receivables position. The Group preserves liquidity by committing only to further investment that can be funded through collections. Outside of Egypt the Group has sufficient funds to settle all other financial liabilities.
The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_8b88823e-425d-49be-a8a7-0fdbc8be79ac": { "value": "Credit risk
Credit risk arises from cash and cash equivalents, investments with banks and financial institutions and trade and other receivables.
Customers, joint operation partners and other debtors are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. At the year end, the Group\u2019s trade receivables primarily relates to amounts due from EGPC for oil and gas sales in Egypt. Amounts are recognised after providing for expected credit losses, based on management\u2019s assessment of credit risk.
Credit risk for investments with banks and other financial institutions is managed by the Group treasury function in accordance with Board-approved policies. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The limits are set to minimise the concentration of risks and therefore mitigate the risk of financial loss through counterparty failure.
Capricorn\u2019s policy is to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. Repayment of principal is the overriding priority and this is achieved by diversification and shorter maturities to provide flexibility. The Board monitors the Group\u2019s policy and updates as required.
At the year end, the Group does not have any significant concentrations of bad debt risk with financial institutions. As at 31 December 2025, the Group had material investments with six counterparties (2024: 10) to ensure no concentration of counterparty investment risk. At 31 December 2025 and 2024, the Group\u2019s investments were a combination of instant access and term deposits.
The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_49a3329c-dc5e-426d-93b5-24f6d3a7b8e1": { "value": "4.1 Segmental analysis
Operating segments
Capricorn had one reportable operating segments during 2025 relating to its operations in Egypt. \u201cOther countries\u201d combine costs relating to legacy positions in Mexico and ongoing new venture activities in the UK. 2024 comparative information has been restated to reflect the revised reportable segments.
The \u201cOther Capricorn Energy Group\u201d segment exists to accumulate the activities and results of the Parent and other holding companies together with other unallocated expenditure and net assets/liabilities, including amounts of a corporate nature not specifically attributable to any of the business units.
Non-current assets as analysed on a segmental basis consist of: intangible exploration/appraisal assets; property, plant & equipment \u2013 development/producing assets; goodwill; and other property, plant & equipment and intangible assets.
\u00a0
| \n | \n | \n | \n | \n | \n |
Geographical information: non-current assets | \n \u00a0 | \n At 31 December 2025 $m | \n \u00a0 | \n At 31 December 2024 $m | \n \u00a0 | \n
Egypt | \n \u00a0 | \n 226.5 | \n \u00a0 | \n 221.8 | \n \u00a0 | \n
Other Capricorn Energy Group | \n \u00a0 | \n 11.7 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n
Total non-current assets | \n \u00a0 | \n 238.2 | \n \u00a0 | \n 234.6 | \n \u00a0 | \n
\u00a0
\u00a0
4.1 Segmental analysis continued
Operating segments continued
The segment results for the year ended 31 December 2025 are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Egypt | \n \u00a0 | \n Other | \n \u00a0 | \n Other Capricorn | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||||
Continuing operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Revenue | \n \u00a0 | \n 134.3 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 134.9 | \n \u00a0 | \n
Other income | \n \u00a0 | \n 0.9 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
Cost of sales | \n \u00a0 | \n (39.4 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (39.4 | \n ) | \n
Depletion | \n \u00a0 | \n (50.8 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (50.8 | \n ) | \n
Gross profit | \n \u00a0 | \n 45.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n 45.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Pre-award costs | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.2 | \n ) | \n
General exploration costs | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
Unsuccessful exploration well costs | \n \u00a0 | \n (10.3 | \n ) | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (13.0 | \n ) | \n
Impairment of property, plant & equipment \u2013 development/producing assets | \n \u00a0 | \n (10.6 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (10.6 | \n ) | \n
Expected credit loss adjustment on revenue receivable | \n \u00a0 | \n 7.4 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.4 | \n \u00a0 | \n
Other operating income | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n
Depreciation \u2013 purchased assets | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.2 | \n ) | \n
Amortisation \u2013 right-of-use assets | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n \u00a0 | \n (0.9 | \n ) | \n
Amortisation of other intangible assets | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.3 | \n ) | \n \u00a0 | \n (0.3 | \n ) | \n
Other administrative expenses | \n \u00a0 | \n (2.7 | \n ) | \n \u00a0 | \n (2.3 | \n ) | \n \u00a0 | \n (18.5 | \n ) | \n \u00a0 | \n (23.5 | \n ) | \n
Operating profit/(loss) | \n \u00a0 | \n 29.2 | \n \u00a0 | \n \u00a0 | \n (5.0 | \n ) | \n \u00a0 | \n (18.5 | \n ) | \n \u00a0 | \n 5.7 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Other gains through profit or loss | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n
Interest income | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 3.5 | \n \u00a0 | \n \u00a0 | \n 4.5 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n (8.2 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (8.2 | \n ) | \n
Other net finance expense | \n \u00a0 | \n (0.5 | \n ) | \n \u00a0 | \n (1.0 | \n ) | \n \u00a0 | \n (5.4 | \n ) | \n \u00a0 | \n (6.9 | \n ) | \n
Profit/(Loss) before tax from continuing operations | \n \u00a0 | \n 21.5 | \n \u00a0 | \n \u00a0 | \n (6.0 | \n ) | \n \u00a0 | \n (20.1 | \n ) | \n \u00a0 | \n (4.6 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Tax credit | \n \u00a0 | \n 21.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 21.1 | \n \u00a0 | \n
Profit/(Loss) for the year from continuing operations | \n \u00a0 | \n 42.6 | \n \u00a0 | \n \u00a0 | \n (6.0 | \n ) | \n \u00a0 | \n (20.1 | \n ) | \n \u00a0 | \n 16.5 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Profit from discontinued operations | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n 2.5 | \n \u00a0 | \n
Profit/(Loss) attributable to equity holders of the Parent | \n \u00a0 | \n 42.6 | \n \u00a0 | \n \u00a0 | \n (6.0 | \n ) | \n \u00a0 | \n (17.6 | \n ) | \n \u00a0 | \n 19.0 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Balance as at 31 December 2025: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Capital expenditure | \n \u00a0 | \n 62.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 62.6 | \n \u00a0 | \n
Total assets | \n \u00a0 | \n 415.1 | \n \u00a0 | \n \u00a0 | \n 7.0 | \n \u00a0 | \n \u00a0 | \n 90.9 | \n \u00a0 | \n \u00a0 | \n 513.0 | \n \u00a0 | \n
Total liabilities | \n \u00a0 | \n 113.8 | \n \u00a0 | \n \u00a0 | \n 15.7 | \n \u00a0 | \n \u00a0 | \n 10.2 | \n \u00a0 | \n \u00a0 | \n 139.7 | \n \u00a0 | \n
Non-current assets | \n \u00a0 | \n 226.5 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 11.7 | \n \u00a0 | \n \u00a0 | \n 238.2 | \n \u00a0 | \n
\u00a0
\u00a0
Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore the Arab Republic of Egypt. 95.1% ($113.3m) of revenue related to sales to a single customer.
All transactions between segments are carried out on an arm\u2019s length basis.
4.1 Segmental analysis continued
Operating segments continued
The segment results for the year ended 31 December 2024 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Egypt $m | \n \u00a0 | \n Other countries (restated) $m | \n \u00a0 | \n Other Capricorn Energy Group $m | \n \u00a0 | \n Total $m | \n \u00a0 | \n
Revenue | \n \u00a0 | \n 146.8 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n 147.8 | \n \u00a0 | \n
Other income | \n \u00a0 | \n 30.1 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 30.1 | \n \u00a0 | \n
Cost of sales | \n \u00a0 | \n (41.6 | \n ) | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (41.6) | \n \u00a0 | \n
Depletion charges | \n \u00a0 | \n (85.1 | \n ) | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (85.1 | \n ) | \n
Gross profit | \n \u00a0 | \n 50.2 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n 51.2 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
General exploration costs | \n \u00a0 | \n (1.1 | \n ) | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (1.1 | \n ) | \n
Unsuccessful exploration costs | \n \u00a0 | \n (2.5 | \n ) | \n (6.4 | \n ) | \n \u2013 | \n \u00a0 | \n (8.9 | \n ) | \n
Impairment reversal of property, plant & equipment \u2013 development/producing assets | \n \u00a0 | \n 15.7 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 15.7 | \n \u00a0 | \n
Expected credit loss adjustment on revenue receivable | \n \u00a0 | \n (3.9 | \n ) | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (3.9 | \n ) | \n
Other operating income | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n
Depreciation \u2013 purchased assets | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (0.1 | \n ) | \n (0.1 | \n ) | \n
Amortisation \u2013 right-of-use assets | \n \u00a0 | \n (0.3 | \n ) | \n \u2013 | \n \u00a0 | \n (0.7 | \n ) | \n (1.0 | \n ) | \n
Amortisation of other intangible assets | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (0.1 | \n ) | \n (0.5 | \n ) | \n (0.6 | \n ) | \n
Other administrative expenses | \n \u00a0 | \n (2.6) | \n \u00a0 | \n (0.8 | \n ) | \n (18.8 | \n ) | \n (22.2 | \n ) | \n
Operating profit/(loss) | \n \u00a0 | \n 55.5 | \n \u00a0 | \n (7.3 | \n ) | \n (18.1 | \n ) | \n 30.1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
Fair value loss \u2013 deferred consideration | \n \u00a0 | \n (5.2 | \n ) | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (5.2 | \n ) | \n
Other losses through profit or loss | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (0.1 | \n ) | \n (0.1 | \n ) | \n
Interest income | \n \u00a0 | \n 1.8 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n 7.1 | \n \u00a0 | \n 9.0 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n (13.7 | \n ) | \n \u2013 | \n \u00a0 | \n (0.4 | \n ) | \n (14.1 | \n ) | \n
Other net finance (expense)/income | \n \u00a0 | \n (5.6) | \n \u00a0 | \n (1.3 | \n ) | \n 1.1 | \n \u00a0 | \n (5.8 | \n ) | \n
Profit/(Loss) before tax from continuing operations | \n \u00a0 | \n 32.8 | \n \u00a0 | \n (8.5 | \n ) | \n (10.4 | \n ) | \n 13.9 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
Tax (charge)/credit | \n \u00a0 | \n (31.9 | \n ) | \n \u2013 | \n \u00a0 | \n 5.4 | \n \u00a0 | \n (26.5 | \n ) | \n
Profit/(Loss) for the year from continuing operations | \n \u00a0 | \n 0.9 | \n \u00a0 | \n (8.5 | \n ) | \n (5.0 | \n ) | \n (12.6 | \n ) | \n
\u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
Profit from discontinued operations | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 23.2 | \n \u00a0 | \n 23.2 | \n \u00a0 | \n
Profit/(Loss) attributable to equity holders of the Parent | \n \u00a0 | \n 0.9 | \n \u00a0 | \n (8.5 | \n ) | \n 18.2 | \n \u00a0 | \n 10.6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
Balances as at 31 December 2024: | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n
Capital expenditure | \n \u00a0 | \n 62.6 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n 63.5 | \n \u00a0 | \n
Total assets | \n \u00a0 | \n 469.5 | \n \u00a0 | \n 9.1 | \n \u00a0 | \n 141.1 | \n \u00a0 | \n 619.7 | \n \u00a0 | \n
Total liabilities | \n \u00a0 | \n 246.9 | \n \u00a0 | \n 11.8 | \n \u00a0 | \n 11.7 | \n \u00a0 | \n 270.4 | \n \u00a0 | \n
Non-current assets | \n \u00a0 | \n 221.8 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n 234.6 | \n \u00a0 | \n
\u00a0
Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore the Arab Republic of Egypt. 94.0% ($138.0m) of revenue related to sales to a single customer.
All transactions between segments are carried out on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_2a4bc13f-ddd7-463a-9642-699e6b96a797": { "value": "\n| \n | \n | \n | \n | \n | \n |
Geographical information: non-current assets | \n \u00a0 | \n At 31 December 2025 $m | \n \u00a0 | \n At 31 December 2024 $m | \n \u00a0 | \n
Egypt | \n \u00a0 | \n 226.5 | \n \u00a0 | \n 221.8 | \n \u00a0 | \n
Other Capricorn Energy Group | \n \u00a0 | \n 11.7 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n
Total non-current assets | \n \u00a0 | \n 238.2 | \n \u00a0 | \n 234.6 | \n \u00a0 | \n
a) Staff costs
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Wages and salaries | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10.1 | \n \u00a0 | \n \u00a0 | \n 9.6 | \n \u00a0 | \n
Social security costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.8 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n
Redundancy costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n
Other pension costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n
Share-based payments | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.2 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14.5 | \n \u00a0 | \n \u00a0 | \n 14.1 | \n \u00a0 | \n
\u00a0
Staff costs are shown gross before amounts recharged to joint operations. The share-based payments charge represents amounts in respect of equity-settled options. Social security costs include pro-rata accruals for NIC expected to be due on share-based payments forecast to vest in future years.
The monthly average number of full-time equivalent employees, including Executive Directors and individuals employed by the Group working on joint operations was:
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Number of employees | \n \u00a0 | \n ||
Continuing operations: | \n \u00a0 | \n Monthly average 2025 | \n \u00a0 | \n Monthly average 2024 | \n \u00a0 | \n
UK | \n \u00a0 | \n 27 | \n \u00a0 | \n 28 | \n \u00a0 | \n
Egypt | \n \u00a0 | \n 12 | \n \u00a0 | \n 16 | \n \u00a0 | \n
UAE | \n \u00a0 | \n 2 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Mexico | \n \u00a0 | \n \u2013 | \n \u00a0 | \n 1 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n 41 | \n \u00a0 | \n 45 | \n \u00a0 | \n
\u00a0
SECTION 4 \u2013 INCOME STATEMENT ANALYSIS CONTINUED
\u00a0
\u00a0
4.2 Employee benefits: staff costs, share-based payments and Directors\u2019 emoluments continued
b) Share-based payments
Income Statement charge
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Included within gross staff costs (continuing operations): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
SIP | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n
LTIP | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.8 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Deferred bonus | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Employee share scheme | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.2 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n
Details of awards with a significant impact on the results for the current and prior year are given below, together with a summary of the remaining awards.
Share-based payment schemes and awards details
The Group operates a number of share award schemes for the benefit of its employees.
The number of share awards made by the Company during the year is given in the table below, together with their weighted average fair value (WAFV) and weighted average grant or exercise price (WAGP/WAEP):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Year ended 31 December 2025 | \n \u00a0 | \n Year ended 31 December 2024 | \n \u00a0 | \n ||||||||
| \n \u00a0 | \n WAFV \u00a3 | \n \u00a0 | \n WAGP/ WAEP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAFV \u00a3 | \n \u00a0 | \n WAGP/ WAEP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n
SIP \u2013 free shares | \n \u00a0 | \n 2.37 | \n \u00a0 | \n 2.37 | \n \u00a0 | \n 40,986 | \n \u00a0 | \n 1.69 | \n \u00a0 | \n 1.69 | \n \u00a0 | \n 59,696 | \n \u00a0 | \n
SIP \u2013 matching shares | \n \u00a0 | \n 2.32 | \n \u00a0 | \n 2.32 | \n \u00a0 | \n 31,040 | \n \u00a0 | \n 2.07 | \n \u00a0 | \n 2.07 | \n \u00a0 | \n 30,786 | \n \u00a0 | \n
LTIP | \n \u00a0 | \n 1.01 | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 1,815,978 | \n \u00a0 | \n 0.78 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n 2,412,942 | \n \u00a0 | \n
Deferred bonus | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 134,869 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n 37,164 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n 2,022,873 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n 2,540,588 | \n \u00a0 | \n
\u00a0
The awards existing under the LTIP with the WAGP are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
| \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP \u00a3 | \n \u00a0 | \n
At 1 January | \n \u00a0 | \n 6,630,098 | \n \u00a0 | \n 1.82 | \n \u00a0 | \n 11,784,135 | \n \u00a0 | \n 1.79 | \n \u00a0 | \n
Granted during the year | \n \u00a0 | \n 1,815,978 | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 2,412,942 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n
Exercised during the year | \n \u00a0 | \n (320,048 | \n ) | \n 1.32 | \n \u00a0 | \n (3,043,566 | \n ) | \n 1.64 | \n \u00a0 | \n
Lapsed during the year | \n \u00a0 | \n (1,245,734 | \n ) | \n 1.96 | \n \u00a0 | \n (4,523,413 | \n ) | \n 1.81 | \n \u00a0 | \n
At 31 December | \n \u00a0 | \n 6,880,294 | \n \u00a0 | \n 1.98 | \n \u00a0 | \n 6,630,098 | \n \u00a0 | \n 1.82 | \n \u00a0 | \n
\u00a0
The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2025 was 1.1 years (2024: 1.2 years). Included in the above are 114,536 of exercisable LTIP awards (2024: 210,303). No exercise price is payable in respect of LTIP awards.
The awards existing under all share schemes other than the LTIP with the weighted average of the grant price, exercise price and notional exercise prices (WAGP/WAEP) are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP/WAEP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP/WAEP \u00a3 | \n \u00a0 | \n
At 1 January | \n \u00a0 | \n 710,628 | \n \u00a0 | \n 1.90 | \n \u00a0 | \n 2,037,947 | \n \u00a0 | \n 1.90 | \n \u00a0 | \n
Consolidation of shares | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (37,191 | \n ) | \n 1.84 | \n \u00a0 | \n
Granted during the year | \n \u00a0 | \n 206,895 | \n \u00a0 | \n 2.39 | \n \u00a0 | \n 127,646 | \n \u00a0 | \n 1.74 | \n \u00a0 | \n
Exercised during the year | \n \u00a0 | \n (342,992 | \n ) | \n 1.94 | \n \u00a0 | \n (385,689 | \n ) | \n 1.69 | \n \u00a0 | \n
Lapsed during the year | \n \u00a0 | \n (8,805 | \n ) | \n 1.98 | \n \u00a0 | \n (1,032,085 | \n ) | \n 1.82 | \n \u00a0 | \n
At 31 December | \n \u00a0 | \n 565,726 | \n \u00a0 | \n 2.06 | \n \u00a0 | \n 710,628 | \n \u00a0 | \n 1.90 | \n \u00a0 | \n
\u00a0
The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2025 was 6.1 years (2024: 7.2 years). Included in the above are 205,365 of exercisable employee share awards (ESAS) (2024: 14,552). No exercise price is payable in respect of ESAS.
\u00a0
4.2 Employee benefits: staff costs, share-based payments and Directors\u2019 emoluments continued
b) Share-based payments continued
Assumptions and inputs
The fair value of the Capricorn LTIP scheme awards were calculated using a Monte Carlo model.
Capricorn share awards normally have a 10-year life from the date of grant. Awards were exercised on a regular basis throughout the year, subject to the normal employee dealing bans imposed by the Company at certain times. The weighted average share price during the year was \u00a32.32 (2024: \u00a31.90).
The Company awards two types of LTIP shares to all employees and senior executives. The vesting of the LTIP awards are linked to absolute shareholder returns.
Vesting percentages that will be delivered for their achievement, are as follows:
LTIP \u2013 Senior Executive award
\u00a0
\n| \n | \n | \n |
Share price at the end of the three-year measurement period | \n Percentage of ordinary shares comprised in award that vest | \n \u00a0 | \n
Less than or equal to $3.57 (2024: $2.56) | \n 0% | \n \u00a0 | \n
$5.13 or higher (2024: $3.70) | \n 100% | \n \u00a0 | \n
Between $3.57 and $5.13 (2024: $2.56 and $3.70) | \n 0%\u2013100% on a straight-line basis | \n \u00a0 | \n
\u00a0
Senior Executive award vesting may be scaled back by up to 40% if the Committee determines that insufficient shareholder value has been generated during the first two years of the performance period.
LTIP \u2013 Staff award
\u00a0
\n| \n | \n | \n |
Share price at the end of the three-year measurement period | \n Percentage of ordinary shares comprised in award that vest | \n \u00a0 | \n
Less than or equal to $3.09 (2024: $2.21) | \n 0% | \n \u00a0 | \n
$3.10 (2024: $2.22) | \n 50% | \n \u00a0 | \n
$3.57 or higher (2024: $2.56) | \n 100% | \n \u00a0 | \n
Between $3.10 and $3.57 (2024: $2.22 and $2.56) | \n 50%\u2013100% on a straight-line basis | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
Fair value of the awards using Monte Carlo simulation model | \n 2025 $ | \n \u00a0 | \n 2024 $ | \n \u00a0 | \n
Senior Executive award | \n 1.18 | \n \u00a0 | \n 0.77 | \n \u00a0 | \n
Staff award | \n 1.74 | \n \u00a0 | \n 1.32 | \n \u00a0 | \n
\u00a0
c) Directors\u2019 emoluments and remuneration of key management personnel
Details of each Director\u2019s remuneration, pension entitlements, share options and awards pursuant to the LTIP are set out in the Directors\u2019 remuneration report on pages 56 to 80. Directors\u2019 remuneration, their pension entitlements and any share awards vested during the year are provided in aggregate in note 8.9.
Remuneration of key management personnel
The remuneration of the Directors of the Company and senior management who are identified as the key management personnel of the Group is set out below in aggregate.
\u00a0
\n| \n | \n | \n | \n | \n |
| \n Year ended 31 December 2025 $m | \n \u00a0 | \n Year ended 31 December 2024 $m | \n \u00a0 | \n
Short-term employee benefits | \n 5.4 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n
Post-employment benefits | \n 0.1 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Share-based payments | \n 1.3 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
| \n 6.8 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
\u00a0
In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were $0.4m (2024: $0.5m).
Share-based payments shown above represent the cost to the Group of key management personnel\u2019s participation in the Company\u2019s share schemes, measured under IFRS 2.
None of the shares awarded to key management personnel vested under the LTIP in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_6fd57015-0a9f-47c3-9116-433059f225b7": { "value": "b) Share-based payments
Income Statement charge
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Included within gross staff costs (continuing operations): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
SIP | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.3 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n
LTIP | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.8 | \n \u00a0 | \n \u00a0 | \n 1.4 | \n \u00a0 | \n
Deferred bonus | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Employee share scheme | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.2 | \n \u00a0 | \n \u00a0 | \n 1.9 | \n \u00a0 | \n
Details of awards with a significant impact on the results for the current and prior year are given below, together with a summary of the remaining awards.
Share-based payment schemes and awards details
The Group operates a number of share award schemes for the benefit of its employees.
The number of share awards made by the Company during the year is given in the table below, together with their weighted average fair value (WAFV) and weighted average grant or exercise price (WAGP/WAEP):
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n Year ended 31 December 2025 | \n \u00a0 | \n Year ended 31 December 2024 | \n \u00a0 | \n ||||||||
| \n \u00a0 | \n WAFV \u00a3 | \n \u00a0 | \n WAGP/ WAEP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAFV \u00a3 | \n \u00a0 | \n WAGP/ WAEP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n
SIP \u2013 free shares | \n \u00a0 | \n 2.37 | \n \u00a0 | \n 2.37 | \n \u00a0 | \n 40,986 | \n \u00a0 | \n 1.69 | \n \u00a0 | \n 1.69 | \n \u00a0 | \n 59,696 | \n \u00a0 | \n
SIP \u2013 matching shares | \n \u00a0 | \n 2.32 | \n \u00a0 | \n 2.32 | \n \u00a0 | \n 31,040 | \n \u00a0 | \n 2.07 | \n \u00a0 | \n 2.07 | \n \u00a0 | \n 30,786 | \n \u00a0 | \n
LTIP | \n \u00a0 | \n 1.01 | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 1,815,978 | \n \u00a0 | \n 0.78 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n 2,412,942 | \n \u00a0 | \n
Deferred bonus | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 134,869 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n 37,164 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n 2,022,873 | \n \u00a0 | \n
| \n \u00a0 | \n
| \n \u00a0 | \n 2,540,588 | \n \u00a0 | \n
\u00a0
The awards existing under the LTIP with the WAGP are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
| \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
| \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP \u00a3 | \n \u00a0 | \n
At 1 January | \n \u00a0 | \n 6,630,098 | \n \u00a0 | \n 1.82 | \n \u00a0 | \n 11,784,135 | \n \u00a0 | \n 1.79 | \n \u00a0 | \n
Granted during the year | \n \u00a0 | \n 1,815,978 | \n \u00a0 | \n 2.42 | \n \u00a0 | \n 2,412,942 | \n \u00a0 | \n 1.75 | \n \u00a0 | \n
Exercised during the year | \n \u00a0 | \n (320,048 | \n ) | \n 1.32 | \n \u00a0 | \n (3,043,566 | \n ) | \n 1.64 | \n \u00a0 | \n
Lapsed during the year | \n \u00a0 | \n (1,245,734 | \n ) | \n 1.96 | \n \u00a0 | \n (4,523,413 | \n ) | \n 1.81 | \n \u00a0 | \n
At 31 December | \n \u00a0 | \n 6,880,294 | \n \u00a0 | \n 1.98 | \n \u00a0 | \n 6,630,098 | \n \u00a0 | \n 1.82 | \n \u00a0 | \n
\u00a0
The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2025 was 1.1 years (2024: 1.2 years). Included in the above are 114,536 of exercisable LTIP awards (2024: 210,303). No exercise price is payable in respect of LTIP awards.
The awards existing under all share schemes other than the LTIP with the weighted average of the grant price, exercise price and notional exercise prices (WAGP/WAEP) are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP/WAEP \u00a3 | \n \u00a0 | \n Number of shares | \n \u00a0 | \n WAGP/WAEP \u00a3 | \n \u00a0 | \n
At 1 January | \n \u00a0 | \n 710,628 | \n \u00a0 | \n 1.90 | \n \u00a0 | \n 2,037,947 | \n \u00a0 | \n 1.90 | \n \u00a0 | \n
Consolidation of shares | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n (37,191 | \n ) | \n 1.84 | \n \u00a0 | \n
Granted during the year | \n \u00a0 | \n 206,895 | \n \u00a0 | \n 2.39 | \n \u00a0 | \n 127,646 | \n \u00a0 | \n 1.74 | \n \u00a0 | \n
Exercised during the year | \n \u00a0 | \n (342,992 | \n ) | \n 1.94 | \n \u00a0 | \n (385,689 | \n ) | \n 1.69 | \n \u00a0 | \n
Lapsed during the year | \n \u00a0 | \n (8,805 | \n ) | \n 1.98 | \n \u00a0 | \n (1,032,085 | \n ) | \n 1.82 | \n \u00a0 | \n
At 31 December | \n \u00a0 | \n 565,726 | \n \u00a0 | \n 2.06 | \n \u00a0 | \n 710,628 | \n \u00a0 | \n 1.90 | \n \u00a0 | \n
\u00a0
The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2025 was 6.1 years (2024: 7.2 years). Included in the above are 205,365 of exercisable employee share awards (ESAS) (2024: 14,552). No exercise price is payable in respect of ESAS.
\u00a0
4.2 Employee benefits: staff costs, share-based payments and Directors\u2019 emoluments continued
b) Share-based payments continued
Assumptions and inputs
The fair value of the Capricorn LTIP scheme awards were calculated using a Monte Carlo model.
Capricorn share awards normally have a 10-year life from the date of grant. Awards were exercised on a regular basis throughout the year, subject to the normal employee dealing bans imposed by the Company at certain times. The weighted average share price during the year was \u00a32.32 (2024: \u00a31.90).
The Company awards two types of LTIP shares to all employees and senior executives. The vesting of the LTIP awards are linked to absolute shareholder returns.
Vesting percentages that will be delivered for their achievement, are as follows:
LTIP \u2013 Senior Executive award
\u00a0
\n| \n | \n | \n |
Share price at the end of the three-year measurement period | \n Percentage of ordinary shares comprised in award that vest | \n \u00a0 | \n
Less than or equal to $3.57 (2024: $2.56) | \n 0% | \n \u00a0 | \n
$5.13 or higher (2024: $3.70) | \n 100% | \n \u00a0 | \n
Between $3.57 and $5.13 (2024: $2.56 and $3.70) | \n 0%\u2013100% on a straight-line basis | \n \u00a0 | \n
\u00a0
Senior Executive award vesting may be scaled back by up to 40% if the Committee determines that insufficient shareholder value has been generated during the first two years of the performance period.
LTIP \u2013 Staff award
\u00a0
\n| \n | \n | \n |
Share price at the end of the three-year measurement period | \n Percentage of ordinary shares comprised in award that vest | \n \u00a0 | \n
Less than or equal to $3.09 (2024: $2.21) | \n 0% | \n \u00a0 | \n
$3.10 (2024: $2.22) | \n 50% | \n \u00a0 | \n
$3.57 or higher (2024: $2.56) | \n 100% | \n \u00a0 | \n
Between $3.10 and $3.57 (2024: $2.22 and $2.56) | \n 50%\u2013100% on a straight-line basis | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
Fair value of the awards using Monte Carlo simulation model | \n 2025 $ | \n \u00a0 | \n 2024 $ | \n \u00a0 | \n
Senior Executive award | \n 1.18 | \n \u00a0 | \n 0.77 | \n \u00a0 | \n
Staff award | \n 1.74 | \n \u00a0 | \n 1.32 | \n \u00a0 | \n
c) Directors\u2019 emoluments and remuneration of key management personnel
Details of each Director\u2019s remuneration, pension entitlements, share options and awards pursuant to the LTIP are set out in the Directors\u2019 remuneration report on pages 56 to 80. Directors\u2019 remuneration, their pension entitlements and any share awards vested during the year are provided in aggregate in note 8.9.
Remuneration of key management personnel
The remuneration of the Directors of the Company and senior management who are identified as the key management personnel of the Group is set out below in aggregate.
\u00a0
\n| \n | \n | \n | \n | \n |
| \n Year ended 31 December 2025 $m | \n \u00a0 | \n Year ended 31 December 2024 $m | \n \u00a0 | \n
Short-term employee benefits | \n 5.4 | \n \u00a0 | \n 5.6 | \n \u00a0 | \n
Post-employment benefits | \n 0.1 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
Share-based payments | \n 1.3 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
| \n 6.8 | \n \u00a0 | \n 6.3 | \n \u00a0 | \n
\u00a0
In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were $0.4m (2024: $0.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_39f8263b-885c-4603-b7ac-8901a95083fc": { "value": "4.3 Finance income
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Bank and other interest receivable | \n \u00a0 | \n 4.5 | \n \u00a0 | \n \u00a0 | \n 8.5 | \n \u00a0 | \n |
Other finance income | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n |
Exchange gain recycled from Other Comprehensive Income | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n \u00a0 | \n 9.5 | \n \u00a0 | \n
\u00a0
SECTION 4 \u2013 INCOME STATEMENT ANALYSIS CONTINUED
\u00a0
\u00a0
4.4 Finance costs
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loan interest | \n \u00a0 | \n 8.2 | \n \u00a0 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n |
Facility fees amortisation | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n |
Other interest and finance charges and unwind of discount | \n \u00a0 | \n 3.8 | \n \u00a0 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n |
Exchange loss | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 15.3 | \n \u00a0 | \n \u00a0 | \n 20.4 | \n \u00a0 | \n
\u00a0
Loan interest of $8.2m (2024: $12.8m) was charged on the Egypt Junior and Senior Debt Facilities.
4.3 Finance income
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Bank and other interest receivable | \n \u00a0 | \n 4.5 | \n \u00a0 | \n \u00a0 | \n 8.5 | \n \u00a0 | \n |
Other finance income | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n |
Exchange gain recycled from Other Comprehensive Income | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n \u00a0 | \n 9.5 | \n \u00a0 | \n
\u00a0
SECTION 4 \u2013 INCOME STATEMENT ANALYSIS CONTINUED
\u00a0
\u00a0
4.4 Finance costs
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loan interest | \n \u00a0 | \n 8.2 | \n \u00a0 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n |
Facility fees amortisation | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n |
Other interest and finance charges and unwind of discount | \n \u00a0 | \n 3.8 | \n \u00a0 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n |
Exchange loss | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 15.3 | \n \u00a0 | \n \u00a0 | \n 20.4 | \n \u00a0 | \n
\u00a0
Loan interest of $8.2m (2024: $12.8m) was charged on the Egypt Junior and Senior Debt Facilities.
4.3 Finance income
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Bank and other interest receivable | \n \u00a0 | \n 4.5 | \n \u00a0 | \n \u00a0 | \n 8.5 | \n \u00a0 | \n |
Other finance income | \n \u00a0 | \n 0.2 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n |
Exchange gain recycled from Other Comprehensive Income | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 0.4 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 4.7 | \n \u00a0 | \n \u00a0 | \n 9.5 | \n \u00a0 | \n
\u00a0
SECTION 4 \u2013 INCOME STATEMENT ANALYSIS CONTINUED
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_ba6c62d1-4644-42cb-b299-765f8adff198": { "value": "4.4 Finance costs
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loan interest | \n \u00a0 | \n 8.2 | \n \u00a0 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n |
Facility fees amortisation | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n |
Other interest and finance charges and unwind of discount | \n \u00a0 | \n 3.8 | \n \u00a0 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n |
Exchange loss | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 15.3 | \n \u00a0 | \n \u00a0 | \n 20.4 | \n \u00a0 | \n
\u00a0
Loan interest of $8.2m (2024: $12.8m) was charged on the Egypt Junior and Senior Debt Facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_7f2ac948-4771-4f24-b99e-1562d70a39ac": { "value": "4.4 Finance costs
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loan interest | \n \u00a0 | \n 8.2 | \n \u00a0 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n |
Facility fees amortisation | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n |
Other interest and finance charges and unwind of discount | \n \u00a0 | \n 3.8 | \n \u00a0 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n |
Exchange loss | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 15.3 | \n \u00a0 | \n \u00a0 | \n 20.4 | \n \u00a0 | \n
\u00a0
Loan interest of $8.2m (2024: $12.8m) was charged on the Egypt Junior and Senior Debt Facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_16a74f8d-2420-4e16-8d96-f9fda97d4157": { "value": "4.4 Finance costs
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loan interest | \n \u00a0 | \n 8.2 | \n \u00a0 | \n \u00a0 | \n 12.8 | \n \u00a0 | \n |
Facility fees amortisation | \n \u00a0 | \n 1.9 | \n \u00a0 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n |
Other interest and finance charges and unwind of discount | \n \u00a0 | \n 3.8 | \n \u00a0 | \n \u00a0 | \n 2.8 | \n \u00a0 | \n |
Exchange loss | \n \u00a0 | \n 1.4 | \n \u00a0 | \n \u00a0 | \n 3.9 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n 15.3 | \n \u00a0 | \n \u00a0 | \n 20.4 | \n \u00a0 | \n
4.5 Earnings per ordinary share
\n| \n | \n | \n | \n | \n | \n | \n |
Basic and diluted earnings per share are calculated using the following measures of profit : | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
Profit/(Loss) and diluted profit/(loss) after taxation from continuing operations | \n \u00a0 | \n 16.5 | \n \u00a0 | \n \u00a0 | \n (12.6 | \n ) | \n
Profit and diluted profit attributable to equity holders of the Parent | \n \u00a0 | \n 19.0 | \n \u00a0 | \n \u00a0 | \n 10.6 | \n \u00a0 | \n
\u00a0
The following reflects the share data used in the basic and diluted earnings per share computations:
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Number | \n \u00a0 | \n Number | \n \u00a0 | \n ||
Weighted average number of shares | \n \u00a0 | \n 70,558 | \n \u00a0 | \n \u00a0 | \n 79,557 | \n \u00a0 | \n
Less weighted average shares held by ESOP and SIP Trusts | \n \u00a0 | \n (1,964 | \n ) | \n \u00a0 | \n (1,310 | \n ) | \n
Basic weighted average number of shares | \n \u00a0 | \n 68,594 | \n \u00a0 | \n \u00a0 | \n 78,247 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Potentially dilutive effect of shares issuable under employee share plans: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
LTIP awards | \n \u00a0 | \n 2,731 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Unapproved plans | \n \u00a0 | \n 205 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Deferred bonus plan | \n \u00a0 | \n 172 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Diluted weighted average number of shares | \n \u00a0 | \n 71,702 | \n \u00a0 | \n \u00a0 | \n 78,247 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Potentially issuable shares not included above: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
LTIP awards | \n \u00a0 | \n 4,009 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Number potentially issuable shares | \n \u00a0 | \n 4,009 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
| \n |
Accounting policy The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | \n
5.1 Tax strategy and governance
The Group\u2019s tax strategy is fully aligned with its overarching business objectives and principles and applies to all taxes paid or borne by the Group. Capricorn aims to be a good corporate citizen, managing its tax affairs in a transparent and responsible manner in all the jurisdictions in which it operates, and seeks to build and maintain open and constructive relationships with all tax authorities. The Group is committed to transparency of tax contributions and other payments to governments. Capricorn reports payments to governments in its Annual Report and Accounts as well as additional voluntary disclosures of taxes paid by the Group.
Capricorn undertakes tax planning that supports the business and reflects commercial and economic activity. The Group\u2019s policy is to not enter into any artificial tax avoidance schemes but to build and maintain strong collaborative working relationships with all relevant tax authorities based on transparency and integrity. Capricorn aims for certainty in relation to the tax treatment of all items; however, it is acknowledged that this will not always be possible. In such circumstances Capricorn will seek external advice where appropriate and ensure that the approach adopted in any relevant tax return includes full disclosure of the position taken. Capricorn may also seek to work directly with tax authorities to resolve uncertainties where the tax laws are unclear or complex.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
5.2 Tax credit/(charge) on (loss)/profit for the year
\n| \n | \n | \n | \n | \n | \n | \n |
Analysis of tax credit/(charge) on (loss)/profit for the year | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Current tax charge: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Overseas corporation tax charge \u2013 Egypt | \n \u00a0 | \n (0.9 | \n ) | \n \u00a0 | \n (30.1 | \n ) | \n
Overseas corporation tax credit \u2013 India | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 5.4 | \n \u00a0 | \n
Total current tax charge on (loss)/profit | \n \u00a0 | \n (0.9 | \n ) | \n \u00a0 | \n (24.7 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred tax credit/(charge): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred tax credit/(charge) on intangible/tangible assets \u2013 Egypt | \n \u00a0 | \n 22.0 | \n \u00a0 | \n \u00a0 | \n (1.8 | \n ) | \n
Deferred tax credit/(charge) on (loss)/profit | \n \u00a0 | \n 22.0 | \n \u00a0 | \n \u00a0 | \n (1.8 | \n ) | \n
Total deferred tax credit/(charge) on (loss)/profit | \n \u00a0 | \n 21.1 | \n \u00a0 | \n \u00a0 | \n (26.5 | \n ) | \n
\u00a0
The current tax charge in Egypt of $0.9m (2024: $30.1m) is settled by EGPC on the Group\u2019s behalf.
Factors affecting the tax credit/(charge) for the year
A reconciliation of the income tax credit/(charge) applicable to the (loss)/profit before income tax to the UK statutory rate of income tax is as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended 31 December | \n \u00a0 | \n \u00a0 | \n Year ended 31 December | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loss/(Profit) before tax | \n \u00a0 | \n \u00a0 | \n 4.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13.9 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Loss/(Profit) before tax multiplied by the UK statutory rate of corporation tax of 25% (2024: 25%) | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3.5 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Effect of: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
Special tax rates and reliefs applying to oil and gas activities in the UK | \n \u00a0 | \n \u00a0 | \n 0.5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.1 | \n \u00a0 | \n
Special tax rates and reliefs applying to oil and gas activities in Egypt | \n \u00a0 | \n \u00a0 | \n 8.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5.1 | \n ) | \n
Temporary differences not recognised | \n \u00a0 | \n \u00a0 | \n 4.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7.1 | \n ) | \n
Egypt tax losses | \n \u00a0 | \n \u00a0 | \n 10.8 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Permanent items non-deductible | \n \u00a0 | \n \u00a0 | \n (3.7 | \n ) | \n \u00a0 | \n \u00a0 | \n (18.3 | \n ) | \n
India tax refund not subject to tax | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.4 | \n \u00a0 | \n
Total tax credit/(charge) on (loss)/profit | \n \u00a0 | \n \u00a0 | \n 21.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (26.5 | \n ) | \n
\u00a0
The reconciliation shown above has been based on the average UK statutory rate of corporation tax for 2025 of 25% (2024: 25%).
The applicable UK statutory corporation tax rate applying to North Sea oil and gas activities is currently 40% (2024: 40%). The temporary Energy (Oil and Gas) Profits Levy was increased to 38% on profits arising after 1 November 2024 (substantively enacted November 2024).
Section 5 \u2013 Taxation CONTINUED
\u00a0
\u00a0
5.2 Tax credit/(charge) on (loss)/profit for the year continued
Factors affecting tax credit/(charge) for the year continued
The applicable statutory tax rate applying to oil and gas activities in Egypt is currently 40.55% (2024: 40.55%).
The applicable rates have been reflected in these financial statements as appropriate.\t
The effect of temporary differences not recognised of $4.3m (2024: $(7.1)m) includes:
\u2013\ta $(0.5)m (2024: $(2.1)m) movement in the year in respect of the unrecognised deferred tax asset on UK ring-fence corporation tax losses, energy (oil and gas) profits levy losses, supplementary charge tax and oil and gas investment allowances;
\u2013\ta $11.2m (2024: $0.1m) movement in the year in respect of unrecognised deferred tax assets on Egypt oil and gas assets and tax losses;
\u2013\ta $(5.7)m (2024: $(4.7)m) movement in the year in respect of UK tax losses and other temporary differences arising in the year on which no deferred tax asset was recognised; and
\u2013\ta $(0.7)m (2024: $(0.4)m) movement in the year in respect of overseas tax losses and other temporary differences arising in the year on which no deferred tax was recognised.
The effect of permanent items non-deductible of $3.7m (2024: $18.3m) includes:
\u2013\t$2.2m (2024: $2.2m) in respect of share-based payment charges;
\u2013\t$(3.0)m (2024: $(4.7)m) predominantly in respect on non-taxable adjustments related to foreign exchange and tax relief on exercised share options;
\u2013\t$3.6m (2024: $17.9m) in respect of costs in Egypt considered non-deductible for tax purposes;
\u2013\t$0.9m (2024: $1.8m) in respect of other permanent items considered non-deductible; and
\u2013\tno current year impact (2024: $1.1m) in respect of overseas costs considered non-deductible/taxable.
\u00a0
5.3 Current tax receivable
Capricorn was due a refund of tax previously withheld in India on dividends due to the Group from its past shareholding in Vedanta Limited. The total refund due to the Group was $5.4m, with $1.4m received during 2024 and $4.0m outstanding at 31 December 2024. The remaining refund was received in September 2025.
\u00a0
5.4 Deferred tax assets and liabilities
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Reconciliation of movement in deferred tax assets/(liabilities): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n Temporary difference in respect of non-current assets | \n \u00a0 | \n Losses | \n \u00a0 | \n Total | \n \u00a0 | \n |||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||
Deferred tax asset | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n 4.3 | \n \u00a0 | \n \u00a0 | \n 3.3 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n
Deferred tax credit through the Income Statement | \n \u00a0 | \n 13.2 | \n \u00a0 | \n \u00a0 | \n (2.5 | \n ) | \n \u00a0 | \n 10.7 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 17.5 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 18.3 | \n \u00a0 | \n
Deferred tax charge through the Income Statement | \n \u00a0 | \n (7.0 | \n ) | \n \u00a0 | \n 6.9 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n 10.5 | \n \u00a0 | \n \u00a0 | \n 7.7 | \n \u00a0 | \n \u00a0 | \n 18.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n (9.6 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (9.6 | \n ) | \n
Deferred tax charge through the Income Statement | \n \u00a0 | \n (12.5 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (12.5 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n (22.1 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (22.1 | \n ) | \n
Deferred tax credit through the Income Statement | \n \u00a0 | \n 22.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 22.1 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
Deferred tax assets/(liabilities) in Egypt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Assets | \n \u00a0 | \n 18.2 | \n \u00a0 | \n \u00a0 | \n 18.3 | \n \u00a0 | \n
Liabilities | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (22.1 | \n ) | \n
\u00a0 | \n \u00a0 | \n 18.2 | \n \u00a0 | \n \u00a0 | \n (3.8 | \n ) | \n
\u00a0
\u00a0
\u00a0
\u00a0
Recognised deferred tax assets
Egypt
Deferred tax assets of $10.5m (2024: $17.5m) are recognised in respect of Egypt oil and gas non-current assets temporary differences of $25.9m (2024: $43.2m) and Egypt tax losses of $7.7m (2024: $0.8m) on concessions where future profits are expected to be available to recover the value of the assets.
At the balance sheet date the Group has $41.7m (2024: $69.5m) of temporary differences in respect of Egypt non-current assets and $0.7m (2024: $38.9m) of Egypt tax losses, which can be offset against future oil and gas profits in Egypt. No deferred tax asset is recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods.
Deferred tax liabilities
Egypt
No deferred tax liabilities are now recognised related to Egypt oil and gas non-current assets (2024: $22.1m recognised across five concessions in respect of taxable temporary differences of $54.5m). This reflects the impact of the merged concession agreement.
Unrecognised deferred tax assets
No deferred tax asset is recognised on the following as it is not considered probable that it will be utilised in future periods:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At 31 December | \n \u00a0 | \n \u00a0 | \n At 31 December | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n ||
UK RFCT trading losses | \n \u00a0 | \n \u00a0 | \n 254.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 254.7 | \n \u00a0 | \n \u00a0 | \n
UK SCT loss | \n \u00a0 | \n \u00a0 | \n 251.9 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 250.8 | \n \u00a0 | \n \u00a0 | \n
UK other ring fence temporary differences | \n \u00a0 | \n \u00a0 | \n 629.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629.3 | \n \u00a0 | \n \u00a0 | \n
UK excess management expenses | \n \u00a0 | \n \u00a0 | \n 464.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 450.9 | \n \u00a0 | \n \u00a0 | \n
UK non-trade deficits | \n \u00a0 | \n \u00a0 | \n 100.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93.2 | \n \u00a0 | \n \u00a0 | \n
UK temporary differences on share-based payments | \n \u00a0 | \n \u00a0 | \n 34.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34.0 | \n \u00a0 | \n \u00a0 | \n
Egypt fixed asset temporary differences | \n \u00a0 | \n \u00a0 | \n 17.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11.8 | \n \u00a0 | \n \u00a0 | \n
Egypt ring fence corporation tax trading losses | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35.6 | \n \u00a0 | \n \u00a0 | \n
| \n |
Accounting policy The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | \n
| \n |
Accounting policy The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | \n
5.4 Deferred tax assets and liabilities
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Reconciliation of movement in deferred tax assets/(liabilities): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n Temporary difference in respect of non-current assets | \n \u00a0 | \n Losses | \n \u00a0 | \n Total | \n \u00a0 | \n |||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||
Deferred tax asset | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n 4.3 | \n \u00a0 | \n \u00a0 | \n 3.3 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n
Deferred tax credit through the Income Statement | \n \u00a0 | \n 13.2 | \n \u00a0 | \n \u00a0 | \n (2.5 | \n ) | \n \u00a0 | \n 10.7 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 17.5 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 18.3 | \n \u00a0 | \n
Deferred tax charge through the Income Statement | \n \u00a0 | \n (7.0 | \n ) | \n \u00a0 | \n 6.9 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n 10.5 | \n \u00a0 | \n \u00a0 | \n 7.7 | \n \u00a0 | \n \u00a0 | \n 18.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n (9.6 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (9.6 | \n ) | \n
Deferred tax charge through the Income Statement | \n \u00a0 | \n (12.5 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (12.5 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n (22.1 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (22.1 | \n ) | \n
Deferred tax credit through the Income Statement | \n \u00a0 | \n 22.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 22.1 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
Deferred tax assets/(liabilities) in Egypt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Assets | \n \u00a0 | \n 18.2 | \n \u00a0 | \n \u00a0 | \n 18.3 | \n \u00a0 | \n
Liabilities | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (22.1 | \n ) | \n
\u00a0 | \n \u00a0 | \n 18.2 | \n \u00a0 | \n \u00a0 | \n (3.8 | \n ) | \n
\u00a0
\u00a0
\u00a0
\u00a0
Recognised deferred tax assets
Egypt
Deferred tax assets of $10.5m (2024: $17.5m) are recognised in respect of Egypt oil and gas non-current assets temporary differences of $25.9m (2024: $43.2m) and Egypt tax losses of $7.7m (2024: $0.8m) on concessions where future profits are expected to be available to recover the value of the assets.
At the balance sheet date the Group has $41.7m (2024: $69.5m) of temporary differences in respect of Egypt non-current assets and $0.7m (2024: $38.9m) of Egypt tax losses, which can be offset against future oil and gas profits in Egypt. No deferred tax asset is recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods.
Deferred tax liabilities
Egypt
No deferred tax liabilities are now recognised related to Egypt oil and gas non-current assets (2024: $22.1m recognised across five concessions in respect of taxable temporary differences of $54.5m). This reflects the impact of the merged concession agreement.
Unrecognised deferred tax assets
No deferred tax asset is recognised on the following as it is not considered probable that it will be utilised in future periods:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At 31 December | \n \u00a0 | \n \u00a0 | \n At 31 December | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n ||
UK RFCT trading losses | \n \u00a0 | \n \u00a0 | \n 254.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 254.7 | \n \u00a0 | \n \u00a0 | \n
UK SCT loss | \n \u00a0 | \n \u00a0 | \n 251.9 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 250.8 | \n \u00a0 | \n \u00a0 | \n
UK other ring fence temporary differences | \n \u00a0 | \n \u00a0 | \n 629.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629.3 | \n \u00a0 | \n \u00a0 | \n
UK excess management expenses | \n \u00a0 | \n \u00a0 | \n 464.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 450.9 | \n \u00a0 | \n \u00a0 | \n
UK non-trade deficits | \n \u00a0 | \n \u00a0 | \n 100.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93.2 | \n \u00a0 | \n \u00a0 | \n
UK temporary differences on share-based payments | \n \u00a0 | \n \u00a0 | \n 34.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34.0 | \n \u00a0 | \n \u00a0 | \n
Egypt fixed asset temporary differences | \n \u00a0 | \n \u00a0 | \n 17.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11.8 | \n \u00a0 | \n \u00a0 | \n
Egypt ring fence corporation tax trading losses | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35.6 | \n \u00a0 | \n \u00a0 | \n
5.4 Deferred tax assets and liabilities
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Reconciliation of movement in deferred tax assets/(liabilities): | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
\u00a0 | \n Temporary difference in respect of non-current assets | \n \u00a0 | \n Losses | \n \u00a0 | \n Total | \n \u00a0 | \n |||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n |||
Deferred tax asset | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n 4.3 | \n \u00a0 | \n \u00a0 | \n 3.3 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n
Deferred tax credit through the Income Statement | \n \u00a0 | \n 13.2 | \n \u00a0 | \n \u00a0 | \n (2.5 | \n ) | \n \u00a0 | \n 10.7 | \n \u00a0 | \n
At 31 December 2024 | \n \u00a0 | \n 17.5 | \n \u00a0 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n \u00a0 | \n 18.3 | \n \u00a0 | \n
Deferred tax charge through the Income Statement | \n \u00a0 | \n (7.0 | \n ) | \n \u00a0 | \n 6.9 | \n \u00a0 | \n \u00a0 | \n (0.1 | \n ) | \n
At 31 December 2025 | \n \u00a0 | \n 10.5 | \n \u00a0 | \n \u00a0 | \n 7.7 | \n \u00a0 | \n \u00a0 | \n 18.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
At 1 January 2024 | \n \u00a0 | \n (9.6 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (9.6 | \n ) | \n
Deferred tax charge through the Income Statement | \n \u00a0 | \n (12.5 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (12.5 | \n ) | \n
At 31 December 2024 | \n \u00a0 | \n (22.1 | \n ) | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (22.1 | \n ) | \n
Deferred tax credit through the Income Statement | \n \u00a0 | \n 22.1 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 22.1 | \n \u00a0 | \n
At 31 December 2025 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
Deferred tax assets/(liabilities) in Egypt: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Assets | \n \u00a0 | \n 18.2 | \n \u00a0 | \n \u00a0 | \n 18.3 | \n \u00a0 | \n
Liabilities | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (22.1 | \n ) | \n
\u00a0 | \n \u00a0 | \n 18.2 | \n \u00a0 | \n \u00a0 | \n (3.8 | \n ) | \n
Recognised deferred tax assets
Egypt
Deferred tax assets of $10.5m (2024: $17.5m) are recognised in respect of Egypt oil and gas non-current assets temporary differences of $25.9m (2024: $43.2m) and Egypt tax losses of $7.7m (2024: $0.8m) on concessions where future profits are expected to be available to recover the value of the assets.
At the balance sheet date the Group has $41.7m (2024: $69.5m) of temporary differences in respect of Egypt non-current assets and $0.7m (2024: $38.9m) of Egypt tax losses, which can be offset against future oil and gas profits in Egypt. No deferred tax asset is recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods.
Deferred tax liabilities
Egypt
No deferred tax liabilities are now recognised related to Egypt oil and gas non-current assets (2024: $22.1m recognised across five concessions in respect of taxable temporary differences of $54.5m). This reflects the impact of the merged concession agreement.
Unrecognised deferred tax assets
No deferred tax asset is recognised on the following as it is not considered probable that it will be utilised in future periods:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n At 31 December | \n \u00a0 | \n \u00a0 | \n At 31 December | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n $m | \n \u00a0 | \n \u00a0 | \n ||
UK RFCT trading losses | \n \u00a0 | \n \u00a0 | \n 254.3 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 254.7 | \n \u00a0 | \n \u00a0 | \n
UK SCT loss | \n \u00a0 | \n \u00a0 | \n 251.9 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 250.8 | \n \u00a0 | \n \u00a0 | \n
UK other ring fence temporary differences | \n \u00a0 | \n \u00a0 | \n 629.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629.3 | \n \u00a0 | \n \u00a0 | \n
UK excess management expenses | \n \u00a0 | \n \u00a0 | \n 464.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 450.9 | \n \u00a0 | \n \u00a0 | \n
UK non-trade deficits | \n \u00a0 | \n \u00a0 | \n 100.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93.2 | \n \u00a0 | \n \u00a0 | \n
UK temporary differences on share-based payments | \n \u00a0 | \n \u00a0 | \n 34.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34.0 | \n \u00a0 | \n \u00a0 | \n
Egypt fixed asset temporary differences | \n \u00a0 | \n \u00a0 | \n 17.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11.8 | \n \u00a0 | \n \u00a0 | \n
Egypt ring fence corporation tax trading losses | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35.6 | \n \u00a0 | \n \u00a0 | \n
6.1 Profit from discontinued operations
Settlement of earnout consideration due
On 2 November 2021, Capricorn completed the sale of its interests in the UK Catcher and Kraken producing assets to Waldorf Production Limited (\u201cWaldorf\u201d).
On 18 December 2023, Capricorn entered into a settlement agreement with Waldorf for the full and final settlement of the remaining earnout consideration due. Under the agreement, Capricorn received an initial payment of $48.0m in December 2023, with a further $2.0m received at the end of Q1 2024. An additional payment of $22.5m was due in early January 2025 and Capricorn were also due to receive a non-operated asset in the UK North Sea. However, due to financial difficulties impacting Waldorf, the $22.5m has not been received and instead written down to an estimated recoverable value of $1.5m at 31 December 2024. The transfer of the asset did also not complete and the related long-term receivable was fully impaired in 2024. The Group recorded a combined loss on the settlement of the earnout of $26.1m in 2024.
\u00a0
During 2025, Capricorn's legal team have been actively pursuing Waldorf for additional recovery of sums due a revised settlement offer has been tabled, expected to be worth $4.0m to Capricorn and the receivable has been increased to reflect this expected recovery. Capricorn's legal costs have also been met by Waldorf.
\u00a0
\u00a0
Senegal deferred consideration
In January 2025, Capricorn received a further $50.0m consideration relating to the disposal of oil and gas assets in Senegal in 2021. This consideration was dependent on several conditions being met, including the date of first oil and an average oil price above set levels, and these were all achieved by the end of 2024.
\u00a0
A breakdown of the total profit from discontinued operations is as follows:
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Operating profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Gain on disposal of oil and gas assets | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 50.0 | \n \u00a0 | \n
Loss on disposal of a subsidiary | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n
Profit/(Loss) on disposal of a financial asset | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n (26.1 | \n ) | \n
Profit before tax from discontinued operations | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n 23.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Tax charge | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Profit after tax from discontinued operations | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n 23.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n \u00a0 | \n $ | \n \u00a0 | \n ||
Earning per share for profit after tax from discontinued operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Profit per ordinary share \u2013 basic | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n 0.30 | \n \u00a0 | \n
Profit per ordinary share \u2013 diluted | \n \u00a0 | \n 0.03 | \n \u00a0 | \n \u00a0 | \n 0.30 | \n \u00a0 | \n
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
6.2 Cash flow information for discontinued operations
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Net cash flows from investing activities | \n \u00a0 | \n 49.3 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n
Net increase in cash and cash equivalents | \n \u00a0 | \n 49.3 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n
\u00a0
In 2025, the Company received a contingent payment of $50.0m related to Senegal and refunded $0.7m of proceeds from the disposal of oil and gas assets in Norway. In 2024, $2.0m was received under the earnout settlement agreement (see note 6.1).
6.3 Discontinued operations \u2013 Senegal contingent liability
On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that:
\u2013\tSenegalese registration duty (XOF 14.1 bn) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and
\u2013\tSenegalese real estate capital gains tax (XOF 9.1 bn including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests.
Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests.
Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim. Woodside has filed an action with the High Court of Dakar and a request for arbitration with the International Centre of Investment Disputes disputing the tax assessment.
At the balance sheet date Capricorn estimate of the exposure under the registration duty claim has decreased to $25.7 m with penalties and interest no longer attached to the registration duty claim.
6.1 Profit from discontinued operations
Settlement of earnout consideration due
On 2 November 2021, Capricorn completed the sale of its interests in the UK Catcher and Kraken producing assets to Waldorf Production Limited (\u201cWaldorf\u201d).
On 18 December 2023, Capricorn entered into a settlement agreement with Waldorf for the full and final settlement of the remaining earnout consideration due. Under the agreement, Capricorn received an initial payment of $48.0m in December 2023, with a further $2.0m received at the end of Q1 2024. An additional payment of $22.5m was due in early January 2025 and Capricorn were also due to receive a non-operated asset in the UK North Sea. However, due to financial difficulties impacting Waldorf, the $22.5m has not been received and instead written down to an estimated recoverable value of $1.5m at 31 December 2024. The transfer of the asset did also not complete and the related long-term receivable was fully impaired in 2024. The Group recorded a combined loss on the settlement of the earnout of $26.1m in 2024.
\u00a0
During 2025, Capricorn's legal team have been actively pursuing Waldorf for additional recovery of sums due a revised settlement offer has been tabled, expected to be worth $4.0m to Capricorn and the receivable has been increased to reflect this expected recovery. Capricorn's legal costs have also been met by Waldorf.
\u00a0
\u00a0
Senegal deferred consideration
In January 2025, Capricorn received a further $50.0m consideration relating to the disposal of oil and gas assets in Senegal in 2021. This consideration was dependent on several conditions being met, including the date of first oil and an average oil price above set levels, and these were all achieved by the end of 2024.
\u00a0
A breakdown of the total profit from discontinued operations is as follows:
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Operating profit | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Gain on disposal of oil and gas assets | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 50.0 | \n \u00a0 | \n
Loss on disposal of a subsidiary | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n (0.7 | \n ) | \n
Profit/(Loss) on disposal of a financial asset | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n (26.1 | \n ) | \n
Profit before tax from discontinued operations | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n 23.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Tax charge | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Profit after tax from discontinued operations | \n \u00a0 | \n 2.5 | \n \u00a0 | \n \u00a0 | \n 23.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n \u00a0 | \n $ | \n \u00a0 | \n ||
Earning per share for profit after tax from discontinued operations | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Profit per ordinary share \u2013 basic | \n \u00a0 | \n 0.04 | \n \u00a0 | \n \u00a0 | \n 0.30 | \n \u00a0 | \n
Profit per ordinary share \u2013 diluted | \n \u00a0 | \n 0.03 | \n \u00a0 | \n \u00a0 | \n 0.30 | \n \u00a0 | \n
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
6.2 Cash flow information for discontinued operations
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Net cash flows from investing activities | \n \u00a0 | \n 49.3 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n
Net increase in cash and cash equivalents | \n \u00a0 | \n 49.3 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n
\u00a0
In 2025, the Company received a contingent payment of $50.0m related to Senegal and refunded $0.7m of proceeds from the disposal of oil and gas assets in Norway. In 2024, $2.0m was received under the earnout settlement agreement (see note 6.1).
6.3 Discontinued operations \u2013 Senegal contingent liability
On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that:
\u2013\tSenegalese registration duty (XOF 14.1 bn) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and
\u2013\tSenegalese real estate capital gains tax (XOF 9.1 bn including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests.
Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests.
Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim. Woodside has filed an action with the High Court of Dakar and a request for arbitration with the International Centre of Investment Disputes disputing the tax assessment.
At the balance sheet date Capricorn estimate of the exposure under the registration duty claim has decreased to $25.7 m with penalties and interest no longer attached to the registration duty claim.
6.2 Cash flow information for discontinued operations
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Net cash flows from investing activities | \n \u00a0 | \n 49.3 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n
Net increase in cash and cash equivalents | \n \u00a0 | \n 49.3 | \n \u00a0 | \n \u00a0 | \n 2.0 | \n \u00a0 | \n
\u00a0
In 2025, the Company received a contingent payment of $50.0m related to Senegal and refunded $0.7m of proceeds from the disposal of oil and gas assets in Norway. In 2024, $2.0m was received under the earnout settlement agreement (see note 6.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_b80e90c0-b237-440d-a14b-e059a55cf7cb": { "value": "6.3 Discontinued operations \u2013 Senegal contingent liability
On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that:
\u2013\tSenegalese registration duty (XOF 14.1 bn) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and
\u2013\tSenegalese real estate capital gains tax (XOF 9.1 bn including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests.
Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests.
Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim. Woodside has filed an action with the High Court of Dakar and a request for arbitration with the International Centre of Investment Disputes disputing the tax assessment.
At the balance sheet date Capricorn estimate of the exposure under the registration duty claim has decreased to $25.7 m with penalties and interest no longer attached to the registration duty claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_363087b1-b0bc-400e-b7d0-9aed3bf2ed3b": { "value": "6.3 Discontinued operations \u2013 Senegal contingent liability
On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that:
\u2013\tSenegalese registration duty (XOF 14.1 bn) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and
\u2013\tSenegalese real estate capital gains tax (XOF 9.1 bn including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests.
Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests.
Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim. Woodside has filed an action with the High Court of Dakar and a request for arbitration with the International Centre of Investment Disputes disputing the tax assessment.
At the balance sheet date Capricorn estimate of the exposure under the registration duty claim has decreased to $25.7 m with penalties and interest no longer attached to the registration duty claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_8adb6b7c-a6e3-497a-9bf5-c06bf5797182": { "value": "6.3 Discontinued operations \u2013 Senegal contingent liability
On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that:
\u2013\tSenegalese registration duty (XOF 14.1 bn) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and
\u2013\tSenegalese real estate capital gains tax (XOF 9.1 bn including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests.
Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests.
Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim. Woodside has filed an action with the High Court of Dakar and a request for arbitration with the International Centre of Investment Disputes disputing the tax assessment.
At the balance sheet date Capricorn estimate of the exposure under the registration duty claim has decreased to $25.7 m with penalties and interest no longer attached to the registration duty claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_b94f08eb-499e-4e62-867b-47ac428f4fac": { "value": "7.1 Issued capital and reserves
Called-up share capital
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number | \n \u00a0 | \n \u00a0 | \n 799/122p | \n \u00a0 | \n \u00a0 | \n
735/143p | \n \u00a0 | \n \u00a0 | \n 799/122p | \n \u00a0 | \n
Allotted, issued and fully paid ordinary shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
At 1 January 2024 | \n \u00a0 | \n 93,778 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Share repurchase | \n \u00a0 | \n (1,840 | \n ) | \n \u00a0 | \n (1,595 | \n ) | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.1 | \n ) | \n
Share consolidation | \n \u00a0 | \n (91,938 | \n ) | \n \u00a0 | \n 72,153 | \n \u00a0 | \n \u00a0 | \n (7.4 | \n ) | \n \u00a0 | \n 7.4 | \n \u00a0 | \n
At 31 December 2024 and 2025 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 70,558 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.3 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n |
Share premium | \n \u00a0 | \n $m | \n \u00a0 | \n
At 1 January 2024 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n
Arising on shares issued for employee share options | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
At 31 December 2024 and 2025 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
\u00a0
The Company does not have a limited amount of authorised share capital.
On 27 April 2023, the Company announced a share buyback programme of up to $25m, which commenced in May 2023. A total of 10,579,494 shares were repurchased throughout the buyback programme during 2024. The total value of the ordinary shares purchased was \u00a319.8m ($24.1m), with a $0.7m reduction in share capital and a reduction of $1.1m to retained earnings after stamp duty and costs.
On 28 March 2024, Capricorn announced the proposal to return approximately $50m to shareholders via a special dividend. The return was paid to shareholders on 7 June 2024. The return of cash to shareholders of 43 pence per eligible ordinary share totalled \u00a339.3m. The total return to shareholders, after exchange differences from the date of conversion from US dollar to GBP and associated costs, was $50.1m. Accompanying the return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 70.6m at 31 December 2024.
\u00a0
\u00a0
7.1 Issued capital and reserves continued
The cost of shares held by the ESOP Trust at 31 December 2025was $5.0m (2024: $5.0m). The number of shares held by the Trust at 31 December 2025 was 1,685,416 (2024: 1,829,160) and the market value of these shares was \u00a33.3m ($4.4m) (2024: \u00a35.4m ($6.7m)). During 2025, the Group purchased 514,022 (2024: 4,339,148) shares at a cost of $1.8m (2024: $10.3m). In 2024, 125,743 shares were created on share consolidation.
The cost of shares held by the SIP Trust at 31 December 2025 was $2.6m (2024: $1.7m). The number of shares held by the Trust at
31 December 2025 was 207,098 (2024: 141,047) and the market value of these shares was \u00a30.4m ($0.5m) (2024: \u00a30.4m ($0.5m)).
In 2025, the cost of SIP shares purchased was $0.2m (2024: $0.6m).
Unrealised foreign exchange gains and losses arising on consolidation of non-US dollar functional currency subsidiary undertakings are taken directly to reserves. Foreign exchange differences arising on intra-group loans are not eliminated on consolidation; this reflects the exposure to currency fluctuations where the subsidiaries involved have differing functional currencies. These intra-group loans are not considered to be an investment in a foreign operation.
Capital reserves of $46.2m (2024: $46.2m) include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share repurchase programme. Capital reserves of $4.6m, $0.4m and $0.3m arose on the share repurchase programme which ran from April to July 2022, May to December 2023 and from January to November 2024 respectively. $6.1m of capital reserves relates directly to Capricorn Energy PLC, the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_eb2b4d7d-536c-404b-9a7a-8e1aa4acbd52": { "value": "7.1 Issued capital and reserves
Called-up share capital
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number | \n \u00a0 | \n \u00a0 | \n 799/122p | \n \u00a0 | \n \u00a0 | \n
735/143p | \n \u00a0 | \n \u00a0 | \n 799/122p | \n \u00a0 | \n
Allotted, issued and fully paid ordinary shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
At 1 January 2024 | \n \u00a0 | \n 93,778 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Share repurchase | \n \u00a0 | \n (1,840 | \n ) | \n \u00a0 | \n (1,595 | \n ) | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.1 | \n ) | \n
Share consolidation | \n \u00a0 | \n (91,938 | \n ) | \n \u00a0 | \n 72,153 | \n \u00a0 | \n \u00a0 | \n (7.4 | \n ) | \n \u00a0 | \n 7.4 | \n \u00a0 | \n
At 31 December 2024 and 2025 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 70,558 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.3 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n |
Share premium | \n \u00a0 | \n $m | \n \u00a0 | \n
At 1 January 2024 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n
Arising on shares issued for employee share options | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
At 31 December 2024 and 2025 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
\u00a0
The Company does not have a limited amount of authorised share capital.
On 27 April 2023, the Company announced a share buyback programme of up to $25m, which commenced in May 2023. A total of 10,579,494 shares were repurchased throughout the buyback programme during 2024. The total value of the ordinary shares purchased was \u00a319.8m ($24.1m), with a $0.7m reduction in share capital and a reduction of $1.1m to retained earnings after stamp duty and costs.
On 28 March 2024, Capricorn announced the proposal to return approximately $50m to shareholders via a special dividend. The return was paid to shareholders on 7 June 2024. The return of cash to shareholders of 43 pence per eligible ordinary share totalled \u00a339.3m. The total return to shareholders, after exchange differences from the date of conversion from US dollar to GBP and associated costs, was $50.1m. Accompanying the return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 70.6m at 31 December 2024.
\u00a0
\u00a0
7.1 Issued capital and reserves continued
The cost of shares held by the ESOP Trust at 31 December 2025was $5.0m (2024: $5.0m). The number of shares held by the Trust at 31 December 2025 was 1,685,416 (2024: 1,829,160) and the market value of these shares was \u00a33.3m ($4.4m) (2024: \u00a35.4m ($6.7m)). During 2025, the Group purchased 514,022 (2024: 4,339,148) shares at a cost of $1.8m (2024: $10.3m). In 2024, 125,743 shares were created on share consolidation.
The cost of shares held by the SIP Trust at 31 December 2025 was $2.6m (2024: $1.7m). The number of shares held by the Trust at
31 December 2025 was 207,098 (2024: 141,047) and the market value of these shares was \u00a30.4m ($0.5m) (2024: \u00a30.4m ($0.5m)).
In 2025, the cost of SIP shares purchased was $0.2m (2024: $0.6m).
Unrealised foreign exchange gains and losses arising on consolidation of non-US dollar functional currency subsidiary undertakings are taken directly to reserves. Foreign exchange differences arising on intra-group loans are not eliminated on consolidation; this reflects the exposure to currency fluctuations where the subsidiaries involved have differing functional currencies. These intra-group loans are not considered to be an investment in a foreign operation.
Capital reserves of $46.2m (2024: $46.2m) include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share repurchase programme. Capital reserves of $4.6m, $0.4m and $0.3m arose on the share repurchase programme which ran from April to July 2022, May to December 2023 and from January to November 2024 respectively. $6.1m of capital reserves relates directly to Capricorn Energy PLC, the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_1e3b1718-0bab-4482-8162-7eb36d48ce9d": { "value": "7.1 Issued capital and reserves
Called-up share capital
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number | \n \u00a0 | \n \u00a0 | \n 799/122p | \n \u00a0 | \n \u00a0 | \n
735/143p | \n \u00a0 | \n \u00a0 | \n 799/122p | \n \u00a0 | \n
Allotted, issued and fully paid ordinary shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
At 1 January 2024 | \n \u00a0 | \n 93,778 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.6 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
Share repurchase | \n \u00a0 | \n (1,840 | \n ) | \n \u00a0 | \n (1,595 | \n ) | \n \u00a0 | \n (0.2 | \n ) | \n \u00a0 | \n (0.1 | \n ) | \n
Share consolidation | \n \u00a0 | \n (91,938 | \n ) | \n \u00a0 | \n 72,153 | \n \u00a0 | \n \u00a0 | \n (7.4 | \n ) | \n \u00a0 | \n 7.4 | \n \u00a0 | \n
At 31 December 2024 and 2025 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 70,558 | \n \u00a0 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n \u00a0 | \n 7.3 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n |
Share premium | \n \u00a0 | \n $m | \n \u00a0 | \n
At 1 January 2024 | \n \u00a0 | \n 0.8 | \n \u00a0 | \n
Arising on shares issued for employee share options | \n \u00a0 | \n 0.1 | \n \u00a0 | \n
At 31 December 2024 and 2025 | \n \u00a0 | \n 0.9 | \n \u00a0 | \n
\u00a0
The Company does not have a limited amount of authorised share capital.
On 27 April 2023, the Company announced a share buyback programme of up to $25m, which commenced in May 2023. A total of 10,579,494 shares were repurchased throughout the buyback programme during 2024. The total value of the ordinary shares purchased was \u00a319.8m ($24.1m), with a $0.7m reduction in share capital and a reduction of $1.1m to retained earnings after stamp duty and costs.
On 28 March 2024, Capricorn announced the proposal to return approximately $50m to shareholders via a special dividend. The return was paid to shareholders on 7 June 2024. The return of cash to shareholders of 43 pence per eligible ordinary share totalled \u00a339.3m. The total return to shareholders, after exchange differences from the date of conversion from US dollar to GBP and associated costs, was $50.1m. Accompanying the return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 70.6m at 31 December 2024.
\u00a0
\u00a0
7.1 Issued capital and reserves continued
The cost of shares held by the ESOP Trust at 31 December 2025was $5.0m (2024: $5.0m). The number of shares held by the Trust at 31 December 2025 was 1,685,416 (2024: 1,829,160) and the market value of these shares was \u00a33.3m ($4.4m) (2024: \u00a35.4m ($6.7m)). During 2025, the Group purchased 514,022 (2024: 4,339,148) shares at a cost of $1.8m (2024: $10.3m). In 2024, 125,743 shares were created on share consolidation.
The cost of shares held by the SIP Trust at 31 December 2025 was $2.6m (2024: $1.7m). The number of shares held by the Trust at
31 December 2025 was 207,098 (2024: 141,047) and the market value of these shares was \u00a30.4m ($0.5m) (2024: \u00a30.4m ($0.5m)).
In 2025, the cost of SIP shares purchased was $0.2m (2024: $0.6m).
Unrealised foreign exchange gains and losses arising on consolidation of non-US dollar functional currency subsidiary undertakings are taken directly to reserves. Foreign exchange differences arising on intra-group loans are not eliminated on consolidation; this reflects the exposure to currency fluctuations where the subsidiaries involved have differing functional currencies. These intra-group loans are not considered to be an investment in a foreign operation.
Capital reserves of $46.2m (2024: $46.2m) include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share repurchase programme. Capital reserves of $4.6m, $0.4m and $0.3m arose on the share repurchase programme which ran from April to July 2022, May to December 2023 and from January to November 2024 respectively. $6.1m of capital reserves relates directly to Capricorn Energy PLC, the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_1a65be33-2728-46e9-bbe0-6dde1cdb988b": { "value": "The cost of shares held by the ESOP Trust at 31 December 2025was $5.0m (2024: $5.0m). The number of shares held by the Trust at 31 December 2025 was 1,685,416 (2024: 1,829,160) and the market value of these shares was \u00a33.3m ($4.4m) (2024: \u00a35.4m ($6.7m)). During 2025, the Group purchased 514,022 (2024: 4,339,148) shares at a cost of $1.8m (2024: $10.3m). In 2024, 125,743 shares were created on share consolidation.
The cost of shares held by the SIP Trust at 31 December 2025 was $2.6m (2024: $1.7m). The number of shares held by the Trust at
31 December 2025 was 207,098 (2024: 141,047) and the market value of these shares was \u00a30.4m ($0.5m) (2024: \u00a30.4m ($0.5m)).
In 2025, the cost of SIP shares purchased was $0.2m (2024: $0.6m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_a15adc12-7e68-4fe2-a67e-dd4b4ba49706": { "value": "In 2024, Capricorn announced the proposed return of approximately $50m to shareholders via a special dividend. The 2024 return of 43 pence per eligible ordinary share totalled \u00a339.3m and was paid to shareholders on 7 June 2024. After exchange differences and associated costs, the total return was $50.1m.
\u00a0
No dividends were declared or settled by the Company in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_1e162763-2664-4eca-a8ab-957c95f8c8fb": { "value": "0.43", "decimals": 2, "dimensions": { "concept": "cne:DividendsRecognisedAsDistributionsPerShare", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "F_e521b032-f3bd-4064-a09d-e52367282662": { "value": "39300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "F_80983df7-c213-45db-9645-10ca5a1f8cc8": { "value": "50100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "F_1def8743-9e4a-43a2-8cb3-2e1edb1c4c03": { "value": "7.3 Capital management
The objective of the Group\u2019s capital management structure is to ensure that there remains sufficient liquidity within the Group to carry out committed work programme requirements. The Group monitors the long-term cash flow requirements of the business in order to assess the requirement for changes to the capital structure to meet that objective and to maintain flexibility. The Group was subject to biannual forecast liquidity tests as part of the Senior and Junior Debt Facilities, and provided regular liquidity updates to the lenders in advance of the early repayment of the Senior facility in December 2025. The Group complied with the capital requirements of these tests at all times during the current and preceding year, other than a breach for the delayed payment of deferred consideration due on past business combinations which was settled in May 2024. The Board has made clear that no further investment will be made from the Group into the Egypt business, which must generate its own cash flows to fund future work programmes and debt repayments.
Capricorn manages the capital structure and makes adjustments to it in light of changes to economic conditions. To maintain or adjust the capital structure, Capricorn may repurchase shares, make a special dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate. No significant changes were made in the objectives, policies or processes during the year ended 31 December 2025, other than the early repayment of the Senior debt facility noted above.
Capital and net funds, including lease liabilities, was as follows:
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n At | \n \u00a0 | \n At | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $m | \n \u00a0 | \n $m | \n \u00a0 | \n ||
Loans and borrowings | \n \u00a0 | \n 40.4 | \n \u00a0 | \n \u00a0 | \n 99.3 | \n \u00a0 | \n
Lease liabilities | \n \u00a0 | \n 5.6 | \n \u00a0 | \n \u00a0 | \n 6.1 | \n \u00a0 | \n
Less cash and cash equivalents | \n \u00a0 | \n (132.7 | \n ) | \n \u00a0 | \n (123.4 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net funds | \n \u00a0 | \n (86.7 | \n ) | \n \u00a0 | \n (18.0 | \n ) | \n
Equity | \n \u00a0 | \n 373.3 | \n \u00a0 | \n \u00a0 | \n 349.3 | \n \u00a0 | \n
Capital and net funds | \n \u00a0 | \n 286.6 | \n \u00a0 | \n \u00a0 | \n 331.3 | \n \u00a0 | \n
Gearing ratio | \n \u2013 | \n \u00a0 | \n \u2013 | \n \u00a0 | \n
7.4 Guarantees
It is normal practice for the Group to issue guarantees in respect of obligations during the ordinary course of business. Guarantees are issued from a number of bilateral unsecured lines.
The Group has provided the following guarantees at 31 December 2025:
-\tvarious guarantees for the Group\u2019s operational commitments for the current year of $nil (2024: $19.8m); and
-\tParent company guarantees for the Group\u2019s obligations under joint operating agreements and other contracts.
Under the terms of the Junior facility entered into in connection with the Group\u2019s Egypt assets, Capricorn Egypt and the Operator, as borrowers, jointly and severally guarantee performance of their obligations to each lender. This includes an undertaking to pay each lender whenever another obligor does not pay any amount, as if it was the principal obligor. As a result, Capricorn Egypt and Capricorn Egypt (Holding) Limited have provided guarantees in respect of the obligations owed to the lenders by Capricorn Egypt and the joint venture counterparty.
", "dimensions": { "concept": "cne:DisclosureOfGuarantees", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_0a638ba5-1ad4-4c3f-894c-a49fb3e4f550": { "value": "7.5 Auditors' remuneration
\n| \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Year ended | \n \u00a0 | \n Year ended | \n \u00a0 | \n ||
\u00a0 | \n 31 December | \n \u00a0 | \n 31 December | \n \u00a0 | \n ||
\u00a0 | \n 2025 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
\u00a0 | \n $000 | \n \u00a0 | \n $000 | \n \u00a0 | \n ||
Fees payable to the Group\u2019s external auditors (including associate firms) for: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Audit fees: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Auditing of the Financial Statements of the Group and the Company | \n \u00a0 | \n 595 | \n \u00a0 | \n \u00a0 | \n 726 | \n \u00a0 | \n
Auditing of the Financial Statements of subsidiaries | \n \u00a0 | \n 213 | \n \u00a0 | \n \u00a0 | \n 238 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n 808 | \n \u00a0 | \n \u00a0 | \n 964 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Non-audit fees: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Audit-related assurance services | \n \u00a0 | \n 81 | \n \u00a0 | \n \u00a0 | \n 134 | \n \u00a0 | \n
Other non-audit services not included above | \n \u00a0 | \n 7 | \n \u00a0 | \n \u00a0 | \n 6 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n 88 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n
Total fees | \n \u00a0 | \n 896 | \n \u00a0 | \n \u00a0 | \n 1,104 | \n \u00a0 | \n
\u00a0
\u00a0
The Group has a policy in place for the award of non-audit work to the auditors which requires Audit Committee approval (see the Audit Committee Report on page 47). Non-audit fees incurred in the year were permissible services under the Financial Reporting Council Ethical Standard, including services required by law and regulations.
The split of audit fees to non-audit fees payable to the auditors is as follows:
2025 Fees to the auditors\t\t 2024 Fees to the auditors
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "F_ded11ba6-b75e-436a-a712-92949ec6a2a2": { "value": "N/A", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }