Capricorn has fulfilled all exploration commitments on its legacy acreage.

Capricorn has received US$50m from the Egyptian General Petroleum Corporation (EGPC)

Since 30 June 2025, the company has received a total of US$102m, and its accounts receivable is approximately US$115m (H1’25 - US$182m) (excluding expected credit loss adjustments).

The company expects to receive further material payments against arrears before year end.

Capricorn continues to invest in its Egyptian asset base and has fulfilled all exploration commitments on its legacy acreage. At South East Horus, Capricorn, with its joint venture partner Cheiron (the Joint Venture), has elected to continue into Phase 2 following test results. The Joint Venture will also be pursuing an application for a new development lease on the North Um Baraka (NUMB) concession due to encouraging test results from an exploration well drilled earlier this year. Additionally, the NUMB concession will be included in the modernised concession agreement allowing for continued exploration. On the West El Fayoum concession, commitments have been fulfilled, and the results are such that the Joint Venture will relinquish the block.

Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the current session of Parliament. The modernised concession agreement will have an operational start date of 01 July 2025.

Capricorn remains on track to deliver above the mid-point of FY25 production guidance of 17,000-21,000 boepd with year-to-date production averaging 19,924 boepd to mid-October, of which 41% are liquids.

The MoU binds the two organisations to extend cooperation in hydrocarbons exploration.

Mozambique will see heightened bilateral cooperation in oil and gas driven by equality, reciprocity and mutual benefits, as the state-owned entity, Empresa Nacional de Hidrocarbonetos, E.P. (ENH), signed a memorandum of understanding (MoU) with SONATRACH

The MoU was signed by the chairman and CEO of SONATRACH, Rachid Hachichi and Ludovina Bernardo, chairwoman of the Board of Directors of ENH, during a ceremony organised at the Ministry of Mines and Energy of the Republic of Mozambique, in the presence of Mourad Adjal, Minister of Energy and Renewable Energies.

The MoU binds the two organisations to extend cooperation within the framework of hydrocarbons exploration and production projects that will also include transportation and downstream activities, while covering the whole value chain.

The partners are also considering a feasibility study on establishing a national gas distribution network for domestic consumption. SONATRACH is willing to provide training courses at ENH through knowledge-sharing in oil geology, engineering and operations.

This to believed to be the first internationally structured aviation financing for a Nigerian Air Operator. (Image source: VivaJets)

London-based TLG Capital (TLG) has closed a US$10mn facility for VivaJets, a subsidiary of Nigerian aviation services platform Falcon Aerospace limited 

The financing was structured alongside Wema Bank, and will retire a legacy local‑currency facility used for aircraft acquisition and fleet growth. Both TLG and VivaJets believe this to be the first internationally structured aviation financing for a Nigerian Air Operator, and funding will be applied to boost intra-African connectivity.

This injection of funds is coming at a time of rapid expansion for the business aviation firm with a growing fleet and international collaborations whilst positioning itself as a critical mobility and logistics partner to the oil and gas industry in Africa.

Speaking to journalists on the sidelines of the African Energy Week in Cape Town, South Africa, CEO of Falcon Aero, Erika Achum disclosed that the fresh funding will be used to expand VivaJets’ fleet and strengthen its operational presence across Africa.

“We’re growing from three to four aircraft now, and by the third quarter of 2026, we expect to have significantly increased our fleet. This will allow us to serve more routes and clients across the continent,” Achum said.

According to the aviation tycoon, the company is reshaping how air logistics supports oil and gas operations, ensuring essential movement of people, equipment and products in a sector where time delays often translate into enormous financial losses.

Isha Doshi, partner, TLG Capital, said, “Africa’s growth story depends on connectivity. Falcon Aero is linking cities that global capital often overlooks, including tier-2 and tier-3 hubs where trade and opportunity are rising fastest. Aviation operators need long-duration capital at sensible rates. With our partners at Wema Bank and Falcon Aero, we are pleased to deliver a long-term financing solution that helps support highly skilled engineers, pilots, and workers in Nigeria's aviation sector."

Tejumade Salami, chief operating officer of Falcon Aero, said, "We spoke to many lenders; TLG solved it. Their structured-solutions mindset turned a complex funding puzzle into a single, bankable facility. In our industry, the ability to access long-tenor, USD-denominated capital is critical. With this facility, we have retired legacy obligations and can now focus fully on curating a seamless experience for our clients across the region. Our facility with TLG substantially reduces the amount of our revenue and cash flow that is spent on interest and debt service."

The company is gathering information and working with applicable regulators. 

A pre-requisite to the grant of production right in Block 11B/12B offshore South Africa, Africa Energy Corp has obtained approval of its request for a deadline extension for the submission of a new Environmental and Social Impact Assessment (ESIA) to 4 May 2026

Operator of 11B/12B, Africa Energy Corp holds interest on the block through its investment in Main Street 1549 Pty Ltd. 

The extension to the ESIA has been granted in light of the recent decision by the Western Cape High Court in South Africa to set aside an environmental authorisation for offshore exploration operations in Block 5/6/7 (held by an unrelated party) so that additional, new and amended environmental assessments can be conducted and placed before the Minister of Mineral and Petroleum Resources for reconsideration.

An application for leave to appeal this decision to the Supreme Court of Appeal has been launched by the unrelated party. The company is therefore engaging with its advisors, including legal counsel, to determine the amendments and additions which may be required to its ESIA as a result of the High Court decision. Due to the High Court decision, which is pending appeal to the Supreme Court of Appeal, there is no certainty on the timing of the grant of the environmental authorisation after the submission of the amended ESIA. To navigate the challenges, the company is continuing to gather information and work with applicable regulators. 

Main Street currently holds a 10% participating interest in Block 11B/12B, offshore South Africa. Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B and completion of the restructuring of Main Street, the company expects to hold a 75% direct interest in Block 11B/12B. Both the assignment of the withdrawing parties' interest in Block 11B/12B to Main Street and the completion of the Main Street restructuring require grant of the production right in relation to Block 11B/12B.