Genel Energy’s plan to diversify its portfolio away from the Kurdistan Region of Iraq (KRI) through the purchase of Egypt-focused Capricorn Energy (MEES, 3 July) has been derailed. Capricorn’s board had previously recommended Genel’s offer of $4.74/share, and with potential rivals failing to submit bids the company appeared to have a clear run-in (MEES, 14 August), especially after shareholders overwhelmingly voted in favor of the deal on 18 August.
Genel’s Kurdistan operations have been severely impacted by geological and geopolitical setbacks, and its only producing asset is a 25% stake in the DNO-operated Tawke license which generated 17,520 b/d of working interest last year. Capricorn’s net Egypt output meanwhile was 20,200 boe/d in 2025. (CONTINUED - 265 WORDS)
