Update on Recommended Cash Acquisition by Genel

Capricorn Energy PLC

02 October 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

2 October 2026

RECOMMENDED CASH ACQUISITION

of

Capricorn Energy plc (“Capricorn”)
by

Genel Energy No.9 Limited (“Bidco”)
(a company indirectly owned by Genel Energy plc (“Genel”))

to be effected by means of a Court-sanctioned scheme of arrangement
under Part 26 of the Companies Act 2006

UPDATE

On 2 July 2026, the board of directors of each of Genel Energy No.9 Limited (Bidco) and the Company announced that they had reached agreement on the terms of a recommended acquisition by Bidco of the entire issued and to be issued share capital of the Company (the Genel Offer). Following the announcement of a competing offer for the Company by DNO Bidco AS on 1 September 2026 (as revised on 17 September 2026) (the DNO Offer), Genel approached the Company with an increased proposal and on 25 September 2026, an announcement was made regarding an increased offer from Bidco to acquire the entire issued and to be issued share capital of the Company (the Increased Genel Offer) which has been recommended by the Capricorn Board. On 28 September 2026, DNO ASA and DNO Bidco AS released an announcement stating that the terms of the DNO Offer were final and would not be increased. DNO also confirmed that it would not elect to implement its offer by means of a contractual offer.

Capitalised terms used and not defined in this document have the meanings given to them in the scheme document published by the Company in connection with the Genel Offer on 21 July 2026 (the Scheme Document).

Update on Court Meeting and General Meeting

The resolutions proposed at the Court Meeting and General Meeting held on 18 August 2026 to approve the Genel Offer received the support of in excess of 99 per cent. of the Capricorn Shares voted (whether in person or by proxy).

The Company confirms that it is not required to convene a further Court Meeting or General Meeting in relation to the Increased Genel Offer. Further updates in relation to the timetable for the Acquisition will be provided in due course, including by way of a supplementary letter to Capricorn Shareholders.

Update on Genel and Bidco Regulatory Conditions

As previously announced by Genel and Bidco, the Egyptian Merger Condition has been satisfied, leaving the Egyptian Condition as the only outstanding regulatory condition.Significant progress has already been made towards satisfying the Egyptian Condition and Capricorn (in co-operation with Genel and Bidco) continues to engage in constructive discussions with the Egyptian Government.In light of this positive engagement, Genel and Bidco continue to expect that the Egyptian Condition will be satisfied in such time as to enable the Scheme to become Effective during the fourth quarter of 2026.

Enquiries:
Capricorn	+44 131 475 3000
Randy Neely	Chief Executive
Nathan Piper	Commercial Director
Canaccord Genuity Limited, financial adviser and Rule 3 adviser to Capricorn	+44 20 7523 8000
Henry Fitzgerald-O’Connor George Grainger
Moelis, financial adviser to Capricorn Chris Raff Ali Hassen	+44 20 7634 3500
Camarco, PR Adviser to Capricorn Georgia Edmonds Violet Wilson Fergus Young	+44 20 3757 4980
Genel	+44 20 7659 5100
Paul Weir Luke Clements	Chief Executive Officer Chief Financial Officer
PJT Partners (UK) Limited, financial adviser to Bidco and Genel	+44 20 3650 1100
Ben Monaghan Jonathan Hall Marc de Robillard
Genel Analyst/Investor Enquiries	+44 20 7659 5100
Luke Clements	Chief Financial Officer
Vigo Communications, PR adviser to Genel Patrick d’Ancona	+44 20 7830 9700

Important notices

Canaccord Genuity, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively as financial adviser and Rule 3 adviser to Capricorn and no one else in connection with the Acquisition and will not be responsible to anyone other than Capricorn for providing the protections afforded to clients of Canaccord Genuity nor for providing advice in relation to the Acquisition or any other matters referred to in this Announcement. Neither Canaccord Genuity nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Canaccord Genuity in connection with this Announcement, any statement contained herein or otherwise.

Moelis, which is regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively as financial adviser to Capricorn and no one else in connection with the Acquisition and other matters set out in this announcement and will not be responsible to anyone other than Capricorn for providing the protections afforded to clients of Moelis, or for providing advice in connection with the Acquisition or any matter referred to herein. Neither Moelis nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Moelis in connection with this announcement, any statement contained herein or otherwise.

PJT Partners, which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively as financial adviser to Bidco and Genel and no one else in connection with the Acquisition and will not be responsible to anyone other than Bidco and Genel for providing the protections afforded to clients of PJT Partners nor for providing advice in connection with the Acquisition. Neither PJT Partners nor any of its subsidiaries, branches or affiliates nor any of their respective directors, officers, employees, agents or representatives owes or accepts any duty, liability or responsibility (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of PJT Partners in connection with the Acquisition, any statement contained herein or otherwise.

Further information

This announcement is for information purposes only and is not intended to and does not constitute, or form part of, an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, pursuant to the Acquisition or otherwise, nor shall there be any purchase, sale, issuance or exchange of securities or such solicitation in any jurisdiction in which such offer, invitation, solicitation, purchase, sale, issuance or exchange is unlawful.

The Acquisition is made solely by means of the Scheme Document which, together with the Forms of Proxy, contains the full terms and conditions of the Acquisition, including details of how to vote in respect of the resolutions proposed in connection with the Acquisition. Any vote, approval, decision in respect of, or other response to, the Acquisition should be made only on the basis of the information contained in the Scheme Document.

The statements contained in this announcement are made as at the date of this announcement, unless some other time is specified in relation to them, and the release of this announcement shall not give rise to any implication that there has been no change in the facts set out in this announcement since such date.

This announcement has been prepared for the purpose of complying with English law, the Code, the Market Abuse Regulation and the Disclosure Guidance and Transparency Rules, and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside England and Wales. The Acquisition will be subject to the applicable requirements of the Code, the Panel, the London Stock Exchange and the Financial Conduct Authority.

This announcement and the Scheme Document do not constitute a prospectus or prospectus exempted document.

Overseas Shareholders

The release, publication or distribution of this announcement, the Scheme Document and the accompanying documents in or into certain jurisdictions other than the United Kingdom may be restricted by the laws and/or regulations of those jurisdictions. Persons into whose possession this announcement, the Scheme Document and the accompanying documents comes who are not resident in the United Kingdom or who are subject to the laws and/or regulations of any jurisdiction other than the United Kingdom should inform themselves of, and observe, any such applicable laws and/or regulations in their jurisdiction. In particular, the ability of persons who are not resident in the United Kingdom to vote their Capricorn Shares with respect to the Scheme at the Court Meeting or the resolution(s) at the General Meeting, or to appoint another person as proxy to vote at the Court Meeting or the General Meeting on their behalf, may be affected by the laws of the relevant jurisdiction in which they are located. Further details in relation to Overseas Shareholders will be contained in the Scheme Document. Any failure to comply with any such restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Acquisition disclaim any responsibility or liability for the violation of such restrictions by any person.

Unless otherwise determined by Capricorn or required by the Takeover Code, and permitted by applicable law and regulation, the Acquisition shall not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Acquisition by any such use, means, instrumentality or form within a Restricted Jurisdiction or any other jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this announcement, the Scheme Document and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this announcement, the Scheme Document and all documents relating to the Acquisition (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction.

The availability of the Acquisition to Capricorn Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable requirements.

The Acquisition shall be subject to the applicable requirements of the Code, the Panel, the London Stock Exchange and the Financial Conduct Authority.

Additional information for US investors

The Acquisition relates to shares of a Scottish company listed on the Official List of the London Stock Exchange and is proposed to be effected by means of a scheme of arrangement under Part 26 of the Companies Act which will be governed by Scots law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the US Exchange Act.

Accordingly, the Acquisition is subject to the disclosure and procedural requirements applicable in the United Kingdom to schemes of arrangement which differ from the disclosure and procedural requirements of United States tender offer and proxy solicitation rules.

However, if in the future Bidco were to elect to implement the Acquisition by means of a takeover offer, such takeover offer would be made in compliance with all applicable United States laws and regulations, including, without limitation, to the extent applicable and subject to any applicable exemptions, Section 14(e) of the US Exchange Act and Regulation 14E thereunder. Such a takeover would be made in the United States by Bidco and no one else.

In accordance with normal United Kingdom practice, Bidco or its nominees, or its brokers (acting as agents), may from time to time make certain purchases of, or arrangements to purchase, shares or other securities of Capricorn outside the US, other than pursuant to the Acquisition, until the date on which the Acquisition and/or the Scheme becomes Effective, lapses or is otherwise withdrawn. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases or arrangements to purchase shall be disclosed as required in the UK, shall be reported to a Regulatory Information Service and shall be available on the London Stock Exchange website at www.londonstockexchange.com.

The receipt of consideration by a US holder for the transfer of its Capricorn Shares pursuant to the Scheme shall be a taxable transaction for United States federal income tax purposes. Each Capricorn Shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them, including under applicable United States federal, state and local, as well as overseas and other, tax laws.

Financial information relating to Capricorn included in this announcement and the Scheme Document has been or shall have been prepared in accordance with accounting standards applicable in the United Kingdom and may not be comparable to financial information of US companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the United States("US GAAP"). US GAAP differs in certain significant respects from accounting standards applicable in the United Kingdom. None of the financial information in this announcement has been audited in accordance with auditing standards generally accepted in the United States or the auditing standards of the Public Company Accounting Oversight Board (United States).

Bidco is organised under the laws of England and Wales and Capricorn is organised under Scots law. Some or all of the officers and directors of Bidco and Capricorn, respectively, are residents of countries other than the United States. In addition, most of the assets of Bidco and Capricorn are located outside the United States. As a result, it may be difficult for US shareholders of Capricorn to effect service of process within the United States upon Bidco or Capricorn or their respective officers or directors or to enforce against them a judgment of a US court predicated upon the federal or state securities laws of the United States, including judgments based upon the civil liability provisions of the US federal securities laws. US holders of Capricorn Shares may not be able to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US court's jurisdiction or judgment.

Forward-looking statements

Thisannouncement, the Scheme Document(includinginformationincorporatedbyreferenceinthisannouncement or the Scheme Document),oralstatementsmade regarding theAcquisition, and otherinformation publishedby Capricorn, Bidco oranymemberoftheGenel Groupcontainstatementswhichare,ormaybedeemedtobe,“forwardlookingstatements”.Suchforwardlookingstatementsareprospectiveinnatureandarenotbasedonhistoricalfacts,butratheroncurrentexpectationsandonnumerousassumptionsregardingthebusinessstrategiesandtheenvironmentinwhich Genel, anymemberoftheGenel GrouportheEnlargedGroupshalloperateinthefutureandaresubjecttorisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbythosestatements.

Theforward-lookingstatementscontainedinthisannouncement or the Scheme Document relateto Genel, anymemberoftheGenel GrouportheEnlargedGroup’s futureprospects,developmentsandbusinessstrategies,theexpectedtimingandscopeoftheAcquisitionandotherstatementsotherthanhistoricalfacts.Insomecases,theseforwardlookingstatementscanbeidentifiedbytheuseofforwardlookingterminology,includingtheterms“believes”,“estimates”,“willlookto”,“wouldlookto”,“plans”,“prepares”,“anticipates”,“expects”,“isexpectedto”,“issubjectto”,“budget”,“scheduled”,“forecasts”,“synergy”,“strategy”,“goal”,“cost-saving”,“projects”,“intends”,“may”,“will”, “shall”or“should”ortheirnegativesorothervariationsorcomparableterminology.Forward-lookingstatementsmayincludestatementsrelatingtothefollowing:(i)futurecapitalexpenditures,expenses,revenues,earnings,synergies,economicperformance,indebtedness,financialcondition,dividendpolicy,lossesandfutureprospects;(ii)businessandmanagementstrategiesandtheexpansionandgrowthof Genel’s, anymemberoftheGenel Group’sorCapricorn’soperationsandpotentialsynergiesresultingfromtheAcquisition;and(iii)theeffectsofglobaleconomicconditionsandgovernmentalregulationon Genel’s,anymemberoftheGenel Group’sorCapricorn’sbusiness.

By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that shall occur in the future. These events and circumstances include changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates, future business combinations or disposals, and any epidemic, pandemic or disease outbreak. If any one or more of these risks or uncertainties materialises or if any one or more of the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Such forward looking statements should therefore be construed in the light of such factors.

NeitherCapricorn, Bidco noranyof Genel oranymemberoftheGenel Group,noranyoftheirrespectiveassociatesordirectors,officersoradvisers,providesanyrepresentation,assuranceorguaranteethattheoccurrenceoftheeventsexpressedorimpliedinanyforward-lookingstatementsinthisannouncement or the Scheme Document shallactuallyoccur.Giventheserisksanduncertainties,potentialinvestorsshouldnotplaceanyrelianceonforwardlookingstatements.

Specifically,statementsofestimatedcostsavingsandsynergiesrelatetofutureactionsandcircumstanceswhich,bytheirnature,involverisks,uncertaintiesandcontingencies.Asaresult,thecostsavingsandsynergiesreferredtomaynotbeachieved,maybeachievedlaterorsoonerthanestimated,orthoseachieved couldbemateriallydifferentfromthoseestimated.DuetothescaleoftheEnlarged Group, there may be additionalchanges to the Enlarged Group’s operations.As a result, andgiventhefactthatthechangesrelatetothefuture,theresultingcostsynergiesmaybemateriallygreaterorlessthanthoseestimated.

Theforward-lookingstatementsspeakonlyatthedateofthisannouncement.Allsubsequentoralorwrittenforward-lookingstatementsattributabletoanymemberoftheGenelGrouporCapricorn Group,oranyoftheirrespectiveassociates,directors,officers,employeesoradvisers,areexpresslyqualifiedintheirentiretybythecautionarystatementabove.

Capricorn, theGenelGroupandBidcoexpresslydisclaimanyobligationtoupdatesuchstatementsotherthanasrequiredbylaworbytherulesofanycompetentregulatory authority, whetherasaresultofnewinformation,futureeventsorotherwise.

No profit forecasts, profit estimates or quantified financial benefit statement

Nothing in this announcement or the Scheme Document is intended, or is to be construed, as a profit forecast or estimate for any period and no statement in this announcement or the Scheme Document should be interpreted to mean that earnings or earnings per share for Bidco or Capricorn, as appropriate, for the current or future financial years would necessarily match or exceed the historical published earnings or earnings per share for Bidco or Capricorn, as appropriate.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. on the tenth business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. on the tenth business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel’s website at http://www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the Offer Period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0) 20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Electronic communications

Please be aware that addresses, electronic addresses and certain information provided by Capricorn Shareholders, persons with information rights and other relevant persons for the receipt of communications from Capricorn may be provided to Bidco during the offer period as requested under Section 4 of Appendix 4 of the Code to comply with Rule 2.11(c) of the Code.

Publication on website and availability of hard copies

A copy of this announcement, the Scheme Document and the accompanying documents will be made available, free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Bidco’s and Capricorn’s websites at https://genelenergy.com/offer/ and https://www.capricornenergy.com/investors/ respectively by no later than 12 noon (London time) on the business day following this announcement.For the avoidance of doubt, the contents of these websites are not incorporated into and do not form part of this announcement.

Capricorn Shareholders and persons with information rights may request a hard copy of this announcement, the Scheme Document or the forms of proxy by contacting Capricorn’s Registrar, Equiniti, by writing to them at Highdown House, Yeoman Way, Worthing, West Sussex, United Kingdom, BN99 6DA or by calling them on +44 (0) 330 123 0027 during business hours (lines are open from 8.30 a.m. to 5.30 p.m., Monday to Friday (excluding public holidays in England and Wales)). Calls are charged at the standard geographical rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Please note that Equiniti cannot provide any financial, legal or tax advice. Calls may be recorded and monitored for security and training purposes.

Capricorn Shareholders and persons with information rights may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent to them in hard copy form, again by writing to the address set out above or by calling the telephone number above.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.

Scheme process

In accordance with Section 5 of Appendix 7 to the City Code, Capricorn or Bidco (as applicable) will announce through a Regulatory Information Service key events in the Scheme process, including that the Scheme has become Effective.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.