Capricorn Energy, the Edinburgh oil explorer, has again switched its recommendation after Middle East focused Genel raised its offer for the company.

A $396 million deal had been agreed with the Norwegian bidder DNO which itself gatecrashed an earlier agreement with Genel.

The new cash offer from Genel values Capricorn at $436m. Genel’s portfolio includes production assets in the Kurdistan Region of Iraq and exploration licences in Oman and Somaliland.

Capricorn shareholders will receive $5.74 per share in cash, including a $0.00 special dividend. The sterling equivalent is 434p per share.

The offer represents a 63% premium to the closing price per Capricorn Share of 266p on 10 March 2026, being the day prior to the start of the offer period.

Daily Business Bulletin: Subscribe here for our free morning bulletin of breaking news