Capricorn Energy Plc · LSE:CNE
Capricorn Energy — Investor Presentation (May 2024)
20 slides from Capricorn Energy's investor presentation, May 2024
Slide 1: Egypt Assets Information Pack
Egypt Assets Information Pack May 2024
Slide 2: Introduction
CNE Egypt Western Desert Introduction • This pack contains details from the Competent Persons Report (CPR) dated 31 December 2023, to support analysts with their financial modelling. • The reserves, resources, production projections and cost profiles within the CPR are consistent with information di
Slide 3: Asset Overview
Asset Overview Presentation Title 3
Slide 4: Concessions Area Map
CNE Egypt Western Desert Concessions Area Map N. UmBaraka Obaiyed 50% N. Matruh 50% 50% Southeast Horus Abu El Gharadiq 50% BED 17 JD/JG 26% NEAG 3 BED 3 50% BED 20 Sheiba 26% NEAG 2 50% 50% 26% 26% NEAG 1 BED 2 26% 50% BED 19 50% Sitra 50% West El Fayoum Alam El Shawish 50% 20% Egypt Western Desert
Slide 5: Production Areas
CNE Egypt Western Desert Production Areas Concessions Partners Obaiyed: Oct 2029 Expiry *Cheiron 50% Obaiyed NUMB: April 2043 Expiry Capricorn Energy 50% NM: Dec 2045 Expiry Concessions Partners AESW AESW: Apr 2033 Expiry NPIC 35% Eni 25% *Cheiron 20% Capricorn Energy 20% Concessions Partners BED19:
Slide 6: Production and Cost Profiles
Production and Cost Profiles
Slide 7: GLJ YE23 Reserves
CNE Egypt Western Desert GLJ YE23 Reserves Working Interest Total Reserves (Mmboe) Area 1P 2P 3P • Reserves split ~60:40 Obaiyed Area 17.63 21.54 25.00 between gas and BED Area 10.36 15.90 19.02 liquids. NEAG Area 1.75 2.19 2.48 AESW • 56% of liquids reserves 8.37 10.75 12.34 Total 38.10 50.38 56.99
Slide 8: 2P Production Profiles
CNE Egypt Western Desert 2P Production Profiles Production by Area Production by phase 30 30 Reduction influenced by 25 licence expiry at 25 key assets: BED 3, Sitra and 20 Obaiyed 20 kboe/d kboe/d 15 15 10 10 5 5 0 0 2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028 2029 2030 Obaiyed NUMB
Slide 9: 2P Cost Profiles
CNE Egypt Western Desert 2P Cost Profiles Capex by Area Opex by Area 70 70 60 60 50 50 US$ million US$ million 40 40 30 30 20 20 10 10 0 0 2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028 2029 2030 Obaiyed NUMB BED Area NEAG Ext Obaiyed NUMB BED Area NEAG Ext NEAG Tiba AESW Area NM NEAG T
Slide 10: PSC Terms
PSC Terms
Slide 11: Cost Recovery and Profit Oil / Gas Mechanism Overview: Obaiyed
Obaiyed Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (50%) Gross Proceeds Cheiron (50%) Cost oil / gas Cost recovery 30% (30%) Treated as profit oil Excess cost oil / gas Treated as profit oil Profit Oil Split Prod Rate (kbbl/d) Max. kbbl/d Rate Bucke
Slide 12: Cost Recovery and Profit Oil / Gas Mechanism Overview: NUMB
NUMB Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (50%) Gross Proceeds Cheiron (50%) Cost oil / gas Cost recovery 30% (30%) Profit Oil Split Rate @ Brent Price Band ($) Prod Rate (kbbl/d) Max. kbbl/d 0 40 60 80 100 10% Excess cost oil / gas 90% Bucket
Slide 13: Cost Recovery and Profit Oil / Gas Mechanism Overview: BED
BED (BED and Sitra) Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (50%) Gross Proceeds Cheiron (50%) Cost oil / gas Cost recovery 35% (35%) 17% Excess cost oil / gas 83% Profit oil / gas 17% 83% (65%) Egypt Western Desert Information pack, May 2024 13
Slide 14: Cost Recovery and Profit Oil / Gas Mechanism Overview: NEAG
NEAG Tiba and NEAG Ext Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (26%) Cheiron (26%) Gross Proceeds Apache (32%) Sinopec (16%) Cost oil / gas Cost recovery 40% (40%) Treated as profit oil Excess cost oil / gas Treated as profit oil Profit Oil Split
Slide 15: Cost Recovery and Profit Oil / Gas Mechanism Overview: AESW
AESW Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (20%) Cheiron (20%) Gross Proceeds NPIC (35%) Eni (25%) Profit Oil Split Prod Rate (kbbl/d) Max. kbbl/d Rate Cost oil / gas Excess cost oil / gas Cost recovery 30% Bucket < 3 3.0 17.0% (30%) (100%) Buc
Slide 16: Cost Recovery and Profit Oil / Gas Mechanism Overview: NM
NM Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (50%) Gross Proceeds Cheiron (50%) Profit Oil Split Prod Rate (kbbl/d) Max. kbbl/d Rate Cost oil / gas Excess cost oil / gas Cost recovery 25% Bucket < 5 5.0 20.0% (25%) (100%) Bucket 5-10 10.0 19.5% Buc
Slide 17: Cost Recovery and Profit Oil / Gas Mechanism Overview: NAES
NAES Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (50%) Gross Proceeds Cheiron (50%) Profit Oil Split Prod Rate (kbbl/d) Max. kbbl/d Rate Cost oil / gas Excess cost oil / gas Cost recovery 30% Bucket < 5 5.0 20.0% (30%) (100%) Bucket 5-10 10.0 19.5% B
Slide 18: Exploration
Creat — a= 5 “Ll
Slide 19: Exploration Concessions
CNE Egypt Western Desert Exploration Concessions Capricorn has a position in three d exploration concessions with drilling activity scheduled through 2024-2025 to fulfil licence commitments. • South East Horus - Expiry 18/10/24, 1 well ➢ One remaining well to be drilled in H2/24, target still to be
Slide 20: Cost Recovery and Profit Oil / Gas Mechanism Overview: SEH & WEF
SEH & WEF Cost Recovery and Profit Oil / Gas Mechanism Overview Contractors Hydrocarbons EGPC Capricorn (50%) Gross Proceeds Cheiron (50%) Cost oil / gas Excess cost oil / gas Profit Oil Split Cost recovery 27% (27%) (100%) Rate @ Brent Price Band ($) Prod Rate (kbbl/d) Max. kbbl/d 0 40 60 80 100 Bu