Capricorn Energy Plc · LSE:CNE
Capricorn Energy — FY 2024 Earnings Presentation
18 slides from Capricorn Energy's earnings presentation, Mar 27, 2025
Slide 1: Full Year Results Presentation
Full Year Results Presentation 27 March 2025
Slide 2: Disclaimer
FY 2024 Results Disclaimer These materials contain forward-looking statements regarding Capricorn, its corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward-looking statements are based on its management's assumptions and be
Slide 3: Agenda
Agenda Introduction and strategy Randy Neely, Chief Executive 2024 Financial review and 2025 guidance Eddie Ok, Chief Financial Officer Operational review Geoff Probert, Chief Operating Officer Summary and outlook Randy Neely 2024 Full Year Results Presentation, March 2025 3
Slide 4: Introduction and strategy
Introduction and strategy Randy Neely 2024 Full Year Results Presentation, March 2025 4
Slide 5: Delivered To Date: Building scale and longevity to deliver consistent returns
Introduction & Strategy Building scale and longevity to deliver consistent returns • With housekeeping near completion: right-sized organisation, exited non- revenue ventures, returned excess cash 2023 to shareholders, re-built corporate culture, and focused energy on Delivered extracting value from
Slide 6: 2024 Financial review and 2025 guidance
2024 Financial review and 2025 guidance Eddie Ok 2024 Full Year Results Presentation, March 2025 6
Slide 7: FY 2024 Financial performance
Financial review & 2025 guidance FY 2024 Financial performance Production: 23,763 boepd average working Production interest production, 44% liquids and 9,737 boepd on Gross Profit from a net entitlement sales basis Egypt Operations $105m Revenues from Egypt production: $147m Revenue • Oil price: $79
Slide 8: FY 2024 Cash flows: Scale and consistency of returns
Financial review & 2025 guidance FY 2024 Cash flows: Scale and consistency of returns 140 106.1 120 100 (25.0) (1.0) 80 75.9 $m USD 3.1 60 (39.7) 1.4 40 (21.8) 23.3 (50.1) 2.0 20 (20.3) (7.3) 0 Increase Decrease Total * Opening cash at 1 January 2024 of $190m before Egypt debt drawn of $114m ** Clos
Slide 9: Preliminary 2025 guidance
Financial review & 2025 guidance Preliminary 2025 guidance 2025 Total guidance* Production 17,000 – 21,000 boepd Operating costs $5- $7/boe Total capex $85- $95m • In 2025 39% of production is forecast to be liquids • Guidance incorporates a scheduled three-week maintenance shutdown in Q4 2025 and c
Slide 10: Operational review
Operational review Geoff Probert 2024 Full Year Results Presentation, March 2025 10
Slide 11: Amend and extend concession agreements
Operational update Amend and extend concession agreements Value for all stakeholders • Increased investment, reserves, production leads to value Process • Company margin and cash flow improvement Indicative • Investment increases EGPC gross royalties and satisfies Step timing more local oil and gas
Slide 12: Egypt 2024 development activity summary
Operational review Egypt 2024 development activity summary • Following improvement in payment conditions drilling activity resumed end Q2, 2024 • Development activity in BED2 & BED3 2024 continued to be (50% working interest) focused on the ARG 11 development wells drilled in BED2. reservoir in BED
Slide 13: Egypt 2024 consolidated concessions
Operational review Egypt 2024 consolidated concessions 2024 Full Year Results Presentation, March 2025 13
Slide 14: Operational impact of concession integration
Operational review Operational impact of concession integration Pre-concession improvement activity • Development drilling will continue to focus on the delineation and development of the ARG reservoir in BED and the continuing implementation of waterflood techniques • In Q1 2025 two ARG-targeted we
Slide 15: Year end 2024 reserves and resources
Operational review Year end 2024 reserves and resources Egypt 2P reserves 2P Reserves 40.3 mmboe (WI) / 17.7 mmboe (EI)*** Oil & Condensate (mmbo) Natural Gas (bcf) Total Boe (mmboe) • In 2024, working interest production totalled 8.7 mmboe Net Net Net Net WI Entitlement Net WI Entitlement Net WI En
Slide 16: Summary and outlook
Summary and outlook Randy Neely 2024 Full Year Results Presentation, March 2025 16
Slide 17: Summary
Summary >$200m 700 • Clear strategy and focus 700 • Improved concession 600 >$100m agreement terms 600 maximise the potential of the Egyptian portfolio 500 >$200m 500 • Value driven by GBp/share investment 400 400 • Imminent realisation of US$ m UK embedded value 300 300 Market Cap. $234m • Consiste
Slide 18: www.capricornenergy.com
www.capricornenergy.com 18