Capricorn Energy Plc · LSE:CNE
Capricorn Energy — H1 2024 Earnings Presentation
15 slides from Capricorn Energy's earnings presentation, Sep 19, 2024
Slide 1: Half-Year Results Presentation
Half-Year Results Presentation 19th September 2024
Slide 2: Disclaimer
HY 2024 Results Disclaimer These materials contain forward-looking statements regarding Capricorn, our corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward-looking statements are based on our management's assumptions and be
Slide 3: Introduction
i i Pi Le =F Introductic n Ge wet e Randy Neely
Slide 4: Renewed vision: unlocking intrinsic value
Strategy Renewed vision: unlocking intrinsic value Capricorn reset delivered: 2023-24 Shareholder returns-focused cultural shift >$600m returned since Q1/23 Renewed relationships with Egyptian government PSC improvement Regular and meaningful cash collections H1/24: $93m (H1/23: $50m) Exited non-cor
Slide 5: Clear value opportunity
Strategy Clear value opportunity >$100m ?? 600 ~$300m 500 Shareholder return 400 GBp/share from Q1/25 Senegal receivable*** Columbus NPV15 $14m 300 Market Cap. $200m (17.09.24) 200 100 * Includes receivables, payables and inventory ** AT2P NPV15 independent GLJ CPR at 31 Dec 2023 (not adjusted for 2
Slide 6: Finance
Finance Eddie Ok
Slide 7: H1 2024 Financial performance
Finance H1 2024 Financial performance • ~26,200 boepd average WI production, 42% Improved Egyptian Production liquids cash receipts: • Revenues from Egypt production: $80m $93m (H123: $50m) Revenue • Oil price: $78.60/bbl • Gas price: $2.97/mscf Shareholder cash Opex • $4.7/boe on a WI basis return
Slide 8: H1 2024 Cashflows and FY24 Guidance
Finance H1 2024 Cashflows FY24 Guidance Production 20,000 – 24,000 boepd Total Capex $50-60m Operating Costs $5-$7/boe * Opening cash at 1 January 2024 of $189.5m before Egypt debt drawn of $113.6m ** Closing cash at 30 June 2024 of $148.3m before Egypt debt drawn of $107.8m Half-Year Results Presen
Slide 9: Operational update
Operational update Geoff Probert
Slide 10: Egypt 2024 – H1 25 activity
Operational update Egypt 2024 – H1 25 activity BED2 & BED3 • Egypt activity focused (50% working interest) on BED with some Focus of development activity with additional drilling 15 wells planned from July 24 to planned in AESW. July 25 Active reservoir management with water injectors being prioriti
Slide 11: Reduced rig count – continued liquids focus
Operational update Reduced rig count – continued liquids focus Rig activity 2024 onwards 2024 2025 July August September October November December January February March April May June Rig 1 Rig 2 Rig 3 BED AESW Exploration* (50%) (20%) (50%) Operational activity update • Development activity resume
Slide 12: Amend and extend concession agreements
Operational update Amend and extend concession agreements Value for all stakeholders • Better alignment of Company / EGPC interests Process • Promotes increased investment Indicative timing • Increased reserves and production Step (months) • Company margin and cash flow improvement Proposal delivere
Slide 13: Summary
Summary Randy Neely
Slide 14: Building momentum in unlocking value
Summary Building momentum in unlocking value ➢ PSC improvement has potential to create significant additional value ➢ Improved fiscal landscape in-country ➢ New Petroleum Minister adding momentum to improve PSC terms ➢ Contingent receipts near term * Includes receivables, payables and inventory ** A
Slide 15: www.capricornenergy.com
C Capricorn Capricorn www.capricornenergy.com