{
  "docId": "019dd923-622b-71dc-a6dd-28ba5542fe6d",
  "docSlug": "d692704eaf3e",
  "documentTitle": "Capricorn Energy PLC (CNE)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-27 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 30,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "valuation_reveal",
  "function": "diagnose_problem",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list",
    "area_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dd-28ba5542fe6d/14",
  "deckHref": "/decks/019dd923-622b-71dc-a6dd-28ba5542fe6d",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dd-28ba5542fe6d.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-28ba5542fe6d#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "callout",
      "text": "NewMed brings increased scale to the combined group but production growth is long-dated and uncertain",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "03f2dc6a-18ab-456a-b472-fe8cb0e733bc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.48,
        "w": 0.92,
        "x": 0.04,
        "y": 0.38
      },
      "kind": "chart",
      "text": "Combined Net Production Profile (kboe/d)",
      "attrs": null,
      "subkind": "area-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5022e026-5acc-4c8d-851d-07e509ef3383",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.14,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "list",
      "text": "NewMed possesses a world-class asset in Leviathan but trades at zero discount to its NAV despite production from NewMed's growth projects (Leviathan Phase 1B and Aphrodite) not being forecast to commence until the end of the decade. Neither development has been sanctioned and both remain subject to various commercial and regulatory contingencies as well as underlying technical execution risks. Near-term production growth of the combined group is forecast to come primarily from Capricorn's Egyptian assets",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "084040dc-286c-43ef-be5d-a2c4642eaa85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Combined Net Production Profile",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a601-b00964d53d6b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: NewMed + Capricorn Investor Presentation (29 September 2022) (1) Production on working interest basis (2) Leviathan Phase 1B and Aphrodite have not been approved yet",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f717b06-f62c-435a-9820-705ab8b8ac9e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.48,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "NewMed's Full Valuation is Not Justified",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "078f974c-7605-41b0-ba7d-d186d501533b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 10,
      "beatId": "973cfbd4-6603-4000-9e63-4e34b601192f",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the issues, highlighting the consequences of the undervaluation and poor governance.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}