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  "documentTitle": "Capricorn Energy PLC (CNE)",
  "authorId": "24_Palliser_Capital",
  "authorName": "Palliser",
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  "presentationDate": "2022-10-27 00:00:00",
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  "notes": "The slide uses a table to demonstrate negative performance deltas across all time periods compared to benchmarks.",
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      "kind": "callout",
      "text": "Management's woeful capital allocation has contributed to Capricorn's significant underperformance over time",
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      "text": "Capricorn has pursued a series of value destructive initiatives under the current management team's tenure: ~US$3 billion wasted on failed exploration activities and the reckless pursuit of new business ventures; A culture of excessive pay and out-of-control administrative spend unsupported by underlying cash flow generation; A spurious track record of capital returns despite management's attempt to take credit for their predecessors' success",
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      "text": "Total Shareholder Return: (173%)",
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      "text": "Source: Bloomberg as of 25 October 2022. Note: Cumulative daily total shareholder return assumes net dividends are reinvested and converted to US$ at daily foreign exchange rates. (1) E&P Peers: Africa Oil, Aker BP, DNO, Energean, EnQuest, Genel Energy, Gulf Keystone Petroleum, Harbour Energy, Kosmos Energy, Seplat Energy, Serica Energy and Var Energi. (2) Longer-term benchmarks include incremental peers which have since been acquired and/or de-listed (Dragon Oil, Faroe Petroleum, Lundin Energy, Ophir Energy and Salamander Energy)",
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      "text": "Total Shareholder Return and Performance Relative to Key Comparables (%)",
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      "text": "Chronic Underperformance Relative to Peers",
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