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  "documentTitle": "Capricorn Energy PLC (CNE)",
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  "presentationDate": "2022-10-27 00:00:00",
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  "notes": "Uses peer benchmarking to expose management's failure to reduce costs despite portfolio simplification.",
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      "kind": "callout",
      "text": "G&A spend remains astronomically high and represents a severe level of cash burn for shareholders",
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      "text": "Capricorn: Staff Costs & Administrative Expenses (US$ million)",
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      "text": "Average Cost per Employee (US$k)",
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      "text": "Source: Company disclosures, Bloomberg as of 25 October 2022. (1) Recurring departmental expenses... (2) Calculated as 2021 reported staff costs... (3) Reflects 2021 reported staff costs divided by reported number of employees",
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      "text": "Management's irresponsible level of spending on overheads leads to an ongoing erosion of capital for shareholders. Staff and administrative expenses have continued to rise materially despite a substantial simplification of the portfolio.",
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      "text": "A Total Lack of Cost Discipline",
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