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  "documentTitle": "Capricorn Energy PLC (CNE)",
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      "text": "Successful negotiation of modernized fiscal terms in Egypt could generate ~50% upside to today's fair market value of Capricorn's Western Desert assets",
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      "text": "Value per share: 166p",
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      "text": "This does not account for further value upside available from license extensions and improved gas offtake prices on future developments in Egypt",
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      "text": "We think potentially material upside [for Capricorn] could also be unlocked in the case of securing 'modernised' fiscal terms in Egypt. Such ad-hoc agreements improved APA's and Eni's onshore NPV10s by >50%. - BofA Securities (14 June 2022)",
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      "text": "We think potentially material upside [for Capricorn] could also be unlocked in the case of securing 'modernised' fiscal terms in Egypt. Such ad-hoc agreements improved APA's and Eni's onshore NPV10s by >50%. — BofA Securities (14 June 2022)",
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      "text": "Source: ERCE Fair Market Valuation Report, Company disclosures. Note: Valuation as of 1 July 2022; 12% discount rate assumption; GBP/USD FX rate: 1.14; Capricorn share count of c.315 million shares as per latest RNS disclosure; ERCE nominal oil price deck of $96/bbl, $94/bbl, $86/bbl, $80/bbl, $82/bbl, $83/bbl, $85/bbl, $87/bbl,$88/bbl, $90/bbl (2022-2031). (1) Based on hypothetical PSC modernization scenario analysis; assumes same renegotiated fiscal terms as disclosed by Apache in Egypt and illustrative US$30 million net signature bonus payable to EGPC",
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      "text": "Egypt PSC Modernization",
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