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  "docSlug": "d692704eaf3e",
  "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 chart uses a bridge/waterfall structure to reconcile net cash and asset values to a final fair market value, highlighting the discount.",
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      "kind": "callout",
      "text": "NewMed's recommended offer represents a US$242 million discount to ERCE's independent assessment of Capricorn's current cash-weighted fair market value",
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      "kind": "chart",
      "text": "Waterfall chart showing Net Cash, UK Contingent Proceeds, Senegal Contingent Proceeds, Egypt Risked 2P+2C, Corporate G&A, Egypt Contingent Payments, EGPC Current Receivable, and Fair Market Value.",
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      "text": "Net Asset Value: $1,131 million",
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      "kind": "paragraph",
      "text": "Capricorn's straightforward asset base includes a substantial net cash position, low-risk contingent receivables and a high-quality, opportunity-rich Egyptian portfolio",
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      "kind": "source-note",
      "text": "Source: ERCE Fair Market Valuation Report, Bloomberg as of 25 October 2022. Note: Valuation as of 1 July 2022; 12% discount rate applied; 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) Implied NewMed offer consideration for existing Capricorn shareholders as of 25 October 2022; after potential US$30 million payout to Capricorn management",
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      "kind": "title",
      "text": "Capricorn's Independently Assessed Fair Market Value",
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      "evidence": "The document identifies the problem of undervaluation and poor corporate governance in the NewMed transaction.",
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