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  "docSlug": "jarvis-palliser-capricorn-presentation-october-2022",
  "documentTitle": "Palliser Capricorn Presentation October 2022",
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  "documentKindSlug": "activist-deck",
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  "presentationDate": "2022-10-01 00:00:00",
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  "pageNumber": 14,
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  "slideType": "valuation_reveal",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The chart shows a stacked area production profile where the growth segments (Leviathan 1B and Aphrodite) are far in the future.",
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      "kind": "callout",
      "text": "NewMed brings increased scale to the combined group but production growth is long-dated and uncertain",
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      "kind": "chart",
      "text": "Combined Net Production Profile (kboe/d)",
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      "kind": "legend",
      "text": "Leviathan Phase 1A, Egypt, Egypt 2C, Leviathan Phase 1B, Aphrodite",
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      "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",
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      "kind": "other",
      "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",
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      "kind": "title",
      "text": "NewMed's Full Valuation is Not Justified",
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      "evidence": "Argues against current valuation based on project risk and timing",
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      "evidence": "The document agitates the problems, highlighting Capricorn's chronic underperformance, abysmal exploration track record, and lack of cost discipline",
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