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  "documentTitle": "Palliser Capricorn Presentation October 2022",
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  "presentationDate": "2022-10-01 00:00:00",
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  "notes": "Uses a waterfall-style comparison to illustrate value destruction.",
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      "kind": "callout",
      "text": "Management has squandered billions of dollars of shareholder value on failed exploration adventures around the globe",
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      "text": "Exploration Value Destruction Since 2011 (CEO Tenure)",
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      "text": "Global Nature of Exploration Efforts Exhibits Lack of Focus",
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      "text": "Capricorn has spent ~US$3.3 billion on exploration under the current management's tenure from which little value has been created. In our view, this so-called \"strategy\" has lacked focus and has been characterised by a laundry list of exploration pursuits around the globe, almost all of which have resulted in failure. Nevertheless, management continues to show little regard for preserving shareholder value by continuing to spend cash on exploration in the hope of replicating the prolific Indian discoveries of Capricorn's former executive team which occurred more than 18 years ago. Management has lost its mandate for exploration-led growth and we call on Capricorn to immediately cut all non-committed exploration spending outside of Egypt",
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      "kind": "source-note",
      "text": "Source: Company disclosures. (1) Cumulative expenditure on intangible exploration/appraisal assets and pre-award costs (2011 – 1H 2022). (2) Based on sum of proceeds on disposal of intangible exploration/appraisal assets (2011 – 1H 2022) and up-front acquisition consideration for sale of Sangomar asset to Woodside (US$300 million)",
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      "text": "Greenland, Egypt, UK, India, Senegal, Tunisia, Mauritania, Nicaragua, Mexico, Norway, Israel, Morocco, Côte d'Ivoire, Suriname, Western Sahara, Bangladesh, Ireland",
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      "kind": "title",
      "text": "An Abysmal Exploration Track Record",
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