Egypt Assets
Information Pack
May 2024
CNE Egypt Western Desert
Introduction
• This pack contains details from the Competent Persons Report (CPR) dated 31 December 2023, to
support analysts with their financial modelling.
• The reserves, resources, production projections and cost profiles within the CPR are consistent
with information disclosed in Capricorn’s Full Year Results announcement on 28 March 2024.
• The CPR and analyst presentation contains information regarding production, costs, fiscal terms
and reserves and resources by area, including external reserves auditor GLJ’s analysis of the
developed producing position and defined reserves according to the Society of Petroleum Engineers
Petroleum Resource Management System guidelines, and can be found here:
https://www.capricornenergy.com/investors/results-reports-and-presentations/
Egypt Western Desert Information Pack, May 2024 2
Asset
Overview
Presentation Title 3
CNE Egypt Western Desert
Concessions Area Map
Egypt Western Desert Information Pack, May 2024 4
CNE Egypt Western Desert
Production Areas
Concessions Partners
Obaiyed: Oct 2029 Expiry *Cheiron 50%
Obaiyed NUMB: April 2043 Expiry Capricorn Energy 50%
NM: Dec 2045 Expiry
Concessions Partners
AESW AESW: Apr 2029 Expiry NPIC 35%
Eni 25%
*Cheiron 20%
Capricorn Energy 20%
Concessions Partners
BED19: Oct 2036 Expiry *Cheiron 50%
BED BED2: April 2034 Expiry Capricorn Energy 50%
BED3: April 2026 Expiry
Sitra: Dec 2025 Expiry
Concessions Partners
NEAG NEAG Tiba: Dec 2034 Expiry Apache 32%
NEAG Ext: Dec 2036 Expiry *Cheiron 26%
Capricorn Energy 26%
Sinopec 16%
* Operator
Egypt Western Desert Information Pack, May 2024 5
CNE Egypt Western Desert
GLJ YE23 Reserves Working Interest Total Reserves (Mmboe)
Area 1P 2P 3P
Obaiyed Area
• Reserves split ~60:40 17.63 21.54 25.00
BED Area 10.36 15.90 19.02
between gas and
NEAG Area 1.75 2.19 2.48
liquids.
AESW 8.37 10.75 12.34
• 56% of liquids reserves Total 38.10 50.38 56.99
are located in BED
Working Interest Liquids Reserves (Mmbbl)
area.
Area 1P 2P 3P
• 26% liquids reserves Obaiyed Area 4.16 5.30 6.36
are from Obaiyed, BED Area 8.00 11.43 13.60
reflecting high NEAG Area 1.35 1.84 2.12
condensate yield. AESW 1.42 1.90 2.29
• Obaiyed and AESW Total 14.93 20.47 24.38
make up 54% and 30%
Working Interest Gas Reserves (Bcf)*
of Capricorn’s Egypt
Area 1P 2P 3P
gas reserves.
Obaiyed Area 75.41 90.92 104.35
• Reserves produced BED Area 13.25 25.05 30.34
according to PRMS NEAG Area 2.19 2.31 2.38
guidelines.
AESW 38.80 49.53 56.28
Total 129.65 167.81 193.36
* Conversion factors can be found in the Analyst spreadsheet
Egypt Western Desert Information Pack, May 2024 6
PSC Terms
Obaiyed
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (50%)
Gross Proceeds
Cheiron (50%)
Cost oil / gas
Cost recovery 30%
(30%)
Treated as profit oil Excess cost oil / gas Treated as profit oil
Profit Oil Split
Prod Rate (kbbl/d) Max. kbbl/d Rate
Bucket < 25 25.0 20.0%
Bucket 25-50
12.5% - 20% Profit oil 80% - 87.5%
50.0 17.5%
Depending on quarterly Depending on quarterly
Bucket 50-75 75.0 15.0%
average production
(70%) average production
Bucket 75+ - 12.5%
Profit gas
20% 80%
(70%)
Egypt Western Desert Information Pack, May 2024 8
NUMB
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (50%)
Gross Proceeds
Cheiron (50%)
Cost oil / gas
Cost recovery 30%
(30%)
Profit Oil Split
Rate @ Brent Price Band ($)
Prod Rate (kbbl/d) Max. kbbl/d 0 40 60 80 100 10% Excess cost oil / gas 90%
Bucket < 5 5.0 23.0% 23.0% 21.5% 20.0% 18.0%
Bucket 5-10 10.0 23.0% 22.0% 20.5% 19.0% 17.0%
Bucket 10-15 15.0 22.0% 21.0% 19.5% 18.0% 16.0%
Bucket 15-25 25.0 21.0% 20.0% 18.5% 17.0% 15.0%
14% - 23% Profit oil 77% - 86%
Bucket 25+ - 20.0% 19.0% 17.5% 16.0% 14.0%
Depending on quarterly Depending on quarterly
average production
(70%) average production
Profit Gas Split
Profit Gas Split Max. mln scf/d Rate
Bucket < 25 25.0 23.0%
Bucket 25-50 50.0 22.0% 19% - 23% Profit gas 77% - 81%
Bucket 50-100 100.0 21.0% Depending on quarterly Depending on quarterly
Bucket 100-125 125.0 20.0% average production
(70%) average production
Bucket 125+ - 19.0%
Egypt Western Desert Information Pack, May 2024 9
BED (BED and Sitra)
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (50%)
Gross Proceeds
Cheiron (50%)
Cost oil / gas
Cost recovery 35%
(35%)
17% Excess cost oil / gas 83%
Profit oil / gas
17% 83%
(65%)
Egypt Western Desert Information Pack, May 2024 10
NEAG Tiba and NEAG Ext
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (26%)
Cheiron (26%) Gross Proceeds
Apache (32%)
Sinopec (16%)
Cost oil / gas
Cost recovery 40%
(40%)
Treated as profit oil Excess cost oil / gas Treated as profit oil
Profit Oil Split
Prod Rate (kbbl/d) Max. kbbl/d Rate
Bucket < 25 25.0 23.0%
Bucket 25-50 50.0 21.5%
Bucket 50-75 75.0 19.0%
14% - 23% Profit oil 77% - 86%
Bucket 75-100 100.0 17.0% Depending on quarterly Depending on quarterly
average production
(60%) average production
Bucket 100+ - 14.0%
Profit gas
25% 75%
(60%)
Egypt Western Desert Information Pack, May 2024 11
AESW
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (20%)
Cheiron (20%) Gross Proceeds
NPIC (35%)
Eni (25%)
Profit Oil Split
Prod Rate (kbbl/d) Max. kbbl/d Rate Cost oil / gas Excess cost oil / gas
Cost recovery 30%
Bucket < 3 3.0 17.0% (30%) (100%)
Bucket 3-5 5.0 16.5%
Bucket 5-10 10.0 16.0%
Bucket 10-25 25.0 15.5%
Bucket 25+ - 15.0%
Profit Gas Split Max. mln scf/d Rate
Bucket < 15 15.0 17.0%
Bucket 15-25 25.0 16.5%
15% - 17% Profit oil / gas 83% - 85%
Bucket 25-50 Depending on quarterly Depending on quarterly
50.0 16.0%
average production
(70%) average production
Bucket 50-125 125.0 15.5%
Bucket 125+ - 15.0%
Profit Gas Split
Egypt Western Desert Information Pack, May 2024 12
NM
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (50%)
Gross Proceeds
Cheiron (50%)
Profit Oil Split
Prod Rate (kbbl/d) Max. kbbl/d Rate Cost oil / gas Excess cost oil / gas
Cost recovery 25%
Bucket < 5 5.0 20.0% (25%) (100%)
Bucket 5-10 10.0 19.5%
Bucket 10-15 15.0 19.0%
Bucket 15-25 25.0 18.5%
Bucket 25+ - 18.0%
Profit Gas Split Max. mln scf/d Rate
Bucket < 25 25.0 20.0%
Bucket 25-50 50.0 19.5%
18% - 20% Profit oil / gas 80% - 82%
Bucket 50-100 Depending on quarterly Depending on quarterly
100.0 19.0%
average production
(75%) average production
Bucket 100-125 125.0 18.5%
Bucket 125+ - 18.0%
Profit Gas Split
Egypt Western Desert Information Pack, May 2024 13
NAES
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (50%)
Gross Proceeds
Cheiron (50%)
Profit Oil Split
Prod Rate (kbbl/d) Max. kbbl/d Rate Cost oil / gas Excess cost oil / gas
Cost recovery 30%
Bucket < 5 5.0 20.0% (30%) (100%)
Bucket 5-10 10.0 19.5%
Bucket 10-15 15.0 19.0%
Bucket 15-25 25.0 18.5%
Bucket 25+ 1,000.0 18.0%
Profit Gas Split Max. mln scf/d Rate
Bucket < 25 25.0 20.0%
18% - 20% Profit oil / gas 80% - 82%
Bucket 25-50 Depending on quarterly Depending on quarterly
50.0 19.5%
average production
(70%) average production
Bucket 50-100 100.0 19.0%
Bucket 100-125 125.0 18.5%
Bucket 125+ 10,000.0 18.0%
Profit Gas Split
Egypt Western Desert Information Pack, May 2024 14
Exploration
CNE Egypt Western Desert
Exploration Concessions
Capricorn has a position in three d
exploration concessions with drilling
activity scheduled through 2024-2025 to
fulfil licence commitments.
• South East Horus - Expiry 18/10/24, 1 well
➢ One remaining well to be drilled in H2/24,
target still to be defined further.
• West El Fayoum - Expiry 18/10/24, 3 wells
➢ Planning three-well campaign, Mango, Nahar
and Farag.
➢ Mango well will have an unconventional ARF
secondary target with a core, data acquisition
and capability for a frac and test.
• NUMB - Expiry 28/11/24, 2 wells
➢ Longer licence timeline with 3D interpretation
still to deliver drilling targets.
Egypt Western Desert Information Pack, May 2024 16
SEH & WEF
Cost Recovery and Profit Oil / Gas Mechanism Overview
Contractors Hydrocarbons EGPC
Capricorn (50%)
Gross Proceeds
Cheiron (50%)
Cost oil / gas Excess cost oil / gas
Profit Oil Split
Cost recovery 27%
(27%) (100%)
Rate @ Brent Price Band ($)
Prod Rate (kbbl/d) Max. kbbl/d 0 40 60 80 100
Bucket < 5 5.0 23.0% 23.0% 21.5% 20.0% 18.0%
Bucket 5-10 10.0 23.0% 22.0% 20.5% 19.0% 17.0%
Bucket 10-15 15.0 22.0% 21.0% 19.5% 18.0% 16.0%
Bucket 15-25 25.0 21.0% 20.0% 18.5% 17.0% 15.0%
14% - 23% Profit oil / gas 77% - 86%
Bucket 25+ - 20.0% 19.0% 17.5% 16.0% 14.0% Depending on quarterly Depending on quarterly
average production
(73%) average production
Profit Gas Split
Prod Rate (MMCF/d) Max. min scf/d Rate
Bucket < 25 25.0 23%
Bucket 25-50 50.0 22%
Bucket 50-100 75.0 21%
19% - 23% Profit oil / gas 77% - 81%
Bucket 100-125 100.0 20% Depending on quarterly Depending on quarterly
average production
(73%) average production
Bucket 125+ - 19%
Egypt Western Desert Information Pack, May 2024 17
