Capricorn Energy : Information pack

Egypt Western Desert

Information pack: 2021 actuals and 2022 guidance

March 2022

Section title

Disclaimer

These materials contain forward-looking statements regarding Capricorn, our corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward-looking statements are based on our management's assumptions and beliefs in the light of information available to them at this time.

These forward-looking statements are, by their nature, subject to significant risks and uncertainties and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions.

Capricorn undertakes no obligation to revise any such forward-looking statements to reflect any changes in Capricorn's expectations with regard thereto or any change in circumstances or events after the date hereof.

Egypt Western Desert information pack March 2022

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Egypt Western Desert Information Pack

Egypt 2021 production actuals

						AESW
		Obaiyed	NUMB BED Area	NEAG	Area	NM	NAES	TOTAL
Production
Production/day - WI, average from completion	boe/d	12,290	1,210	14,680	2,160	6,130	0	0	36,470
Entitlement production/day	boe/d	4,580	490	5,890	1,080	2,460	0	0	14,500
Opex
Opex / boe	US$/boe	3.7	5.0	7.0	14.6	4.8	0.0	0.0	6.0
Capex
Capex	US$m	1.2	0.0	10.4	1	2.5	0.0	0.4	15.4
Total production oil versus gas
Oil
Production/day - WI, average from completion	boe/d	1,930	80	9,190	1,530	1,200	0	0	13,930
Entitlement production/day	boe/d	600	40	3,450	770	490	0	0	5,350
Gas
Production/day - WI, average from completion	scf/d	58,194	6,326	30,820	3,508	27,733	0	0	126,580
Production/day - WI, average from completion	boe/d	10,360	1,130	5,490	630	4,930	0	0	22,540
Entitlement production/day	boe/d	3,980	450	2,440	310	1,970	0	0	9,150

Figures represent actual production metrics in respect of Egypt asset portfolio from acquisition (23 September 2021) to 31 December 2021

Egypt Western Desert information pack March 2022

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Egypt Western Desert Information Pack

Egypt 2022 production guidance

Indicative split by area based on mid case of 37,000 to 43,000 boe/d production and $90-110m capex guidance
		Obaiyed	NUMB	BED Area	NEAG	AESW Area	NM	NAES	TOTAL
Production
Production/day - WI	boe/d	12,150	1,390	17,600	2,410	6,450	0	0	40,000
Entitlement production/day*	boe/d	4,430	510	6,420	890	2,350	0	0	14,600
Opex
Opex / boe	US$/boe	4.0	0.0	4.3	16.6	4.2	0.0	0.0	5.2
Capex
Capex	US$m	21.2	0.2	47.7	10.7	9.1	0.0	8.1	97.0
Total production oil versus gas
Oil
Production/day - WI	boe/d	1,820	70	11,310	1,870	1,500	0	0	16,570
Entitlement production/day	boe/d	660	20	4,120	690	550	0	0	6,040
Gas
Production/day - WI	scf/d	57,840	7,410	35,220	3,020	27,750	0	0	131,240
Production/day - WI	boe/d	10,330	1,320	6,290	540	4,950	0	0	23,430
Entitlement production/day	boe/d	3,770	490	2,300	200	1,800	0	0	8,560

• Entitlement interest calculation based on a ~$1.5/bbl oil price discount to an average Brent price of $76.5/bbl for the year, and fixed price gas of ~$2.9/mcf, in addition to assumption for modelling purposes that 75% of opex is expensed, 20% is capitalised and 5% is non-cost recoverable.

Egypt Western Desert information pack March 2022

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