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"value": "Section 1 \u2013 Basis of Preparation This section includes the Group\u2019s general accounting policies applicable across the Financial Statements. Accounting policies specific to individual notes to the accounts are embedded in the notes themselves. 1.1 Accounting Policies a) Basis of preparation The consolidated Financial Statements of Capricorn Energy PLC (\u2019Capricorn\u2019 or \u2019the Group\u2019) for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Directors on 26 April 2023. Capricorn is a limited company incorporated and domiciled in the United Kingdom whose shares are publicly traded. The registered office is located at 50 Lothian Road, Edinburgh, Scotland, EH3 9BY. The registered company number is SC226712. Capricorn prepares its Financial Statements on a historical cost basis, unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the Financial Statements. The Financial Statements comply with the Companies Act 2006 as applicable to companies using International Financial Reporting Standards (\u2019IFRS\u2019). Accounting policies have been applied consistently across all periods disclosed. The Group\u2019s Financial Statements are prepared on a going concern basis. b) Accounting standards The Financial Statements of Capricorn have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Effective as of 1 January 2022, Capricorn adopted the following amendments to the standards: \u2013 Amendments to IFRS 16 \u2019Leases\u2019; \u2013 Amendments to IAS 16 \u2019Property, plant and equipment\u2019; \u2013 Amendments to IAS 37 \u2019Provisions, contingent liabilities and contingent assets\u2019; and \u2013 Annual improvements including minor amendments to IFRS 9 \u2019Financial instruments\u2019 and IFRS 16 \u2019Leases\u2019. The adoption of the amendments above has had no material impact on Capricorn\u2019s results or Financial Statement disclosures. There are no new standards or amendments issued by the IASB and endorsed under the Companies Act, which have yet to be adopted by the Group that will materially impact the Group\u2019s Financial Statements. c) Basis of consolidation The consolidated Financial Statements include the results of Capricorn Energy PLC and its subsidiary undertakings to the balance sheet date. Where subsidiaries follow differing accounting policies from those of the Group, those accounting policies have been adjusted to align with those of the Group. Intercompany balances and transactions between Group companies are eliminated on consolidation, though foreign exchange differences arising on intercompany balances between subsidiaries with differing functional currencies are not offset. The results of subsidiaries acquired or incorporated in any year are included in the Income Statement and Statement of Cash Flows from the effective date of acquisition, while the results of subsidiaries disposed of or liquidated during the year are included in the Income Statement and Statement of Cash Flows to the date at which control passes from the Group. d) Joint arrangements Capricorn is a partner (joint operator) in oil and gas exploration, development and production licences which are unincorporated joint arrangements. All of the Group\u2019s current interests in these arrangements are determined to be joint operations. A full list of oil and gas licence interests can be found on page 177. Costs incurred relating to an interest in a joint operation other than costs relating to production activities are capitalised in accordance with the Group\u2019s accounting policies for oil and gas assets as appropriate (notes 2.2 and 2.3). All the Group\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing assets relate to interests in joint operations. Capricorn\u2019s working capital balances relating to joint operations are included in trade and other receivables (note 3.4) and trade and other payables (note 3.6). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. Section 1 \u2013 Basis of Preparation continued
1.1 Accounting Policies continued
e) Foreign currencies
These Financial Statements continue to be presented in US dollars (US$), the functional currency of the Parent.
In the Financial Statements of individual Group companies, Capricorn translates foreign currency transactions into the functional
currency at the rate of exchange prevailing at the transaction date (or an approximation thereof where not materially different).
Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the rate of exchange
prevailing at the balance sheet date. Exchange differences arising are taken to the Income Statement except for those incurred on
borrowings specifically allocable to development projects, which are capitalised as part of the cost of the asset, though there were
none in either the current or preceding year.
The Group maintains the Financial Statements of the Parent and subsidiary undertakings in their functional currency. Where
applicable, the Group translates subsidiary Financial Statements into the presentation currency, US$, using the closing rate method
for assets and liabilities which are translated at the rate of exchange prevailing at the balance sheet date and rates at the date of
transactions for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group
companies whose functional currency is non-US$ directly to reserves.
Rates of exchange to US$1 were as follows:
Closing
2022
YTD
Average
2022
Closing
2021
YTD
Average
2021
GBP 0.827 0.808 0.739 0.727
f) Exceptional items
Where items have a significant impact on profit or loss, occur infrequently and are not part of the Group\u2019s normal operating cycle,
such items may be disclosed as exceptional items on the face of the Income Statement.
1.2 Going concern
The Directors have considered the factors relevant to support a statement of going concern. In assessing whether the going concern
assumption is appropriate, the Board considered the Group cash flow forecasts under various scenarios, identifying risks and mitigating
factors and ensuring the Group has sufficient funding to meet its current and contracted commitments as and when they fall due for a
period of at least 12 months from the date of signing these Financial Statements.
At the balance sheet date and the date of this report, the Group has significant surplus cash balances, following receipt of the India
tax refund, exceeding debt drawn on the Senior Secured Borrowing and Junior Debt Facilities which part-funded the Egypt acquisition.
This cash surplus has been adjusted for the immediate proposed return of US$450.0m cash to shareholders, an additional cash return of
US$100.0m, subject to certain conditions, and a US$25.0m share buy-back planned by the Board. After adjusting for these planned
returns, under both Capricorn\u2019s and the lenders\u2019 assumptions, the Group has sufficient resources to maintain compliance with the
financial covenant associated with the facilities in terms of a 12-month forward-looking liquidity test.
A downside scenario run includes a return to lower oil prices of US$60 per bbl in the short-term, a reduction in forecast production,
increases to forecast operating and drilling costs, and a cancellation of guarantees that would require to be cash collaterised. An oil price
crash scenario assumes a sharp fall in oil price to US$35 per bbl before a gradual return to the downside price assumptions by Q2 2024.
Both the downside and oil-price crash scenarios assume that the proposed additional US$100.0m cash return and share buy-back would
be cancelled or postponed. Further mitigants identified by the Directors include the ability to reduce forecast but uncommitted capital
expenditure, the sale of non-oil and gas assets held on the balance sheet, cancellation of discretionary share purchases and the realisation
of contingent assets expected to be recovered over the coming twelve months.
Under the terms of the borrowing facilities entered into in connection with the Group\u2019s Egypt assets, Capricorn as borrowers jointly and
severally guarantee performance of the obligations of the joint venture counterparty. Should the counterparty fail to meet its repayment
obligations, the lenders could enforce this guarantee, though other routes to recovery would be more likely. Capricorn would also have
legal routes to recover any sums paid on behalf of the counterparty under this guarantee. The Directors planned returns ensure that
sufficient resources remain within the Group in order to meet its contracted commitments as and when they fall due for at least the
twelve month period from the date of approval of the Financial Statements in event of default by the counterparty.
The Board and Audit Committee assessments of risk and mitigants to the Group\u2019s operational existence beyond this 12-month period
is included in the Viability Statement on page 32.
Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets
This section contains details of Capricorn\u2019s oil and gas assets, including the profit generated
from operations in Egypt, exploration costs capitalised at the year end and development/
producing assets and associated impairment tests performed.
Key estimates and assumptions in this section:
Climate change assumptions
Capricorn\u2019s cost of carbon assumptions are included in the fair value models used to attribute value to the assets acquired through the
business combination in Egypt, detailed below. Those models will also determine the useful life-of-field assumptions for each producing
asset and increasing costs of carbon could result in reduced commercial reserve volumes. Sensitivities performed on alternate carbon
cost assumptions did not have a significant impact on the acquisition fair values of the assets in Egypt.
Capricorn\u2019s models have no residual value attributed to producing assets as at the end of the economic field life title passes to the
Egyptian Government. There are therefore no decommissioning assets or liabilities to record. There are currently no assets that have been
identified as at risk of becoming stranded.
Estimation of hydrocarbon reserves and long-term oil price assumption
Oil and gas reserve volumes and related production profiles are estimated based on Capricorn\u2019s internal process manual which follows
industry best practice. This represents Capricorn\u2019s best estimate of reserves as at the reporting date. Capricorn\u2019s Reserves and Resources
Reporting Committee, which provides oversight, advice and guidance while providing senior level review, reports to the Group\u2019s Audit
Committee before ultimately requesting approval of annual reserve volumes by the Board.
A third-party audit of Capricorn\u2019s reserves and resources estimates is conducted annually. At the year end, the third-party auditor\u2019s
reserve estimates are higher than Capricorn\u2019s internal estimates, largely due to different assumptions on the number and timing of future
development wells and their inclusion of reserves that Capricorn classifies as contingent resources pending approval of a field
development plan. Capricorn believe it is appropriate to remain with the Group\u2019s internal reserve estimates.
A change in reserve volumes would impact depletion charges and related deferred tax liabilities and indicate a possible impairment of
assets.
Capricorn increased its long-term oil price assumption from US$55/bbl to US$60/bbl unescalated. The Group\u2019s short-term assumption
remains linked to the forward curve over a two-year period.
Estimation of fair value of assets for use in impairment tests
The fair value of property, plant & equipment \u2013 development/producing assets in Egypt and related goodwill, acquired through the 2021
business combination (see note 6.3), used in the Group\u2019s impairment tests has been measured using the net present value of discounted
future cash flows.
The key assumptions used in the Group\u2019s discounted cash flow models reflect past experience and take account of external factors.
These assumptions include:
\u2013 short/medium-term oil price based on a six-month average forward curve for two years from the balance sheet date;
\u2013 long-term oil price of US$60/bbl (2021: US$55/bbl) unescalated;
\u2013 Egypt price differentials to base oil prices;
\u2013 cost of carbon offsets in line with Capricorn\u2019s commitment to offsetting emissions and reaching net zero by 2040;
\u2013 reserve estimates of 2P discovered resource based on P50 reserve estimates;
\u2013 production profiles based on Capricorn\u2019s internal estimates including assumptions on performance of assets;
\u2013 cost profiles for future development spend and operating costs escalated at 4.0% per annum (2021: 4.0% per annum); and
\u2013 post-tax discount rates of 10% (2021: 10%).
The assumptions applied in 2021 were used to measure the fair value of assets acquired through the business combination.
Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued
2.1 Gross Profit: Revenue and Cost of Sales
Accounting policies
Revenue
Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when
ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is
delivered to the communal storage tanks in the onshore facilities. Sales relating to the export of oil are recognised once the cargo
is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly
average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and
is recorded at fair value including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes.
Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point.
Revenue from royalties is calculated on production from fields in Mongolia.
Other income \u2013 tax entitlement volumes
Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC. To achieve
this through the agreements, Capricorn notionally receive a greater share of hydrocarbon production in excess of the Group\u2019s
entitlement interest share of production equal to the amount required to cover the tax payable. The oil is produced and sold on
Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income falls outwith the definition of revenue and is therefore
shown as other income with an equal and opposite tax charge recorded through current taxation.
Cost of sales and inventory
Production costs include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are
marketing and transportation costs and loss-of-production insurance costs payable over the year.
Oil inventory is measured at market value in accordance with established industry practice.
Year ended
31 December
2022
US$m
Year ended
31 December
2021
US$m
Oil sales 181.4 41.3
Gas sales 47.5 14.9
Revenue from oil and gas sales 228.9 56.2
Royalty income 0.7 0.9
Total revenue 229.6 57.1
Other income \u2013 Tax entitlement volumes 54.8 7. 3
Other income 54.8 7. 3
Production costs and inventory movements (71.2) (20.5)
Cost of sales (71.2) (20.5)
Depletion (note 2.3) (124.1) (31.2)
Gross profit 89.1 12.7
2.1 Gross Profit: Revenue and Cost of Sales continued Revenue Capricorn receives oil and gas revenue from eight producing concessions in Egypt, based on an entitlement interest. Payment terms are within 30 days from the date of the invoice for oil sales and 45 days from the date of the invoice for gas sales. Oil and gas revenue in Egypt for the year ended 31 December 2022 was US$228.9m (period from 24 September 2021 to 31 December 2021: US$56.2m), from net entitlement production of 4.7 mmboe (period from 24 September 2021 to 31 December 2021: 1.4 mmboe) of which ~39% (period from 24 September 2021 to 31 December 2021: ~39%) was liquids. Oil sales averaged US$98.8/boe (period from 24 September 2021 to 31 December 2021: US$77.8/boe) and with gas sales fixed at US$2.9/mcf (period from 24 September 2021 to 31 December 2021: US$2.9/mcf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC, see section 5. Production costs over the period were US$71.2m (period from 24 September 2021 to 31 December 2021: US$20.5m), or US$5.7/boe (period from 24 September 2021 to 31 December 2021: US$6.0/boe) (on a working interest (\"WI\") basis). 2.2 Intangible Exploration/Appraisal Assets Accounting policy Capricorn follows a successful efforts-based accounting policy for oil and gas assets. Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as pre-award costs. Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held, undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete or commercial reserves have been discovered and a field development plan approved. Exploration expenditure incurred in the process of determining oil and gas exploration targets is capitalised initially within intangible exploration/appraisal assets and subsequently allocated to drilling activities. Costs are recognised following a cost accumulation model where any contingent future costs on recognition of an asset are recognised only when incurred. This includes where Capricorn has entered into a \u2019farm-in\u2019 agreement to either acquire or part-dispose of an exploration interest. A farm-in is an agreement in which a party agrees to acquire from one or more of the existing licencees an interest in an exploration licence, for a consideration which may consist of the performance of a specified work obligation on behalf of the existing licencees. This obligation may be subject to a monetary cap. Refund of full or partial costs incurred to date may also be included in a farm-in agreement. Where Capricorn has part-disposed of an exploration licence interest through a farm-in arrangement, a \u2019farm-down\u2019, the contingent consideration payable by the third party on Capricorn\u2019s behalf is not recognised in the Financial Statements. The future economic benefit which Capricorn will receive as a result of the farm-down will be dependent upon future success of any exploration drilling. Exploration/appraisal drilling costs are capitalised on a well-by-well basis until the success or otherwise of the well has been established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are written off to the Income Statement. Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for impairment (see below). Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with any excess being credited to the Income Statement. Impairment Intangible exploration/appraisal assets are reviewed regularly for indicators of impairment and tested for impairment where such indicators exist. An indicator that one of the Group\u2019s assets may be impaired is most likely to be one of the following: \u2013 there are no further plans to conduct exploration activities in the area; \u2013 exploration drilling in the area has failed to discover commercial reserve volumes; \u2013 changes in the oil price or other market conditions indicate that discoveries may no longer be commercial; or \u2013 development proposals for appraisal assets in the pre-development stage indicate that it is unlikely that the carrying value of the exploration/appraisal asset will be recovered in full. In such circumstances the intangible exploration/appraisal asset is allocated to any property, plant & equipment \u2013 development/ producing assets within the same cash-generating unit (CGU) and tested for impairment. Any impairment arising is recognised in the Income Statement for the year. Where there are no development assets within the CGU, the excess of the carrying amount of the exploration/appraisal asset over its recoverable amount is charged immediately to the Income Statement. Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued
2.2 Intangible Exploration/Appraisal Assets continued
Egypt
US$m
Eastern
US$m
Western
US$m
Total
US$m
Cost
At 1 January 2021 \u2013 34.9 113.2 148.1
Additions 6.6 12.2 61.2 80.0
Unsuccessful exploration costs (2.9) (18.2) (29.5) (50.6)
Disposals \u2013 \u2013 (59.6) (59.6)
At 31 December 2021 3.7 28.9 85.3 117.9
Additions 22.5 10.5 57.4 90.4
Unsuccessful exploration costs 0.6 (0.1) (113.6) (113.1)
At 31 December 2022 26.8 39.3 29.1 95.2
Impairment
At 1 January 2021 \u2013 \u2013 36.0 36.0
Impairment charges \u2013 \u2013 19.6 19.6
Disposals \u2013 \u2013 (36.0) (36.0)
At 31 December 2021 \u2013 \u2013 19.6 19.6
Unsuccessful exploration costs \u2013 \u2013 (19.6) (19.6)
At 31 December 2022 \u2013 \u2013 \u2013 \u2013
Net book value
At 31 December 2020 \u2013 34.9 77.2 112.1
At 31 December 2021 3.7 28.9 65.7 98.3
At 31 December 2022 26.8 39.3 29.1 95.2
Additions to intangible exploration/appraisal assets were funded through cash and working capital.
Egypt
Additions in Egypt of US$22.5m mainly relate to North Um Baraka, Badr El Din and the three Capricorn operated concessions, South Abu
Sennan, West El Fayium and South East Horus. Unsuccessful exploration costs of US$2.9m recorded in 2021, offset by an accrual reversal
of US$0.6m in 2022, relate to the North Um Baraka concession, where an unsuccessful well completed in January 2022.
Eastern
Additions in the year of US$10.5m include US$10.4m which were incurred on Mauritania Block 7 and total costs of US$39.3m remain
capitalised at the year end.
Western
Additions of US$57.4m include US$11.4m in Mexico, US$44.5m in the UK and US$1.5m in Suriname.
In the UK, additions of US$22.7m and US$13.5m were incurred on the P2379 and P2380 licences containing the Diadem and Jaws wells
completed in the year, with remaining additions of US$8.3m incurred across the rest of the UK portfolio. US$10.4m of the Diadem
additions were short-term lease costs. Both Diadem and Jaws wells were unsuccessful, and costs of US$29.3m and US$13.5m
respectively were charged to the Income Statement, with a further US$1.9m of unsuccessful costs incurred on other UK portfolio
licences. Further costs of US$17.4m relating to the Jaws well were charged to the Income Statement in 2021. At 31 December 2022
costs of US$12.1m remain capitalised in respect of UK licences.
In Mexico additions for the year of US$11.4m were spread across Blocks 7, 9, 10 and 15. Unsuccessful costs of US$68.9m include
US$49.6m which were charged to the Income Statement for Blocks 9, 10 and 15 where Capricorn has or will be exiting from the licences.
This includes costs of US$19.6m impaired in 2021 on Block 9 (discussed further below). The remaining unsuccessful costs of US$19.3m
relate to Block 7 where the Yatzil well completed in 2023. Capricorn internal analysis led to the decision not to participate in the
forthcoming phases and the Company has therefore informed partners of its decision to withdraw from the licence.
In Suriname total costs of US$17.0m remain capitalised at the year end.
Impairment review
At the year end, Capricorn reviewed its remaining intangible exploration/appraisal assets for indicators of impairment. No indicator of
impairment was identified on any of the Group\u2019s remaining exploration/appraisal assets.
Subsequent to the year end, the Directors have confirmed that Capricorn will seek to farm-down its interests in Mauritania and Suriname
before committing to further exploration activity. Failure to find a partner and subsequent withdrawal from either or both licences would
result in all costs currently capitalised in relation to these licences being charged to the Income Statement.
In 2021, in Mexico, the Saasken-2 appraisal well did not encounter hydrocarbons and as a result a possible Saasken extension into
neighbouring Block 9 was reclassified from contingent resources to prospective resources, indicating possible impairment. Following
impairment testing, the remaining costs capitalised of US$19.6m were impaired in full. In 2022, Capricorn submitted notice to the
Mexican authorities of the Group\u2019s intention to withdraw from Block 9 and remaining costs charged as unsuccessful exploration costs.
Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued
2.3 Property, Plant & Equipment \u2013 Development/Producing Assets
Accounting policy
Costs
All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons has been demonstrated
and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent
expenditure is capitalised only where it either enhances the economic benefits of the development/producing asset or replaces
part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed.
Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during
the development phase of the project. Capitalisation ceases once the asset is ready to commence production.
Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the
appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the
Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of
the net capitalised costs.
Depletion and amortisation
Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within
a single development area may be combined for depletion purposes. Where production commences prior to completion of the
development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves
recorded. Amortisation charged on right-of-use leased assets is also charged on a unit-of-production basis, based on proved
and probable reserves.
Impairment
Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment
for the Group\u2019s development assets include:
\u2013 downward revisions of reserve estimates;
\u2013 increases in cost estimates for development projects; or
\u2013 a decrease in the oil price or other negative changes in market conditions.
Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of
impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its
fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset,
no value-in-use calculation is performed.
If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is
calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for
impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the
asset into a CGU for further impairment tests.
If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made.
Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has
been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In
reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the
carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years.
Decommissioning
At the end of the producing life of a field, costs are incurred in plugging and abandoning wells, removing subsea installations and
decommissioning production facilities. Capricorn recognises the full discounted cost of decommissioning as an asset and liability
when the obligation to rectify environmental damage arises. The decommissioning asset is included within property, plant &
equipment \u2013 development/producing assets with the cost of the related installation. The liability is included within provisions.
Revisions to the estimated costs of decommissioning which alter the level of the provisions required are also reflected in
adjustments to the decommissioning asset. The amortisation of the asset is calculated on a unit-of-production basis based on
proved and probable reserves. The amortisation of the asset is included in the depletion charge in the Income Statement and
the unwinding of discount of the provision is included within finance costs.
Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued
2.3 Property, Plant & Equipment \u2013 Development/Producing Assets continued
Egypt
US$m
UK
producing
assets
US$m
UK producing
right-of-use
leased assets
US$m
Total
US$m
Cost
At 1 January 2021 \u2013 1 ,17 7.7 316.3 1,494.0
Acquisitions through business combinations 390.2 \u2013 \u2013 390.2
Additions 14.9 \u2013 \u2013 14.9
Disposals \u2013 (1,177.7 ) (316.3) (1,494.0)
At 31 December 2021 405.1 \u2013 \u2013 405.1
Additions 71.5 \u2013 \u2013 71.5
Other cost adjustments (29.2) \u2013 \u2013 (29.2)
At 31 December 2022 447.4 \u2013 \u2013 447.4
Depletion, amortisation and impairment
At 1 January 2021 \u2013 517.0 127. 2 644.2
Depletion charge \u2013 continuing operations 31.2 \u2013 \u2013 31.2
Depletion and amortisation charges \u2013 discontinued operations \u2013 27.1 8.2 35.3
Disposals \u2013 (544.1) (135.4) (679.5)
At 31 December 2021 31.2 \u2013 \u2013 31.2
Depletion charge 124.1 \u2013 \u2013 124.1
Impairment 42.6 \u2013 \u2013 42.6
At 31 December 2022 197.9 \u2013 \u2013 197.9
Net book value
At 31 December 2020 \u2013 660.7 189.1 849.8
At 31 December 2021 373.9 \u2013 \u2013 373.9
At 31 December 2022 249.5 \u2013 \u2013 249.5
Egypt
Capricorn acquired its development/producing assets in Egypt through a business combination in 2021 (see note 6.3). Subsequent
expenditure on development activities across the concessions totalled US$14.9m in 2021 and US$75.1m in 2022. The 2022 other cost
adjustments of US$29.2m relate to the reversal of accruals which were included in the acquisition costs of assets in 2021. The seller has
not provided sufficient information to allow the new operator to reconcile the reversal of those accruals back to subsequent costs.
Capricorn have therefore reversed those accruals at the year end.
The 2021 acquisition was funded through a combination of cash and borrowings, with further deferred consideration due on future oil
prices. Subsequent additions have been funded through cash and working capital.
Depletion of US$124.1m (2021: US$31.2m) was charged to the Income Statement based on entitlement interest production during the
year (2021: from 24 September 2021 to the end of the year). The costs for depletion include future capital costs-to-complete consistent
with the life-of-field reserve estimates used in the calculation.
Impairment review
The Group\u2019s development/producing assets in Egypt were reviewed for indicators of impairment. Indicators were identified where
performance from producing wells had fallen below expectation resulting in downgrades to reserve volumes. Subsequent impairment
tests identified an impairment of US$42.6m across two of the Egypt concession areas, AESW and Obaiyed. Impairment sensitivity
analysis is provided in note 2.7.
UK Producing asset disposals
On 8 March 2021, Capricorn entered into an agreement to sell its entire interests in the UK Catcher and Kraken producing assets. The sale
completed on 2 November 2021 (see note 6.1). At the date of the agreement, assets were re-classified as held-for-sale before the disposal
completed. US$35.3m of amortisation and depletion charges were recorded on the assets prior to re-classification.
Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued 2.4 Goodwill Egypt US$m At 1 January 2021 \u2013 Goodwill arising on acquisition 25.4 At 31 December 2021 and 31 December 2022 25.4 Goodwill arose on the acquisition of the Western Desert assets in Egypt in 2021 (see note 6.3). There were no subsequent measurement period adjustments to the original acquisition accounting. Goodwill has been tested for impairment at 31 December 2022 but no impairment was identified. Impairment sensitivity analysis is provided in note 2.7. 2.5 Other Property, Plant & Equipment and Intangible assets Carbon credits US$m Intangible assets US$m Property, plant & equipment US$m Right-of-use assets US$m Total US$m Cost At 1 January 2021 \u2013 36.5 10.4 9.3 56.2 Additions \u2013 0.9 0.4 \u2013 1.3 At 31 December 2021 \u2013 37.4 10.8 9.3 57.5 Additions 6.8 3.9 \u2013 3.5 14.2 At 31 December 2022 6.8 41.3 10.8 12.8 71.7 Depreciation and amortisation At 1 January 2021 \u2013 30.4 10.0 4.3 44.7 Charge for the year \u2013 4.8 0.3 2.0 7.1 At 31 December 2021 \u2013 35.2 10.3 6.3 51.8 Charge for the year \u2013 3.5 0.3 2.0 5.8 At 31 December 2022 \u2013 38.7 10.6 8.3 57.6 Net book value At 31 December 2020 \u2013 6.1 0.4 5.0 11.5 At 31 December 2021 \u2013 2.2 0.5 3.0 5.7 At 31 December 2022 6.8 2.6 0.2 4.5 14.1 During the year, the Group invested US$6.8m in high-quality, verified carbon credits, which will be used to offset the Group\u2019s future emissions from its operations in Egypt, in order to achieve its net zero targets. For more details see TCFD Reporting, on pages 180 to 184. None of the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. 2.6 Capital Commitments At 31 December 2022 US$m At 31 December 2021 US$m Oil and gas expenditure: Intangible exploration/appraisal assets 36.0 71.8 Property, plant & equipment \u2013 development/producing assets 114.0 93.7 Contracted for 150.0 165.5 Capital commitments represent Capricorn\u2019s share of obligations in relation to its interests in joint operations. These commitments include Capricorn\u2019s share of the capital commitments of the joint operations themselves. The capital commitments for intangible exploration/appraisal assets include US$17.2m (2021: US$23.5m) in Egypt, US$0.5m (2021: US$34.4m) for operations in the UK and US$18.3m (2021: US$11.1m) for remaining commitments in Mexico. As at 31 December 2022, the capital commitments for property, plant & equipment \u2013 development/producing assets were solely related to Egypt operations. There were no short-term lease commitments at the 2022 balance sheet date (2021: US$nil). Section 2 \u2013 Oil and Gas Assets, Operations and Other Non-Current Assets continued 2.7 Impairment Sensitivity Analysis Capricorn recorded an impairment of US$42.6m on the Obaiyed and AESW concession areas. Impairment sensitivity analysis has been performed of the Group\u2019s long-term oil price and discount rate assumptions with results presented below. Changes arising on the change of assumptions relate to the AESW and Obaiyed concessions only. No impairment arises on any of the other Egypt concession areas or on goodwill under any of the sensitivities performed. Changes to other assumptions used to calculate the recoverable value of the Group\u2019s Egypt assets have no significant impact on the impairment charge. Property, plant & equipment \u2013 Development/producing assets Impairment charge (increase)/ decrease US$m Deferred tax credit/(charge) on change US$m Net Income Statement impact US$m Long-term oil price: US$55/bbl (14.2) 5.8 (8.4) US$65/bbl 10.0 (4.1) 5.9 US$70/bbl 22.3 (9.0) 13.3 Discount rate: 12% (7.8) 3.2 (4.6) 14% (12.9) 5.2 (7.7) Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities This section includes detail on the Group\u2019s loan facilities, movements in lease liabilities and financial assets and liabilities at the year-end. The Group\u2019s financial risk management objectives and policies are also contained in this section. Significant accounting judgements and key estimates and assumptions in this section: India tax refund receivable The Group recorded the tax refund due from India as a receivable at the prior year end (see note 4.8). Financial assets at fair value through profit or loss \u2013 Earnout consideration Under the sales agreement for the disposal of the Group\u2019s UK producing assets, Capricorn is entitled to earnout consideration from the purchaser calculated on a share of future production through to 2025 on revenue in excess of US$52/bbl. The earnout consideration is dependent on minimum annual future production levels being achieved. Capricorn have obtained market values for the oil price option subsequently adjusting for expected credit loss provisions. 3.1 Cash and Cash Equivalents At 31 December 2022 US$m At 31 December 2021 US$m Cash at bank 63.4 84.8 Bank deposit less than three months 298.0 \u2013 Money market funds 395.4 229.3 756.8 314.1 At 31 December 2022, US$52.5m (2021: US$8.9m) of cash and cash equivalents are restricted and not available for immediate ordinary business use. This includes US$43.5m (2021: US$8.9m) of cash and cash equivalents in Egypt. Cash and cash equivalents earn interest at floating rates. Short-term investments are made for varying periods, which can be as short as instant access but generally not more than three months, depending on the cash requirements of the Group. At 31 December 2022 Capricorn had invested surplus funds into money market funds and short-term bank deposits. These meet the criteria of cash and cash equivalents. Capricorn limits the placing of funds and other investments to banks or financial institutions that have ratings of A- or above from at least two of Moody\u2019s, Standard & Poor\u2019s or Fitch, unless a sovereign guarantee is available from a AAA--rated government. The counterparty limits vary between US$50.0m and US$200.0m depending on the ratings of the counterparty. No investments are placed with any counterparty with a five-year credit default swap exceeding 250 bps. Investments in money market liquidity funds are only made with AAA-rated liquidity funds and the maximum holding in any single fund is 20% of total investments. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.2 Loans and Borrowings Reconciliation of opening and closing liabilities to cash flow movements: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Opening liabilities 177.0 \u2013 Loan advances in the year disclosed in the Cash Flow Statement: Senior Debt Facility \u2013 141.4 Junior Debt Facility \u2013 40.0 \u2013 181.4 Loan repayments in the year disclosed in the Cash Flow Statement: Senior Debt Facility (21.5) \u2013 Other movements in Cash Flow Statement: Debt arrangement fees _ (4.6) Non-cash movements: Accrued debt facility interest 2.2 \u2013 Amortisation of debt arrangement fees 0.9 0.2 Closing liabilities 158.6 17 7.0 Amounts due less than one year 25.4 10.9 Amounts due greater than one year 133.2 166.1 Closing liabilities 158.6 17 7.0 Capricorn Egypt Debt Facilities In September 2021 Capricorn Egypt Limited entered into a US$325.0m Senior Debt Facility and an US$80.0m Junior Debt Facility jointly with Cheiron, the joint operation partner in Egypt, to finance the acquisition of the Egyptian Western Desert Portfolio. The facility commitments are split 50:50 with Cheiron. An accordion feature on the Senior Facility permits additional future commitments of up to US$200.0m subject to the amortisation of investor commitments. Facility commitments began amortising in September 2022 and the maximum drawdown available to Capricorn at 31 December 2022 was US$119.9m for the Senior Debt Facility and US$40.0m for the Junior Debt Facility. Interest on debt drawn is charged at the appropriate LIBOR for the currency drawn plus an applicable margin. The Senior Debt Facility remains subject to biannual redeterminations, has a market standard suite of covenants and is cross-guaranteed by all Group companies party to the facility, including Cheiron. Any debt drawn is repayable in line with the amortisation of bank commitments over the period from September 2022 to the extended final maturity date of September 2026. All drawings in the year were denominated in US$. With effect from 1 July 2023, it is intended that the Secured Overnight Financing Rate (SOFR) will replace LIBOR as the benchmark for calculating interest on the two facilities. The rate of interest on borrowings will be the aggregate of the reference rate, margin and a credit adjustment spread, whereby the reference rate will be the applicable Term SOFR for a period equal in length to the interest period of the loan. 3.3 Inventory 31 December 2022 US$m 31 December 2021 US$m Spare parts \u2013 Egypt concessions 8.1 10.8 Spare parts inventories in Egypt are maintained by Bapetco on behalf of the operator Cheiron. Inventory is held at net realisable value, measured at cost less provisions for obsolescence, based on the age of the items held. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.4 Trade and Other Receivables Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt, acquired during 2021, royalty payments receivable from producing fields in Mongolia and previously from oil and gas sales from UK producing assets disposed of during 2021. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables of the joint arrangements themselves. Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value and subsequently recorded at amortised cost. A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date. Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit losses are provided. For trade receivables a lifetime credit loss is recognised on initial recognition where material. Prepayments, which are not financial assets, are measured at historic cost. At 31 December 2022 US$m At 31 December 2021 US$m India tax refund receivable \u2013 1,070.7 Trade receivables 96.9 63.3 Other receivables 19.6 14.0 Prepayments 5.3 7.8 Joint operation receivables 20.7 55.4 142.5 1,211.2 The India tax refund receivable of US$1,070.7m was settled in February 2022, see note 4.8. Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC and the operator to manage the receivables position. Trade receivables are initially recorded at fair value, adjusting for expected credit losses, and subsequently measured at amortised cost. Revenue is recognised at the point in time where title passes to the customer and payment becomes unconditional. The fair value measurement of revenue for oil and gas sales in Egypt includes adjustments to invoiced quantities for expected entitlement share adjustments. Other receivables balance of US$19.6m (2021: US$14.0m) includes interventure receivables of US$9.1m (2021: US$7.7m), VAT recoverable in the UK and Mexico of US$4.4m (2021: US$3.5m) and money market interest receivable of US$3.3m (2021: US$1.5m). Reconciliation of opening and closing receivables to operating cash flow movements: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Opening trade and other receivables 1,211.2 74.6 Closing trade and other receivables (142.5) (1,211.2) Decrease/(Increase) in trade and other receivables 1,068.7 (1,136.6) Foreign exchange (17.3) 0.2 India tax refund (received)/receivable (1,056.0) 1,070.7 Decrease in joint operation receivables relating to investing activities (27.7) (1.3) (Decrease)/Increase in other receivables relating to investing activities (8.7) 0.2 Increase in prepayments relating to investing activities 0.6 2.7 Increase/(Decrease) in prepayments and other receivables relating to financing activities 1.7 (7.4) Trade and joint operation receivables derecognised on disposal of the UK assets \u2013 (57.4) Trade and other receivables recognised on purchase of Egypt assets (note 6.3) \u2013 58.1 Trade and other receivables cash flow movement (38.7) (70.8) The movements in joint operation receivables relating to investing activities relate to the Group\u2019s share of the receivables of joint operations in respect of exploration, appraisal and development activities. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.5 Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss Financial assets At 31 December 2022 US$m At 31 December 2021 US$m Non-current assets Financial assets at fair value through profit or loss \u2013 earnout consideration 89.7 113.5 Financial assets at fair value through profit or loss \u2013 non-listed investment fund 6.5 6.9 96.2 120.4 Current assets Financial assets at fair value through profit or loss \u2013 earnout consideration 134.4 75.8 Financial assets at fair value through profit or loss \u2013 listed equity investments \u2013 10.8 134.4 86.6 Financial assets at fair value through profit or loss \u2013 Earnout consideration The fair value of earnout consideration receivable, due in annual instalments from 2023 through to 2026, increased by US$110.4m during 2022 to a closing fair value receivable of US$224.1m in the Balance Sheet as at 31 December 2022. The 2021 current receivable of US$75.8m relating to 2021 production was settled during the year. See note 6.1 for further detail. On 31 March 2023, Capricorn received US$136.7m in full settlement of the 2022 earnout consideration due with interest from 1 January 2023 of US$2.3m. Financial assets at fair value through profit or loss \u2013 Listed equity investments In 2021, Capricorn invested US$6.9m into a non-listed trust in India and with a minimum investment period of five years, this is recorded as a non-current financial asset and measured at fair value. In March 2022, the Group sold its remaining shareholding in Vedanta, listed in India, for INR968m (US$12.7m). Financial liabilities At 31 December 2022 US$m At 31 December 2021 US$m Non-current liabilities Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination (36.8) (49.1) (36.8) (49.1) Current liabilities Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination (25.0) (20.9) (25.0) (20.9) Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination Deferred consideration is due to Shell following the Egypt business combination in 2021. Amounts due are determined by the average annual dated Brent oil price for each year up to 2024, with a maximum US$25.0m due for each year if the average price exceeds US$75/bbl. The full US$25.0m was payable in respect of 2022 and was settled in January 2023. The fair value of the liability in respect of remaining years is based on third-party mark-to-market valuations. During the year, the Group made a loss of US$12.7m (2121: US$7.2m) on fair value movements increasing the liability. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.6 Trade and Other Payables Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. At 31 December 2022 US$m At 31 December 2021 US$m Trade payables 1.5 1.6 Other taxation and social security 1.9 0.2 Accruals and other payables 21.6 59.5 Joint operation payables 30.7 90.9 55.7 152.2 The reduction in accruals and other payables are mainly due to a balance of US$20.2m paid for the share re-purchase, see note 7.1. Joint operation payables include US$18.3m (2021: US$30.0m) and US$12.1m (2021: US$0.5m) relating to exploration/appraisal asset and development/producing asset costs respectively. The decrease in joint operation payables for development/production assets at the balance sheet date compared to the prior year was due to payables of US$60.3m at 31 December 2021 relating to the newly acquired production/development assets in Egypt. Reconciliation of opening and closing payables to operating cash flow movements: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Opening trade and other payables (152.2) (91.6) Closing trade and other payables 55.7 152.2 (Decrease)/Increase in trade and other payables (96.5) 60.6 Foreign exchange 3.4 \u2013 Decrease in trade payables relating to investing activities 0.5 \u2013 Decrease/(Increase) in joint operation payables relating to investing activities 61.6 (16.4) Decrease/(Increase) in accruals and other payables relating to other non-operating activities 18.7 (19.0) Decrease in accruals and other payables relating to investing activities 3.0 1.2 Increase in accruals and other payables relating to financing activities (0.5) (0.6) Trade and other payables derecognised on disposal of the UK assets \u2013 22.2 Joint operation payables recognised on purchase of Egypt assets (note 6.3) \u2013 (59.5) Trade and other payables movement recorded in operating cash flows (9.8) (11.5) Movements above for investing activities relate to exploration, appraisal and development activities through the Group\u2019s joint operations. Movements relating to production activities are included in amounts through operating cash flows. The movement in accruals and other payables relating to other non-operating activities is in relation to the share re-purchase. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.7 Financial Instruments Below is the comparison by category of carrying amounts and fair values of all the Group\u2019s financial instruments that are carried in the Financial Statements. Financial assets Carrying amount and fair value At 31 December 2022 US$m At 31 December 2021 US$m Financial assets at amortised cost Cash and cash equivalents 756.8 314.1 Trade receivables 96.9 63.3 Other receivables 19.6 14.0 Joint operation receivables 14.1 38.4 Financial assets at fair value through profit or loss Earnout consideration 224.1 189.3 Listed equity shares \u2013 10.8 Non-listed investment fund 6.5 6.9 1,118.0 636.8 Due to the short-term nature of financial assets held at amortised cost, their carrying amount is considered to be the same as their fair value. There are no material impairments of financial assets held on the Balance Sheet at either 31 December 2022 or 2021. Maturity analysis of financial assets All financial assets at amortised costs are expected to mature within 12 months. The expected financial maturity of the Group\u2019s financial assets at fair value through profit or loss at 31 December 2022 is as follows: <1 year US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial assets at fair value through profit or loss Earnout consideration 134.4 52.9 36.8 \u2013 Non-listed investment fund \u2013 \u2013 6.5 \u2013 134.4 52.9 43.3 \u2013 The expected financial maturity of the Group\u2019s financial assets at fair value through profit or loss at 31 December 2021 was as follows: <1 ye a r US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial assets at fair value through profit or loss Earnout consideration 75.8 53.7 59.8 \u2013 Listed equity shares 10.8 \u2013 \u2013 \u2013 Non-listed investment fund \u2013 \u2013 6.9 \u2013 86.6 53.7 66.7 \u2013 Financial liabilities Carrying amount and fair value At 31 December 2022 US$m At 31 December 2021 US$m Financial liabilities at amortised cost Trade payables 1.5 1.6 Accruals and other payables 21.6 59.5 Joint operation payables 30.7 90.9 Lease liabilities 4.3 3.7 Loans and borrowings 158.6 177.0 Financial liabilities at fair value Deferred consideration on business combinations 61.8 70.0 278.5 402.7 The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.7 Financial Instruments continued Financial liabilities continued Maturity analysis of financial liabilities The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2022 is as follows: <1 year US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial liabilities at amortised cost Trade payables 1.5 \u2013 \u2013 \u2013 Accruals and other payables 21.6 \u2013 \u2013 \u2013 Joint operation payables 30.7 \u2013 \u2013 \u2013 Lease liabilities 1.9 0.8 1.6 \u2013 Loans and borrowings 25.4 42.1 91.1 \u2013 Financial liabilities at fair value Deferred consideration on business combinations 25.0 36.8 \u2013 \u2013 106.1 79.7 92.7 \u2013 The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2021 was as follows: <1 ye a r US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial liabilities at amortised cost Trade payables 1.6 \u2013 \u2013 \u2013 Accruals and other payables 59.5 \u2013 \u2013 \u2013 Joint operation payables 90.9 \u2013 \u2013 \u2013 Lease liabilities 2.4 1.3 \u2013 \u2013 Loans and borrowings 10.9 47.2 118.9 \u2013 Financial liabilities at fair value Deferred consideration on business combinations 20.9 49.1 \u2013 \u2013 186.2 97.6 118.9 \u2013 Fair value Capricorn holds a non-listed investment fund as a non-current financial asset at fair value through profit or loss. The Group determines and discloses the fair value by reference to the net asset valuation provided by ICICI bank \u2013 the custodian/fund accounting service provider for Vasuki India Fund. At 31 December 2022 US$m At 31 December 2021 US$m Assets measured at fair value \u2013 Level 1 Financial assets at fair value through profit or loss Listed equity shares \u2013 10.8 Assets measured at fair value \u2013 Level 2 Financial assets at fair value through profit or loss Earnout consideration 224.1 189.3 Non-listed investment fund 6.5 6.9 Liabilities measured at fair value \u2013 Level 2 Financial liabilities at fair value Deferred consideration on business combinations (58.9) (68.2) Liabilities measured at fair value \u2013 Level 3 Financial liabilities at fair value Deferred consideration on business combinations (2.9) (1.8) 168.8 137.0 Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.8 Financial Risk Management: Objectives and Policies The main risks arising from the Group\u2019s financial instruments are commodity price risk, liquidity risk, credit risk and foreign currency risk. The Board of Capricorn Energy PLC, through the Treasury Subcommittee, reviews and agrees policies for managing each of these risks and these are summarised below. The Group\u2019s Treasury function and Executive Team as appropriate are responsible for managing these risks, in accordance with the policies set by the Board. Management of these risks is carried out by monitoring of cash flows, investment and funding requirements using a variety of techniques. These potential exposures are managed while ensuring that the Company and the Group have adequate liquidity at all times in order to meet their immediate cash requirements. There are no significant concentrations of risks unless otherwise stated. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. The primary financial assets and liabilities comprise cash, short- and medium-term deposits, money market liquidity funds, listed equity shares, intra-group loans and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy has been to finance its operations through a mixture of retained profits, bank borrowings and other production-related streaming agreements. Other alternatives such as equity issues and other forms of non-investment-grade debt finance are reviewed by the Board, when appropriate. Commodity price risk Commodity price risk arises principally from the Group\u2019s Egyptian production, which could adversely affect revenue and debt availability due to changes in commodity prices. The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. Linked to production in the UK North Sea, the Group continued to hedge during 2021 in order to protect debt capacity and support committed capital programmes. No hedging of production in Egypt was in place at the year end, though this remains under review with Capricorn and the operator looking at hedging opportunities. Transacted derivatives are designated, where possible, in cash flow hedge relationships to minimise accounting income statement volatility. The Group is required to assess the likely effectiveness of any proposed cash flow hedging relationship and demonstrate that the hedging relationship is expected to be highly effective prior to entering into a hedging instrument and at subsequent reporting dates. Liquidity risk The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, supplemented by debt and equity financing plans and active portfolio management. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in asset production profiles and cost schedules. The Group runs various sensitivities on its liquidity position throughout the year. This includes scenarios forecasting a period of sustained low oil prices. Further details are noted in the Viability Statement provided on page 32. Details of the Group\u2019s debt facilities can be found in note 3.2. The Group is subject to semi-annual forecast liquidity tests as part of the facility agreements. The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements. Credit risk Credit risk arises from cash and cash equivalents, investments with banks and financial institutions, trade and other receivables and joint operation receivables. Customers and joint operation partners are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. At the year end, the Group\u2019s trade receivables primarily relates to amounts due from EGPC for oil and gas sales in Egypt. Amounts are recognised after providing for expected credit losses. Investment credit risk for investments with banks and other financial institutions is managed by the Group Treasury function in accordance with the Board-approved policies of Capricorn Energy PLC. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The limits are set to minimise the concentration of risks and therefore mitigate the risk of financial loss through counterparty failure. It is Capricorn\u2019s policy to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. Repayment of principal is the overriding priority and this is achieved by diversification and shorter maturities to provide flexibility. The Board continually re-assesses the Group\u2019s policy and updates as required. At the year end the Group does not have any significant concentrations of bad debt risk. As at 31 December 2022 the Group had investments with 21 counterparties (2021: 18) to ensure no concentration of counterparty investment risk. At 31 December 2022 the Group\u2019s investments were a combination of instant access and term deposits. At 31 December 2021 all of these investments were instant access. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date. Section 3 \u2013 Working Capital, Financial Instruments and Long-Term Liabilities continued 3.8 Financial Risk Management: Objectives and Policies continued Foreign currency risk Capricorn manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position. The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet. Where residual net exposures do exist and they are considered significant, the Company and Group may from time-to-time opt to use derivative financial instruments to minimise exposure to fluctuations in foreign exchange and interest rates. The following table demonstrates the sensitivity to movements in the US$:GBP exchange rate, with all other variables held constant, on the Group\u2019s monetary assets and liabilities. These are considered to be reasonably possible changes for the purposes of sensitivity analysis. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. At 31 December 2022 At 31 December 2021 Effect on profit before tax US$m Effect on equity US$m Effect on profit before tax US$m Effect on equity US$m 10% increase in GBP to US$ (17.9) (5.3) (18.5) (2.2) 10% decrease in GBP to US$ 17.9 5.3 18.5 2.2 Section 4 \u2013 Income Statement Analysis This section contains further Income Statement analysis, including segmental analysis, details of employee benefits payable in the year, finance income and finance costs. Significant accounting judgements in this section: Segmental disclosures and discontinued operations IFRS 8 \u2019Operating Segments\u2019 does not provide guidance as to whether segment disclosures apply to discontinued operations. For the comparative period, Capricorn has presented segmental disclosures inclusive of the results of the discontinued operations relating to the UK producing assets, Catcher and Kraken. The current year movements, largely relating to fair value movements on the earnout consideration due, are included within the \u2019Other Capricorn Energy Group\u2019 segment. Key estimates and assumptions in this section: There are several key estimates and assumptions used in the calculation of the Group\u2019s share-based payment charges. These are detailed in note 4.4 (b). 4.1 Segmental Analysis Operating segments Capricorn had three reporting segments during 2022; Egypt, Eastern and Western assets. The Egypt segment was added following the acquisition in 2021. The Eastern operating segment includes costs associated with interests in Mauritania. The Western segment holds continuing UK North Sea exploration interests, Mexico and Suriname. The Board monitored the results of each segment separately for the purposes of making decisions about resource allocation and performance assessment. The Other Capricorn Energy Group segment exists to accumulate the activities and results of the Parent and other holding companies together with other unallocated expenditure and net assets/liabilities including amounts of a corporate nature not specifically attributable to any of the business units. Non-current assets as analysed on a segmental basis consist of: intangible exploration/appraisal assets; property, plant & equipment \u2013 development/producing assets; goodwill; and other property, plant & equipment and intangible assets. Geographical information: non-current assets At 31 December 2022 US$m At 31 December 2021 US$m Egypt 303.3 403.0 Eastern 39.3 28.9 Mexico 0.6 38.8 UK 12.1 12.4 Suriname 17.1 15.6 Western 29.8 66.8 Other Capricorn Energy Group 11.9 4.6 Total non-current assets 384.3 503.3 Section 4 \u2013 Income Statement Analysis continued 4.1 Segmental Analysis continued Operating segments continued The segment results for the year ended 31 December 2022 are as follows: Egypt US$m Eastern US$m Western US$m Other Capricorn Energy Group US$m Total US$m Revenue 228.9 \u2013 \u2013 0.7 229.6 Other income 54.8 \u2013 \u2013 \u2013 54.8 Cost of sales (71.2) \u2013 \u2013 \u2013 (71.2) Depletion and amortisation charges (124.1) \u2013 \u2013 \u2013 (124.1) Gross profit 88.4 \u2013 \u2013 0.7 89.1 Pre-award costs (2.8) \u2013 (0.8) (5.6) (9.2) Unsuccessful exploration costs 0.6 (0.1) (94.0) \u2013 (93.5) Impairment of property, plant & equipment \u2013 development/producing assets (42.6) \u2013 \u2013 \u2013 (42.6) Other operating income and expenses 4.0 \u2013 \u2013 1.8 5.8 Depreciation \u2013 purchased assets \u2013 \u2013 \u2013 (0.3) (0.3) Amortisation \u2013 right-of-use assets (0.1) \u2013 (0.1) (1.8) (2.0) Amortisation of other intangible assets \u2013 \u2013 (0.3) (3.2) (3.5) Other administrative expenses (0.8) \u2013 (1.5) (56.9) (59.2) Operating profit/(loss) 46.7 (0.1) (96.7) (65.3) (115.4) Fair value loss \u2013 deferred consideration (12.7) \u2013 \u2013 \u2013 (12.7) Gain on financial assets at fair value through profit or loss \u2013 \u2013 \u2013 2.3 2.3 Finance income 0.3 \u2013 2.3 13.1 15.7 Finance costs (21.7) \u2013 2.9 0.6 (18.2) Profit/(Loss) before tax from continuing operations 12.6 (0.1) (91.5) (49.3) (128.3) Tax charge (31.8) \u2013 \u2013 (0.2) (32.0) Loss for the year from continuing operations (19.2) (0.1) (91.5) (49.5) (160.3) Profit from discontinued operations \u2013 \u2013 \u2013 109.3 109.3 (Loss)/Profit attributable to equity holders of the Parent (19.2) (0.1) (91.5) 59.8 (51.0) Balances as at 31 December 2022: Capital expenditure 64.8 10.5 57.4 10.7 143.4 Total assets 478.7 40.0 278.0 732.6 1,529.3 Total liabilities 272.7 1.2 16.5 24.3 314.7 Non-current assets 303.3 39.3 29.8 11.9 384.3 Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore The Arab Republic of Egypt. 90% of revenue related to sales to a single customer. All transactions between segments are carried out on an arm\u2019s length basis. Section 4 \u2013 Income Statement Analysis continued 4.1 Segmental Analysis continued Operating segments continued The segment results for the year ended 31 December 2021 were as follows: Egypt US$m Eastern US$m Western US$m UK producing assets US$m Other Capricorn Energy Group US$m Group adj for segments US$m Total US$m Revenue 56.2 \u2013 \u2013 411.8 0.9 (411.8) 57.1 Other income 7.3 \u2013 \u2013 \u2013 \u2013 \u2013 7. 3 Cost of sales (20.5) \u2013 \u2013 (103.8) \u2013 103.8 (20.5) Depletion and amortisation charges (31.2) \u2013 \u2013 (35.3) \u2013 35.3 (31.2) Gross profit 11.8 \u2013 \u2013 272.7 0.9 (272.7) 12.7 Pre-award costs (0.9) \u2013 (1.7) \u2013 (13.2) \u2013 (15.8) Unsuccessful exploration costs (2.9) (18.2) (29.5) \u2013 \u2013 \u2013 (50.6) Impairment of intangible exploration/appraisal assets \u2013 \u2013 (19.6) \u2013 \u2013 \u2013 (19.6) Impairment of disposal group property plant & equipment \u2013 development/producing assets \u2013 \u2013 \u2013 (56.0) \u2013 56.0 \u2013 Other operating income \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Depreciation \u2013 purchased assets \u2013 \u2013 (0.1) \u2013 (0.2) \u2013 (0.3) Amortisation \u2013 right-of-use assets \u2013 \u2013 (0.1) \u2013 (1.9) \u2013 (2.0) Amortisation of other intangible assets (0.1) \u2013 (0.2) \u2013 (4.5) \u2013 (4.8) Other administrative expenses (0.1) \u2013 (0.5) \u2013 (50.5) \u2013 (51.1) Operating profit/(loss) 7.8 (18.2) (51.7) 216.7 (68.8) (216.7) (130.9) Exceptional income \u2013 India tax refund \u2013 \u2013 \u2013 \u2013 1,070.7 \u2013 1,070.7 Fair value loss \u2013 deferred consideration (7.2) \u2013 \u2013 \u2013 \u2013 \u2013 ( 7.2) (Loss)/Gain on financial assets at fair value through profit or loss \u2013 \u2013 \u2013 (8.1) 5.5 8.1 5.5 Finance income \u2013 \u2013 (0.7) \u2013 5.2 \u2013 4.5 Finance costs (3.1) \u2013 (54.7) (9.8) (11.1) 9.8 (68.9) (Loss)/Profit before tax from continuing operations (2.5) (18.2) (107.1) 198.8 1,001.5 (198.8) 873.7 Tax charge (4.2) \u2013 \u2013 \u2013 \u2013 \u2013 (4.2) (Loss)/Profit for the year from continuing operations (6.7) (18.2) (107.1) 198.8 1,001.5 (198.8) 869.5 Loss on disposal of discontinued operations \u2013 \u2013 \u2013 (173.8) \u2013 173.8 \u2013 Profit from discontinued operations \u2013 \u2013 \u2013 \u2013 \u2013 25.0 25.0 (Loss)/Profit attributable to equity holders of the Parent (6.7) (18.2) (107.1) 25.0 1,001.5 \u2013 894.5 Balances as at 31 December 2021: Capital expenditure 437.2 12.2 60.9 5.8 1.1 (5.8) 511.4 Total assets 525.3 29.4 289.6 \u2013 1,402.1 \u2013 2,246.4 Total liabilities 367.7 1.9 33.3 \u2013 44.9 \u2013 4 47.8 Non-current assets 403.0 28.9 66.8 \u2013 4.6 \u2013 503.3 All revenue from UK producing assets is attributable to the sale of oil and gas produced in the UK, from assets that were disposed of on 2 November 2021. Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore The Arab Republic of Egypt, for the period from 24 September 2021 to 31 December 2021. 91% of revenue related to sales to a single customer. As at 31 December 2021, the capital expenditure balance in the Egypt segment includes property, plant & equipment \u2013 development/ producing assets recognised at the acquisition date of US$390.2m. All transactions between the segments are carried out on an arm\u2019s length basis. Section 4 \u2013 Income Statement Analysis continued 4.2 Pre-Award Costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Egypt 2.8 0.9 Western 0.8 1.7 Other 5.6 13.2 9.2 15.8 Pre-award costs represent time costs, legal fees and other direct charges incurred in pursuit of new opportunities in regions which complement the Group\u2019s current licence interests and risk appetite. Other pre-award costs relate to new opportunities outside the current regions of the business. 4.3 Administrative and Other Expenses Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Administrative expenses \u2013 recurring departmental expenses and corporate projects 51.9 43.4 Administrative expenses \u2013 Indian tax arbitration costs 13.1 9.9 Other expenses \u2013 costs incurred on business combination \u2013 4.9 65.0 58.2 Included within current-year corporate projects are costs of US$8.1m relating to corporate transactions subsequently terminated. 4.4 Employee Benefits: Staff Costs, Share-Based Payments and Directors\u2019 Emoluments a) Staff costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Wages and salaries 31.1 33.3 Social security costs 7.8 3.1 Redundancy costs 0.6 0.1 Other pension costs 2.6 2.7 Share-based payments 10.5 10.2 52.6 49.4 Staff costs are shown gross before amounts recharged to joint operations. The share-based payments charge represents amounts in respect of equity-settled options. The monthly average number of full-time equivalent employees, including Executive Directors and individuals employed by the Group working on joint operations was: Number of employees Monthly average 2022 Monthly average 2021 Continuing operations: UK 186 178 Egypt 17 1 Mexico 7 7 210 186 Section 4 \u2013 Income Statement Analysis continued 4.4 Employee Benefits: Staff Costs, Share-Based Payments and Directors\u2019 Emoluments continued b) Share-based payments Income statement charge Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Included within gross staff costs (continuing operations): SIP 1.5 1.4 LTIP 7.4 7. 3 Employee Share Scheme 1.6 1.5 10.5 10.2 Details of those awards with a significant impact on the results for the current and prior year are given below, together with a summary of the remaining awards. Share-based payment schemes and awards details The Group operates a number of share award schemes for the benefit of its employees. The number of share awards made by the Company during the year is given in the table below, together with their weighted average fair value (WAFV) and weighted average grant or exercise price (WAGP/WAEP): Year ended 31 December 2022 Year ended 31 December 2021 WAFV \u00a3 WAGP/ WAEP \u00a3 Number of shares WAFV \u00a3 WAGP/ WAEP \u00a3 Number of shares SIP \u2013 free shares 1.97 1.97 355,020 1.70 1.70 344,908 SIP \u2013 matching shares 2.14 2.14 247,763 1.77 1.77 258,432 LTIP 1.08 1.96 7,475,459 0.78 1.81 8,102,636 Employee Share Scheme 1.33 1.96 1,290,742 0.93 1.81 1,378,373 9,368,984 10,084,349 The awards existing under the LTIP with the weighted average grant price (WAGP) are as follows: 2022 2021 Number of shares WAGP \u00a3 Number of shares WAGP \u00a3 At 1 January 29,580,589 1.71 25,817,970 1.72 Granted during the year 7,475,459 1.96 8,102,636 1.81 Exercised during the year (4,382,718) 2.06 (1,080,135) 2.07 Lapsed during the year (5,287,088) 1.71 (3,259,882) 1.92 At 31 December 27,386,242 1.72 29,580,589 1.71 The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2022 was 1.0 year (2021: 1.0 year). Included in the above are 1,083,247 of exercisable LTIP awards (2021: 1,708,123). No exercise price is payable in respect of LTIP awards. The awards existing under all share schemes other than the LTIP with the weighted average of the grant price, exercise price and notional exercise prices (WAGP/WAEP) are as follows: 2022 2021 Number of shares WAGP/WAEP \u00a3 Number of shares WAGP/WAEP \u00a3 At 1 January 10,701,372 1.79 10,605,095 1.80 Consolidation of shares \u2013 \u2013 (476,152) 1.78 Granted during the year 1,893,525 1.98 1,981,713 1.79 Exercised during the year (4,622,837) 1.88 (1,238,991) 1.91 Lapsed during the year (548,812) 1.75 (170,293) 1.70 At 31 December 7,423,248 1.79 10,701,372 1.79 The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2022 was 7.0 years (2021: 6.1 years). Included in the above are 874,146 of exercisable ESAS (2021: 1,753,329) and exercisable share options of 574,964 (2021: 2,428,892). No exercise price is payable in respect of ESAS; the share options had a range of exercise prices from \u00a31.54 to \u00a31.87. Section 4 \u2013 Income Statement Analysis continued 4.4 Employee Benefits: Staff Costs, Share-Based Payments and Directors\u2019 Emoluments continued b) Share-Based Payments continued Assumptions and inputs The fair value of the Capricorn Energy PLC LTIP scheme awards and the ESAS share awards were calculated using a Monte Carlo model. Awards in prior years were valued similarly. Vesting percentage is by reference to the market performance of the Company\u2019s TSR compared with a group of peer companies. Vesting percentages for LTIPs can be above 100%. For details on the vesting conditions attached to the LTIPs refer to the Directors\u2019 Remuneration Report on page 101. For the ESAS, 100% vesting occurs if the Company\u2019s TSR is in excess of the median of the comparator group, otherwise the ESAS will lapse in full. Capricorn Energy PLC share awards normally have a ten year life from the date of grant. Awards were exercised on a regular basis throughout the year, subject to the normal employee dealing bans imposed by the Company at certain times. The weighted average share price during the year was \u00a32.22 (2021: \u00a31.77). The main inputs to the models include the number of options, share price, leaver rate, trigger points, discount rate and volatility of share prices of the Company and the comparator group. \u2013 Leaver rate assumptions are based on past history of employees leaving the Company prior to options vesting and are revised to equal the number of options that ultimately vest. \u2013 Trigger points are based on the length of time after the vesting periods for awards in 2022; further details are below. \u2013 The risk-free rate is based on the yield on a zero-coupon government bond with a term equal to the expected term on the option being valued. \u2013 Volatility was determined as the annualised standard deviation of the continuously compounded rates of return on the shares of the Company and of a peer group of similar companies selected from the FTSE, as disclosed in the Directors\u2019 Remuneration Report on page 103, over a three-year period to the date of award. \u2013 No expected dividends were factored into the model as the Company customarily operates a share consolidation scheme which leaves the number of share awards unchanged before and after any dividend. The following assumptions and inputs apply: Scheme name Volatility Risk-free rate per annum Lapse due to withdrawals per annum SIP 0% 0% 5% LTIP 35% \u2013 44% 0.39% \u2013 1.31% 0% Employee Share Scheme 35% \u2013 44% 0.39% \u2013 1.31% 5% Employee exercise trigger point assumptions For 2022 awards, the assumption used for the Employee Share Scheme and the LTIP awards is that Executive Directors and employees will exercise 50% at the end of the two-year holding period, being the five-year anniversary date, and the remaining 50% on the six-year anniversary date. c) Directors\u2019 Emoluments and Remuneration of Key Management Personnel Details of each Director\u2019s remuneration, pension entitlements, share options and awards pursuant to the LTIP are set out in the Directors\u2019 Remuneration Report on pages 76 to 109. Directors\u2019 remuneration, their pension entitlements and any share awards vested during the year are provided in aggregate in note 8.9. Remuneration of key management personnel The remuneration of the Directors of the Company and of the members of the management and corporate teams who are the key management personnel of the Group is set out below in aggregate. Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Short-term employee benefits 3.9 4.9 Post-employment benefits 0.3 0.3 Share-based payments 2.3 2.4 6.5 7.6 In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were US$0.6m (2021: US$0.7m). Share-based payments shown above represent the cost to the Group of key management personnel\u2019s participation in the Company\u2019s share schemes, measured under IFRS 2. During 2022, 1,392,309 shares awarded to key management personnel vested under the LTIP (2021: 1,244,941) . Section 4 \u2013 Income Statement Analysis continued 4.5 Finance Income Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Bank and other interest receivable 15.0 0.2 Dividend income 0.3 \u2013 Other finance income 0.4 \u2013 Exchange gain \u2013 4.3 15.7 4.5 4.6 Finance Costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Loan interest 13.2 2.8 Facility fees amortisation 0.9 7.8 Other finance charges 1.2 3.3 Unwinding of discount \u2013 provisions 0.1 \u2013 Lease interest 0.2 0.3 Exchange loss 2.6 \u2013 Exchange loss recycled from Other Comprehensive Income \u2013 54.7 18.2 68.9 Loan interest of US$13.2m (2021: US$2.8m) was charged on the Egypt Junior and Senior Debt Facilities. The current year facility fees amortisation also relates to the Egypt facilities while the comparative includes US$7.5m of costs released from prepayments in respect to the Group\u2019s previous Reserve-Based Lending facility which was cancelled on completion of the sale of the two UK producing assets. The foreign exchange loss recycled from Other Comprehensive Income of US$54.7m in 2021, relating to historic translation losses, arose on the liquidation of two subsidiaries. Both subsidiaries were GBP functional and previously held interests in UK exploration assets. The first subsidiary incurred an exchange loss of US$39.4m, relating to an interest in the UK Kraken asset during the exploration phase. The second subsidiary had an exchange loss of US$15.3m, having previously held an interest in a UK exploration asset sold several years ago. 4.7 Earnings per Ordinary Share Basic and diluted earnings per share are calculated using the following measures of (loss)/profit: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m (Loss)/Profit and diluted (loss)/profit after taxation from continuing operations (160.3) 869.5 (Loss)/Profit and diluted (loss)/profit attributable to equity holders of the Parent (51.0) 894.5 The following reflects the share data used in the basic and diluted earnings per share computations: Number of shares 2022 \u2019000 Number of shares 2021 \u2019000 Weighted average number of shares 364,470 501,874 Less weighted average shares held by ESOP and SIP Trusts (7,313) (6,709) Basic weighted average number of shares 357,157 495,165 Potential dilutive effect of shares issuable under employee share plans: LTIP awards \u2013 10,666 Approved and unapproved plans \u2013 17 Employee share awards \u2013 2,874 Diluted weighted average number of shares 357,157 508,722 Potentially issuable shares not included above: LTIP awards 29,976 18,575 Approved and unapproved plans 1,124 2,298 Employee share awards 4,928 2,277 Number of potentially issuable shares 36,028 23,150 The 2022 share re-purchase programme reduced the weighted average number of shares (see note 7.1). 2022 potentially issuable shares were all anti-dilutive due to the loss on continuing operations for the year. Section 4 \u2013 Income Statement Analysis continued 4.8 Exceptional Income \u2013 India Tax Refund In November 2021, the Group entered into statutory undertakings with the Government of India in respect of new legislation enabling the refund of retrospective taxes collected from Capricorn in India by way of asset seizures since 2014. Under the new legislation Capricorn was required to withdraw its rights under the international arbitration award and cease enforcement action. Capricorn undertook all necessary steps under the legislation and the refund of taxes of INR79bn (approximately US$1.06bn) was received in February 2022. The Group recorded the tax refund due as exceptional income in the results for the year ending 31 December 2021 at the exchange rate prevailing at the year end, recognising an asset of US$1,070.7m. On receipt of the tax refund in February 2022, the Group immediately converted the Indian Rupee receipt into US$. After conversion, the US$ sums received were US$1,056.0m with an exchange loss of US$14.7m recorded which is included in the results for the year ended 31 December 2022. The presentation of the tax refund of US$1,070.7m in 2021 as exceptional income within profit or loss before taxation reflects that the asset seizures in 2014, enforced by the India Income Tax Department (IITD), resulted in an exceptional loss on disposal of those assets which was also recorded in profit or loss before taxation. Though the proceeds seized were allocated against retrospective tax assessments raised by the IITD, and that the tax collected has now been refunded, no tax charge was ever recorded in the Group Financial Statements, therefore the accounting treatment of the tax refund as a non-tax item is consistent with past disclosures. Section 5 \u2013 Taxation This section highlights the Group\u2019s taxation policies, including both the accounting policy and wider strategy and governance policies. Details can also be found on deferred tax liabilities and deferred tax assets existing at the year end and the current tax charge recorded on Egypt\u2019s taxable profits. Significant accounting judgements in this section: Recognition of deferred tax liabilities and tax charge on profits from Egypt concessions Under the Egypt concession agreements, each contractor\u2019s share of income tax due on taxable profit for the year is paid on the contractor\u2019s behalf by EGPC. However, the tax liability remains with the contractor to the point of settlement. Therefore, Capricorn has recognised deferred tax liabilities on the temporary taxable difference between the carrying value of non-current assets and their tax written down values. Capricorn also records a tax charge in the period for tax that is payable on the Group\u2019s share of profits from production in Egypt and records other income to reflect the settlement of this liability on the Group\u2019s behalf. The other income is recorded in gross profit, see note 2.1. Deferred taxation \u2013 Potential deferred tax assets on Egypt concessions At the year end Capricorn have reviewed whether deferred tax assets should be recognised and have assessed this both on the availability of future taxable profits over which the assets could be utilised and the carrying value of assets on the Balance Sheet at the year end. It was concluded that a deferred tax asset should be recognised in relation to two of the Egyptian concessions. Key estimates and assumptions in this section: In determining whether future taxable profits are available to recognise deferred tax assets, Capricorn uses the same economic models that are used for measuring the fair value of oil and gas assets. The key assumptions are therefore consistent with those detailed in section 2. Accounting policy The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Section 5 \u2013 Taxation continued 5.1 Tax Strategy and Governance The Group\u2019s tax strategy is fully aligned with its overarching business objectives and principles and applies to all taxes paid or borne by the Group. Capricorn aims to be a good corporate citizen, managing its tax affairs in a transparent and responsible manner in all the jurisdictions in which it operates, and seeks to build and maintain open and constructive relationships with all tax authorities. The Group is committed to transparency of tax contributions and other payments to governments and supports the Extractive Industries Transparency Initiative. Capricorn reports payments to governments in its Annual Report and Accounts as well as additional voluntary disclosures of taxes paid by the Group. Capricorn undertakes tax planning that supports the business and reflects commercial and economic activity. The Group\u2019s policy is to not enter into any artificial tax avoidance schemes but to build and maintain strong collaborative working relationships with all relevant tax authorities based on transparency and integrity. Capricorn aims for certainty in relation to the tax treatment of all items; however, it is acknowledged that this will not always be possible, for example where transactions are complex or there is a lack of maturity in the tax regime in the relevant jurisdiction in which the Group is operating. In such circumstances Capricorn will seek external advice where appropriate and ensure that the approach adopted in any relevant tax return includes full disclosure of the position taken. Capricorn may also seek to work directly with tax authorities to resolve uncertainties where the tax laws are unclear or complex. 5.2 Tax Charge on (Loss)/Profit for the Year Analysis of tax charge on (Loss)/Profit for the year Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Current tax charge: Overseas corporation taxes 55.0 7. 3 Total current tax charge on (loss)/profit from continuing operations 55.0 7. 3 Deferred tax (credit)/charge: Reversal of deferred tax charge on recognition of financial assets (0.1) 0.1 Deferred tax movement on non-current assets \u2013 Egypt (32.7) (3.2) Deferred tax charge on non-current assets \u2013 Egypt \u2013 prior year adjustment 9.8 \u2013 Deferred tax charge/(credit) from continuing operations (23.0) (3.1) Total tax charge on (loss)/profit from continuing operations 32.0 4.2 UK deferred tax charge 4.1 \u2013 Total deferred tax charge on profit from discontinued operations 4.1 \u2013 The current tax charge of US$55.0m includes tax of US$54.8m (period from 24 September 2021 to 31 December 2021: US$7.3m) which relates to taxable profits arising in Egypt. This tax is settled by EGPC on the Group\u2019s behalf. Factors affecting the tax charge for the year A reconciliation of the income tax charge applicable to the (loss)/profit before income tax to the UK statutory rate of income tax is as follows: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m (Loss)/Profit before tax from continuing operations (128.3) 873.7 (Loss)/Profit before tax multiplied by the UK statutory rate of corporation tax of 19% (2021: 19%) (24.4) 166.0 Effect of: Special tax rates and reliefs applying to oil and gas activities in the UK (25.5) (10.7) Special tax rates and reliefs applying to oil and gas activities in Egypt 18.6 3.0 Impact on deferred tax of adjustments in respect of prior years 9.8 \u2013 Temporary differences not recognised 41.1 26.0 Disposal of financial assets at fair value through profit or loss 0.2 \u2013 Permanent items (non-taxable)/non-deductible 6.9 23.4 India tax refund not subject to tax \u2013 (203.5) Group relief surrendered against profits/gains arising in discontinued operations 5.3 \u2013 Total tax charge on (loss)/profit from continuing operations 32.0 4.2 The reconciliation shown above has been based on the average UK statutory rate of corporation tax for 2022 of 19% (2021: 19%). The Finance Act 2021 was enacted on 10 June 2021 and increased the UK main rate of corporation tax from 19% to 25% with effect from 1 April 2023. The applicable UK statutory corporation tax rate applying to North Sea oil and gas activities is currently 40% (2021: 40%). A temporary Energy (Oil and Gas) Profits Levy of 25% was legislated in July 2022, effective from 26 May 2022. A further increase to 35% from 1 January 2023 was substantively enacted in November 2022. Section 5 \u2013 Taxation continued 5.2 Tax Charge on (Loss)/Profit for the Year continued Factors affecting tax charge for the year continued The applicable statutory tax rate applying to oil and gas activities in Egypt is currently 40.55% (2021: 40.55%). The applicable rates have been reflected in these financial statements as appropriate. The effect of temporary differences not recognised of US$41.1m (2021: US$26.0m) includes: \u2013 a US$33.8m (2021: US$15.4m) movement in the year in respect of the unrecognised deferred tax asset on UK ring fence corporation tax losses, energy (oil and gas) profits levy losses, supplementary charge tax and oil and gas investment allowances; \u2013 a US$(10.0)m (2021: US$(0.9)m) movement in the year in respect of unrecognised deferred tax assets on Egypt oil and gas assets and tax losses; \u2013 a US$4.7m (2021: US$9.5m) movement in the year in respect of UK tax losses and other temporary differences arising in the year on which no deferred tax asset was recognised; and \u2013 a US$12.6m (2021: US$2.0m) movement in the year in respect of overseas tax losses and other temporary differences arising in the year on which no deferred tax was recognised. The effect of permanent items non-deductible of US$6.9m (2021: US$23.4m) includes: \u2013 US$2.2m (2021: US$3.2m) in respect of share-based payment charges; \u2013 US$(5.1)m (2021: US$10.4m) predominantly in respect on non-taxable adjustments related to foreign exchange and tax relief on exercised share options; \u2013 US$9.3m (2021: US$2.2m) in respect of costs in Egypt considered non-deductible for tax purposes; \u2013 US$(3.4)m (2021: US$6.8m) in respect of overseas costs considered non-deductible/taxable; and \u2013 US$3.9m (2021: US$0.8m) in respect of other permanent items considered non-deductible. 5.3 Deferred Tax Assets and Liabilities Reconciliation of movement in deferred tax assets/(liabilities): Temporary difference in respect of non-current assets US$m Losses US$m Other temporary differences US$m Total US$m Deferred tax assets At 1 January 2021 (250.3) 191.5 58.8 \u2013 Deferred tax credit/(charge) through the Income Statement 250.3 (191.5) (58.8) \u2013 At 31 December 2021 \u2013 \u2013 \u2013 \u2013 Deferred tax credit through the Income Statement 7.1 \u2013 \u2013 7.1 At 31 December 2022 7.1 \u2013 \u2013 7.1 Deferred tax liabilities At 1 January 2021 \u2013 \u2013 \u2013 \u2013 Deferred tax (charge)/credit recognised on business combinations (52.5) 6.7 \u2013 (45.8) Deferred tax (charge)/credit through the Income Statement (11.7) 14.9 (0.1) 3.1 At 31 December 2021 (64.2) 21.6 (0.1) (42.7) Deferred tax credit/(charge) through discontinued operations \u2013 9.1 (13.2) (4.1) Deferred tax credit/(charge) through the Income Statement 32.5 (16.7) 0.1 15.9 At 31 December 2022 (31.7) 14.0 (13.2) (30.9) Deferred tax assets analysed by country: As at 31 December 2022 US$m As at 31 December 2021 US$m Egypt 7.1 \u2013 7.1 \u2013 Deferred tax liabilities analysed by country: As at 31 December 2022 US$m As at 31 December 2021 US$m Egypt (26.8) (42.6) UK (4.1) (0.1) (30.9) (42.7) Section 5 \u2013 Taxation continued 5.3 Deferred Tax Assets and Liabilities continued Recognised deferred tax assets Egypt Deferred tax assets of US$7.1m (2021: US$nil) have been recognised in respect of Egypt oil and gas non-current assets temporary differences of US$17.6m (2021: US$nil) on two concessions as future profits are expected to be available on those concessions to recover the value of the assets. In 2021, a deferred tax asset on Egypt tax losses of US$16.4m partially offset a deferred tax liability on temporary differences in respect of Egypt oil and gas assets on a single concession. Those tax losses were used in full during 2022. At the balance sheet date the Group has US$24.7m (2021: US$51.4m) temporary differences in respect of Egypt non-current assets and US$27.4m (2021: US$25.8m) Egypt tax losses which can be offset against future oil and gas profits in Egypt. No deferred tax asset has been recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods. UK As at the balance sheet date, a deferred tax asset has been recognised in respect of UK Ring Fence Corporation Tax (RFCT) losses and UK supplementary charge tax (SCT) losses of US$12.1m (2021: US$17.8m) only to the extent that it offsets in full a deferred tax liability on ring fence temporary differences in respect of non-current assets. No deferred tax asset has been recognised on other UK ring fence temporary differences of US$278.0m (2021: US$141.5m) relating to RFCT losses, US$274.1m (2021: US$69.8m) relating to SCT losses and US$609.5m (2021: US$642.0m) relating to oil and gas investment allowances and Energy Profits Levy (EPL) losses, as it is not considered probable that these amounts will be utilised in future periods. Deferred tax liabilities Egypt Deferred tax liabilities of US$26.8m (2021: US$42.6m) have been recognised across six concessions in respect of taxable temporary differences of US$66.0m (2021: US$121.5m) related to Egypt oil and gas non-current assets. No tax losses are available to offset these taxable temporary differences (2021: US$16.4m of Egypt tax losses offset taxable temporary differences, as noted above). UK A deferred tax liability of US$4.1m (2021: US$nil) has been recognised in respect of earnout consideration due in relation to the disposal of UK oil and gas producing assets. Unrecognised deferred tax assets No deferred tax asset has been recognised on the following as it is not considered probable that it will be utilised in future periods: At 31 December 2022 US$m At 31 December 2021 US$m UK fixed asset temporary differences 35.0 30.2 UK RFCT trading losses 278.0 141.5 UK SCT loss 274.1 69.8 UK other ring fence temporary differences 609.5 642.0 UK excess management expenses 354.9 386.3 UK non-trade deficits 80.6 72.6 UK temporary differences on share-based payments 39.5 30.3 UK disallowed tax interest expenses 19.9 19.9 UK temporary difference on financial asset held at fair value 0.5 \u2013 Egypt fixed asset temporary differences 24.7 51.4 Egypt ring fence corporation tax trading losses 27.4 25.8 Mexico tax losses and other temporary differences 196.5 136.1 Brazil tax losses \u2013 0.6 Israel temporary differences in respect of non-current assets \u2013 2.7 Mauritania fixed assets temporary differences 0.7 \u2013 Suriname fixed assets temporary differences 0.6 \u2013 Section 6 \u2013 Discontinued Operations and Business Combination This section contains details of the profit from discontinued operations in the year, primarily arising on earnout consideration due on the prior years disposal of the Group\u2019s UK producing assets, and details on the prior year acquisition of the business in Egypt. 6.1 Profit from Discontinued Operations Sale of Capricorn\u2019s interest in the Catcher and Kraken Producing Assets (\u201cUK producing Assets\u201d) On 8 March 2021, Capricorn agreed to sell its interests in the UK Catcher and Kraken producing assets to Waldorf Production Limited, and following approval from joint operation partners and relevant authorities the sale completed on 2 November 2021. Consideration under the agreement was: \u2013 an initial cash consideration of US$425.0m, subject to adjustments for working capital and other customary interim period adjustments from the economic effective date of 1 January 2020; \u2013 further purchaser bonds of US$30.0m, sold shortly after completion, and \u2013 additional contingent consideration (\u2019earnout consideration\u2019) dependent on oil prices from 2021 to the end of 2025 and minimum production levels being achieved, which at 2 November 2021 had a fair value of US$197.4m including an adjustment for expected credit losses. At the date of disposal, the interim period and working capital adjustments reduced the consideration due on completion by US$361.1m. The interim period adjustments reflect the cash inflows generated from oil and gas sales during the period, offset by outflows on the costs of production, including fixed and variable lease payments, and working capital movements. The total consideration including all adjustments was US$289.6m. The fair value of the earnout consideration fell by US$8.1m from 2 November 2021 to US$189.3m at 31 December 2021. The first annual payment of earnout consideration of US$75.8m due on 2021 production was received in 2022. With strong oil prices and production levels above forecast across the assets, the fair value of the remaining earnout consideration receivable increased by US$110.4m during 2022 to a closing fair value receivable of US$224.1m in the Balance Sheet as at 31 December 2022 (see note 3.5). The earnout consideration was recognised in the 2021 loss on sale calculation and remains as a receivable recognised on the Balance Sheet as this future income represents consideration receivable from the disposal of a business rather than revenue generated from the sale of an asset, which would fall under IFRS 15. A breakdown of the total profit from discontinued operations is as follows: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Revenue \u2013 411.8 Cost of sales 1.5 (103.8) Depletion and amortisation \u2013 (35.3) Gross profit 1.5 272.7 Impairment of disposal group \u2013 property, plant & equipment \u2013 development/producing assets \u2013 (56.0) Operating profit 1.5 216.7 Gain/(Loss) on financial asset at fair value through profit or loss \u2013 earnout consideration 110.4 (8.1) Finance income 1.5 \u2013 Finance costs \u2013 (9.8) Profit before tax from discontinued operations 113.4 198.8 Taxation (4.1) \u2013 Profit after tax from discontinued operations 109.3 198.8 Loss on disposal of discontinued operations \u2013 (173.8) Profit from discontinued operations 109.3 25.0 Earnings per share for profit from discontinued operations 2022 cents 2021 cents Profit per ordinary share \u2013 basic (cents) 30.60 5.05 Profit per ordinary share \u2013 diluted (cents) 30.60 4.91 An audit of the Catcher joint operation for the period from January 2019 to December 2020 resulted in a refund of production costs from the operator of US$1.5m which has been credited to discontinued operations in 2022. Section 6 \u2013 Discontinued Operations and Business Combination continued 6.1 Profit from Discontinued Operations continued Sale of Capricorn\u2019s interest in the Catcher and Kraken Producing Assets (\u201cUK producing Assets\u201d) continued The loss on disposal of the UK producing assets on 2 November 2021 is calculated as follows: US$m Base consideration 425.0 Interim period adjustment (361.1) Cost of disposal (1.7) Net proceeds 62.2 Purchaser bonds 30.0 Earnout consideration 197.4 Total net consideration 289.6 Derecognition of assets and liabilities: Assets held-for-sale, net of impairment (837.0) Liabilities held-for-sale 373.6 Loss on disposal of UK North Sea producing assets (173.8) 6.2 Cash Flow Information for Discontinued Operations UK producing assets US$m Year ended 31 December 2022 US$m Net cash flows used in operating activities (9.6) (9.6) Net cash flows from investing activities 77.2 77.2 Net increase in cash and cash equivalents 67.6 67.6 UK producing assets US$m Period ended 2 November 2021 US$m Net cash flows from operating activities 240.4 240.4 Net cash flows used in investing activities (9.4) (9.4) Net cash flows used in financing activities (42.5) (42.5) Net increase in cash and cash equivalents 188.5 188.5 2021 earnout and interest payment received in June 2022. There was no cash and cash equivalents disposed of on the sale of the UK producing assets in 2021. Section 6 \u2013 Discontinued Operations and Business Combination continued 6.3 Prior Year Business Combination Accounting policy Capricorn accounts for the acquisitions of subsidiaries, or an asset or collection of assets which are determined to meet the definition of a business, using the acquisition method. The assets and liabilities acquired are measured at their fair values at the date of acquisition. Acquisition-related costs are recognised in the Income Statement as incurred. Where the acquisition includes any assets or liability resulting from a contingent consideration arrangement, this is to be measured at fair value at the date of acquisition. Capricorn measures goodwill as the excess of the consideration paid over the net of the assets and liabilities acquired. Where the value of the assets acquired exceeds the consideration paid, negative goodwill arises and is recorded in the Income Statement. Acquisition of Egyptian Business On 24 September 2021, Capricorn Energy PLC, together with its consortium partner Cheiron Petroleum Corporation, completed the acquisition of a portfolio of upstream oil and gas production, development and exploration interests from Shell Egypt NV and Shell Austria GmbH in the Western Desert, onshore The Arab Republic of Egypt. Capricorn Egypt, a wholly owned subsidiary of Capricorn, acquired 50% of the portfolio of interests being sold by Shell, comprising of 13 concessions, including five exploration concessions. Producing fields are split over four distinct areas, each with different characteristics and geographies: the Obaiyed Area; Badr El Din (\u201cBED\u201d); North East Abu Gharadig (\u201cNEAG\u201d); and Alam El Shawish West (\u201cAESW\u201d). In addition, Capricorn acquired a 25% interest in Bapetco, a joint venture company which runs operations on all of the producing concessions on behalf of the operator Cheiron. Joint Venture partners in Bapetco are EGPC (50%) and Cheiron (25%). Bapetco does not hold any assets or liabilities and all costs it incurs are allocated across the concessions, with each joint operation partner paying its share of the expense incurred. A summary of the assets acquired is as follows: Area Concession and exploration blocks Capricorn working interest in concession Partners in concession Operating company Capricorn working interest in operating company Obaiyed Area Obaiyed 50% Cheiron (50%) Obaiyed Petroleum Company 25% North Matruh 50% Cheiron (50%) Obaiyed Petroleum Company 25% North Um Baraka 50% Cheiron (50%) North Um Baraka Petroleum Company 25% Badr El Din (BED) Sitra 50% Cheiron (50%) Sitra Petroleum Company 25% BED 50% Cheiron (50%) Bapetco 25% BED 2 & 17 50% Cheiron (50%) Bapetco 25% BED 3 50% Cheiron (50%) Bapetco 25% North Alam El Shawish (\u201cNAES\u201d) 50% Cheiron (50%) NAES Petroleum Company 25% NEAG NEAG Tiba and NEAG Extension 26% Cheiron (26%); Apache Egypt (48%) Tiba Petroleum Company 13% AESW AESW 20% Cheiron (20%); North Petroleum International Company SA (35%); Neptune (25%) AESW Petroleum Company 10% Abu Sennan South Abu Sennan 50% Cheiron (50%) Capricorn Egypt Limited 100% Horus South-East Horus 50% Cheiron (50%) Capricorn Egypt Limited 100% El Fayium West El Fayium 50% Cheiron (50%) Capricorn Egypt Limited 100% 6.3 Prior Year Business Combination continued Goodwill arising on acquisition Goodwill of US$25.4m arose on the acquisition and is recorded on the Balance Sheet (see note 2.4). The recognition of goodwill was driven by the recording of deferred tax liabilities on the fair value of assets and liabilities recorded on acquisition. Goodwill was calculated as follows: US$m Property, plant & equipment \u2013 development/producing assets 390.2 Inventory 9.6 Trade and other receivables 58.1 Joint operation payables (59.5) Deferred tax liabilities (45.8) Total identifiable assets acquired at fair value 352.6 Cash payable 315.1 Deferred consideration 62.9 Total consideration 378.0 Goodwill 25.4 There are no decommissioning liabilities under the concession agreements in Egypt. Trade and other receivables are shown after expected credit loss. The fair value of receivables does not materially differ from the gross contractual amounts receivable. Consideration and costs of acquisition The cash consideration payable consisted of US$310.1m settled on completion (including US$181.4m drawn under two loan facilities, (see note 3.2) and a further US$5.0m due on final settlement amounts. Deferred consideration of US$62.9m included US$61.1m, which is the fair value, at the date of completion, of deferred consideration of up to US$100.0m payable based on future oil prices. The value of this deferred consideration has been obtained using Level 2 valuations. The remaining US$1.8m of further deferred consideration related to the fair value contingent payments of up to US$40.0m due on future exploration success on short-term exploration wells. Given the risk profile of exploration drilling the fair value at acquisition of this contingent consideration is low. This fair value was determined using Level 3 valuations. At 31 December 2021, the total liability for deferred consideration was US$70.0m, with US$20.9m due within one year and US$49.1m due after one year. See note 3.5 for the liability as at 31 December 2022. Acquisition costs of US$4.9m were included within administration and other expenses charged to the Income Statement. Impact on profit for the year The Group\u2019s profit reduced by US$6.7m as a result of the loss on the Egypt business from acquisition to 31 December 2021 (see note 4.1). Had the full year\u2019s results of the Egypt business been included in the Group\u2019s results to 31 December 2021, the Capricorn Group profit for that year would have increased by US$22.5m. Sensitivity analysis The fair value of assets recognised on acquisition is based on the net present value of discounted future cash flows over the economic field-life of the concessions using the Group\u2019s corporate assumptions detailed in section 2. Capricorn performed sensitivity analysis to changes to the Group\u2019s long-term oil price, discount rate and inflation assumptions which would have impacted the value of the fair value of the assets recorded. Increasing the Group\u2019s long-term oil price assumption at the date of acquisition from US$55/bbl unescalated to US$60/bbl unescalated, US$65/bbl unescalated and US$70/bbl unescalated would have increased the fair value of assets recognised on acquisition to US$411.5m, US$431.0m and US$449.5m respectively. Increasing the Group discount rate assumption from 10% to 11% and 12% would have reduced the value of assets recognised to US$381.7m and US$373.6m respectively. Increasing the Group inflation rate assumption from 4% to 5% and 6% would have reduced the fair value of assets recognised to US$379.4m and US$368.3m respectively. Reducing the inflation rate assumption to 3% would have increased the fair value of assets recognised to US$400.7m. 6.4 Discontinued Operations \u2013 Senegal Contingent Asset In December 2020, Capricorn disposed of its entire 40% working interest in its Senegal exploration and development assets. Further deferred consideration of up to US$100.0m is due, dependant on the timing of first oil production from the assets and on the average Brent oil price during the first six months of production. Assuming average Brent oil prices remain above US$60/bbl during the first six months of production, Capricorn will receive US$100.0m if first oil production is achieved in 2023, falling to US$50.0m if first oil production is achieved by 30 June 2024. No payment is due if first oil production occurs after this time. In accordance with IFRS 15, no amount is recognised at the balance sheet date as there is no reasonable certainty that any revenue recorded would not reverse in future periods. Section 6 \u2013 Discontinued Operations and Business Combination continued Section 7 \u2013 Capital Structure and Other Disclosures This section includes details of Capricorn\u2019s issued share capital and equity reserves. Other disclosures include details on the independent auditors\u2019 remuneration. Details on the Group\u2019s policy on the award of non-audit work to the independent auditors can be found in the Report of the Audit Committee. Significant accounting judgements and key estimates and assumptions in this section: There are no significant accounting judgements or key estimates and assumptions in this section. 7.1 Issued Capital and Reserves Called-up share capital Number 231/169p ordinary \u2019000 Number 21/13p ordinary \u2019000 231/169p ordinary US$m 21/13p ordinary US$m Allotted, issued and fully paid ordinary shares At 1 January 2021 589,718 \u2013 12.6 \u2013 Issued and allotted for employee share options pre-consolidation 99 \u2013 \u2013 \u2013 Consolidation of shares (589,817) 499,076 (12.6) 12.6 Issued and allotted for employee share options post-consolidation \u2013 253 \u2013 \u2013 Share re-purchase \u2013 (2,482) \u2013 \u2013 At 31 December 2021 \u2013 496,847 \u2013 12.6 Issued and allotted for employee share options post-consolidation \u2013 677 \u2013 \u2013 Share re-purchase \u2013 (182,452) \u2013 (4.6) At 31 December 2022 \u2013 315,072 \u2013 8.0 Share premium 2022 US$m 2021 US$m At 1 January 490.9 490.1 Arising on shares issued for employee share options 4.5 0.8 At 31 December 495.4 490.9 The Company does not have a limited amount of authorised share capital. Capricorn completed a tender offer on 6 April 2022. Under the terms of the tender offer, 171,073,128 ordinary shares were purchased at the strike price of 223 pence per share. The total value of the ordinary shares purchased was, therefore, \u00a3381.5m (US$498.6m). On 15 November 2021, Capricorn commenced a re-purchase programme of \u00a320.0m. This ran until the end of February 2022. A further re-purchase programme commenced on 7 April 2022 of up to US$25.0m, which completed in July 2022. Both re-purchase programmes were not fully utilised. The share re-purchase in retained earnings also includes stamp duty and costs associated with the tender offer and share re-purchases. A shareholder vote took place on 15 December 2022 approving the cancellation of the Company\u2019s share premium account (the \u201cCancellation\u201d). The Cancellation received the required confirmation from the Court of Session on Friday 27 January and was registered with the Registrar of Companies (and therefore took effect) on 31 January 2023. The full amount of the Company\u2019s share premium at 31 December 2022 transferred to retained earnings on the effective date. a) Shares held by ESOP Trust The cost of shares held by the ESOP Trust at 31 December 2022 was US$6.9m (2021: US$8.1m). The number of shares held by the Trust at 31 December 2022 was 2,632,826 (2021: 3,590,198) and the market value of these shares was \u00a36.9m/US$8.3m (2021: \u00a36.8m/ US$9.1m). During 2022, the Group purchased 7,158,195 (2021: 3,450,260) shares at a cost of US$19.8m (2021: US$8.7m). During 2022, 7,595,567 (2021: 1,628,784) shares vested and 520,000 (2021: 600,000) shares were transferred from the ESOP Trust to the SIP Trust. During 2021, 419,549 shares were created on share consolidation. b) Shares held by SIP Trust The cost of shares held by the SIP Trust at 31 December 2022 was US$8.4m (2021: US$9.4m). The number of shares held by the Trust at 31 December 2022 was 2,758,656 (2021: 2,960,087) and the market value of these shares was \u00a37.2m/US$8.7m (2021: \u00a35.6m/US$7.5m). c) Foreign currency translation Unrealised foreign exchange gains and losses arising on consolidation of non-US$ functional currency subsidiary undertakings are taken directly to reserves. Foreign exchange differences arising on intra-group loans are not eliminated on consolidation; this reflects the exposure to currency fluctuations where the subsidiaries involved have differing functional currencies. These intra-group loans are not considered to be an investment in a foreign operation. d) Merger and capital reserves Capital reserves of US$45.5m include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share re-purchase programme. Capital reserves of US$4.6m arose on the share re-purchase programme which ran from April to July 2022. US$5.4m of capital reserves relates directly to Capricorn Energy PLC, the Company. Section 7 \u2013 Capital Structure and Other Disclosures continued 7.2 Return of Cash to Shareholders On 8 January 2021, Capricorn received shareholder approval for the return of cash to shareholders of 32 pence per eligible ordinary share totalling \u00a3188.0m. US$250.0m of the proceeds from the sale of Senegal assets were converted to GBP in December 2020 and the return was paid to shareholders on 25 January 2021. The total return to shareholders, after exchange differences from the date of the conversion from US$ to GBP and associated costs, was US$257.2m. 7.3 Capital Management The objective of the Group\u2019s capital management structure is to ensure that there remains sufficient liquidity within the Group to carry out committed work programme requirements. The Group monitors the long-term cash flow requirements of the business in order to assess the requirement for changes to the capital structure to meet that objective and to maintain flexibility. The Group is subject to semi-annual forecast liquidity tests as part of the Senior and Junior Debt Facilities. The Group has complied with the capital requirements of these tests at all times during the year. Capricorn manages the capital structure and makes adjustments to it in light of changes to economic conditions. To maintain or adjust the capital structure, Capricorn may re-purchase shares, make a special dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate. No significant changes were made in the objectives, policies or processes during the year ended 31 December 2022. Capital and net funds, including lease liabilities, was as follows: At 31 December 2022 US$m At 31 December 2021 US$m Loans and borrowings 158.6 177.0 Lease liabilities 4.3 3.7 Less cash and cash equivalents (756.8) (314.1) Net funds (593.9) (133.4) Equity 1,214.6 1,798.6 Capital and net funds 620.7 1,665.2 Gearing ratio \u2013 \u2013 7.4 Guarantees It is normal practice for the Group to issue guarantees in respect of obligations during the ordinary course of business. Guarantees are issued from a number of bilateral unsecured lines. The Group has provided the following guarantees at 31 December 2022: \u2013 various guarantees for the Group\u2019s operational commitments for the current year of US$69.1m (2021: US$52.5m); and \u2013 Parent company guarantees for the Group\u2019s obligations under joint operating agreements and other contracts. Under the terms of the facilities entered into in connection with the Group\u2019s Egypt assets, Capricorn Egypt Limited and Cheiron Oil & Gas Limited, as borrowers, jointly and severally guarantee performance of their obligations to each lender. This includes an undertaking to pay each lender whenever another obligor does not pay any amount, as if it was the principal obligor. As a result, Capricorn Egypt Limited and Capricorn Egypt (Holding) Limited have provided guarantees in respect of the obligations owed to the lenders by Capricorn Egypt and the joint venture counterparty, Cheiron. Section 7 \u2013 Capital Structure and Other Disclosures continued 7.5 Auditors\u2019 Remuneration Year ended 31 December 2022 US$\u2019000 Year ended 31 December 2021 US$\u2019000 Fees payable to the Group\u2019s external auditors (including associate firms) for: Audit fees: Auditing of the Financial Statements of the Group and the Company 463 487 Auditing of the Financial Statements of subsidiaries 674 457 1,137 944 Non-audit fees: Audit-related assurance services 248 234 Other assurance services relating to corporate finance transactions 173 83 Other non-audit services not included above 125 83 546 317 Total fees 1,683 1,261 The Group has a policy in place for the award of non-audit work to the auditors which requires Audit Committee approval (see the Audit Committee Report on page 71). The split of audit fees to non-audit fees payable to the auditors is as follows: 2022 Fees to the Auditors Non-audit fee: US$546,000 Audit fee: US$1,137,000 2021 Fees to the Auditors Non-audit fee: US$317,000 Audit fee: US$944,000",
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"value": "This section includes the Group\u2019s general accounting policies applicable across the Financial Statements. Accounting policies specific to individual notes to the accounts are embedded in the notes themselves. ",
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"value": "1.1 Accounting Policies a) Basis of preparation The consolidated Financial Statements of Capricorn Energy PLC (\u2019Capricorn\u2019 or \u2019the Group\u2019) for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Directors on 26 April 2023. Capricorn is a limited company incorporated and domiciled in the United Kingdom whose shares are publicly traded. The registered office is located at 50 Lothian Road, Edinburgh, Scotland, EH3 9BY. The registered company number is SC226712. Capricorn prepares its Financial Statements on a historical cost basis, unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the Financial Statements. The Financial Statements comply with the Companies Act 2006 as applicable to companies using International Financial Reporting Standards (\u2019IFRS\u2019). Accounting policies have been applied consistently across all periods disclosed. The Group\u2019s Financial Statements are prepared on a going concern basis. b) Accounting standards The Financial Statements of Capricorn have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Effective as of 1 January 2022, Capricorn adopted the following amendments to the standards: \u2013 Amendments to IFRS 16 \u2019Leases\u2019; \u2013 Amendments to IAS 16 \u2019Property, plant and equipment\u2019; \u2013 Amendments to IAS 37 \u2019Provisions, contingent liabilities and contingent assets\u2019; and \u2013 Annual improvements including minor amendments to IFRS 9 \u2019Financial instruments\u2019 and IFRS 16 \u2019Leases\u2019. The adoption of the amendments above has had no material impact on Capricorn\u2019s results or Financial Statement disclosures. There are no new standards or amendments issued by the IASB and endorsed under the Companies Act, which have yet to be adopted by the Group that will materially impact the Group\u2019s Financial Statements. c) Basis of consolidation The consolidated Financial Statements include the results of Capricorn Energy PLC and its subsidiary undertakings to the balance sheet date. Where subsidiaries follow differing accounting policies from those of the Group, those accounting policies have been adjusted to align with those of the Group. Intercompany balances and transactions between Group companies are eliminated on consolidation, though foreign exchange differences arising on intercompany balances between subsidiaries with differing functional currencies are not offset. The results of subsidiaries acquired or incorporated in any year are included in the Income Statement and Statement of Cash Flows from the effective date of acquisition, while the results of subsidiaries disposed of or liquidated during the year are included in the Income Statement and Statement of Cash Flows to the date at which control passes from the Group. d) Joint arrangements Capricorn is a partner (joint operator) in oil and gas exploration, development and production licences which are unincorporated joint arrangements. All of the Group\u2019s current interests in these arrangements are determined to be joint operations. A full list of oil and gas licence interests can be found on page 177. Costs incurred relating to an interest in a joint operation other than costs relating to production activities are capitalised in accordance with the Group\u2019s accounting policies for oil and gas assets as appropriate (notes 2.2 and 2.3). All the Group\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing assets relate to interests in joint operations. Capricorn\u2019s working capital balances relating to joint operations are included in trade and other receivables (note 3.4) and trade and other payables (note 3.6). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. 1.1 Accounting Policies continued e) Foreign currencies These Financial Statements continue to be presented in US dollars (US$), the functional currency of the Parent. In the Financial Statements of individual Group companies, Capricorn translates foreign currency transactions into the functional currency at the rate of exchange prevailing at the transaction date (or an approximation thereof where not materially different). Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are taken to the Income Statement except for those incurred on borrowings specifically allocable to development projects, which are capitalised as part of the cost of the asset, though there were none in either the current or preceding year. The Group maintains the Financial Statements of the Parent and subsidiary undertakings in their functional currency. Where applicable, the Group translates subsidiary Financial Statements into the presentation currency, US$, using the closing rate method for assets and liabilities which are translated at the rate of exchange prevailing at the balance sheet date and rates at the date of transactions for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group companies whose functional currency is non-US$ directly to reserves. Rates of exchange to US$1 were as follows: Closing 2022 YTD Average 2022 Closing 2021 YTD Average 2021 GBP 0.827 0.808 0.739 0.727 f) Exceptional items Where items have a significant impact on profit or loss, occur infrequently and are not part of the Group\u2019s normal operating cycle, such items may be disclosed as exceptional items on the face of the Income Statement. Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to the communal storage tanks in the onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC. To achieve this through the agreements, Capricorn notionally receive a greater share of hydrocarbon production in excess of the Group\u2019s entitlement interest share of production equal to the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income falls outwith the definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Production costs include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. Accounting policy
Capricorn follows a successful efforts-based accounting policy for oil and gas assets.
Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as
pre-award costs.
Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held,
undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete
or commercial reserves have been discovered and a field development plan approved.
Exploration expenditure incurred in the process of determining oil and gas exploration targets is capitalised initially within
intangible exploration/appraisal assets and subsequently allocated to drilling activities. Costs are recognised following a cost
accumulation model where any contingent future costs on recognition of an asset are recognised only when incurred. This
includes where Capricorn has entered into a \u2019farm-in\u2019 agreement to either acquire or part-dispose of an exploration interest.
A farm-in is an agreement in which a party agrees to acquire from one or more of the existing licencees an interest in an
exploration licence, for a consideration which may consist of the performance of a specified work obligation on behalf of the
existing licencees. This obligation may be subject to a monetary cap. Refund of full or partial costs incurred to date may also
be included in a farm-in agreement. Where Capricorn has part-disposed of an exploration licence interest through a farm-in
arrangement, a \u2019farm-down\u2019, the contingent consideration payable by the third party on Capricorn\u2019s behalf is not recognised
in the Financial Statements. The future economic benefit which Capricorn will receive as a result of the farm-down will be
dependent upon future success of any exploration drilling.
Exploration/appraisal drilling costs are capitalised on a well-by-well basis until the success or otherwise of the well has been
established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written
off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that
these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out
in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not
considered commercially viable, all related costs are written off to the Income Statement.
Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction
demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are
transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for
impairment (see below).
Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with
any excess being credited to the Income Statement.
Impairment
Intangible exploration/appraisal assets are reviewed regularly for indicators of impairment and tested for impairment where such
indicators exist. An indicator that one of the Group\u2019s assets may be impaired is most likely to be one of the following:
\u2013 there are no further plans to conduct exploration activities in the area;
\u2013 exploration drilling in the area has failed to discover commercial reserve volumes;
\u2013 changes in the oil price or other market conditions indicate that discoveries may no longer be commercial; or
\u2013 development proposals for appraisal assets in the pre-development stage indicate that it is unlikely that the carrying value of
the exploration/appraisal asset will be recovered in full.
In such circumstances the intangible exploration/appraisal asset is allocated to any property, plant & equipment \u2013 development/
producing assets within the same cash-generating unit (CGU) and tested for impairment. Any impairment arising is recognised
in the Income Statement for the year. Where there are no development assets within the CGU, the excess of the carrying amount
of the exploration/appraisal asset over its recoverable amount is charged immediately to the Income Statement.
Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons has been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditure is capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion and amortisation Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Amortisation charged on right-of-use leased assets is also charged on a unit-of-production basis, based on proved and probable reserves. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: \u2013 downward revisions of reserve estimates; \u2013 increases in cost estimates for development projects; or \u2013 a decrease in the oil price or other negative changes in market conditions. Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. Decommissioning At the end of the producing life of a field, costs are incurred in plugging and abandoning wells, removing subsea installations and decommissioning production facilities. Capricorn recognises the full discounted cost of decommissioning as an asset and liability when the obligation to rectify environmental damage arises. The decommissioning asset is included within property, plant & equipment \u2013 development/producing assets with the cost of the related installation. The liability is included within provisions. Revisions to the estimated costs of decommissioning which alter the level of the provisions required are also reflected in adjustments to the decommissioning asset. The amortisation of the asset is calculated on a unit-of-production basis based on proved and probable reserves. The amortisation of the asset is included in the depletion charge in the Income Statement and the unwinding of discount of the provision is included within finance costs. Accounting policy
Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt, acquired during 2021,
royalty payments receivable from producing fields in Mongolia and previously from oil and gas sales from UK producing assets
disposed of during 2021. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate
to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables
of the joint arrangements themselves.
Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value
and subsequently recorded at amortised cost.
A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date.
Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash
flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss
allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit
losses are provided. For trade receivables a lifetime credit loss is recognised on initial recognition where material.
Prepayments, which are not financial assets, are measured at historic cost.
Accounting policy
Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently.
Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s
participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator
of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint
operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation
receivables.
Accounting policy
The total tax charge or credit represents the sum of current tax and deferred tax.
The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss
as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years
and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses
whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this
assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be
accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by
using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to
better predict the resolution of the uncertainty, based on the underlying facts and circumstances.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities
in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will
be generated against which the carrying value of the deferred tax asset can be recovered.
Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences
associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future.
A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable
profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of
Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions,
and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected
to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised.
Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance
sheet date.
Accounting policy
Capricorn accounts for the acquisitions of subsidiaries, or an asset or collection of assets which are determined to meet the
definition of a business, using the acquisition method. The assets and liabilities acquired are measured at their fair values at the
date of acquisition.
Acquisition-related costs are recognised in the Income Statement as incurred.
Where the acquisition includes any assets or liability resulting from a contingent consideration arrangement, this is to be
measured at fair value at the date of acquisition.
Capricorn measures goodwill as the excess of the consideration paid over the net of the assets and liabilities acquired. Where the
value of the assets acquired exceeds the consideration paid, negative goodwill arises and is recorded in the Income Statement.
",
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"fact-419": {
"value": "a) Basis of preparation The consolidated Financial Statements of Capricorn Energy PLC (\u2019Capricorn\u2019 or \u2019the Group\u2019) for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of the Directors on 26 April 2023. Capricorn is a limited company incorporated and domiciled in the United Kingdom whose shares are publicly traded. The registered office is located at 50 Lothian Road, Edinburgh, Scotland, EH3 9BY. The registered company number is SC226712. Capricorn prepares its Financial Statements on a historical cost basis, unless accounting standards require an alternate measurement basis. Where there are assets and liabilities calculated on a different basis, this fact is disclosed either in the relevant accounting policy or in the notes to the Financial Statements. The Financial Statements comply with the Companies Act 2006 as applicable to companies using International Financial Reporting Standards (\u2019IFRS\u2019). Accounting policies have been applied consistently across all periods disclosed. The Group\u2019s Financial Statements are prepared on a going concern basis. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "Capricorn Energy PLC",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-4": {
"value": " limited company",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "incorporated and domiciled in the United Kingdom whose shares are publicly traded. The registered office is located at ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-6": {
"value": "50 Lothian Road, Edinburgh, Scotland, EH3 9BY",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "b) Accounting standards The Financial Statements of Capricorn have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Effective as of 1 January 2022, Capricorn adopted the following amendments to the standards: \u2013 Amendments to IFRS 16 \u2019Leases\u2019; \u2013 Amendments to IAS 16 \u2019Property, plant and equipment\u2019; \u2013 Amendments to IAS 37 \u2019Provisions, contingent liabilities and contingent assets\u2019; and \u2013 Annual improvements including minor amendments to IFRS 9 \u2019Financial instruments\u2019 and IFRS 16 \u2019Leases\u2019. The adoption of the amendments above has had no material impact on Capricorn\u2019s results or Financial Statement disclosures. There are no new standards or amendments issued by the IASB and endorsed under the Companies Act, which have yet to be adopted by the Group that will materially impact the Group\u2019s Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "c) Basis of consolidation The consolidated Financial Statements include the results of Capricorn Energy PLC and its subsidiary undertakings to the balance sheet date. Where subsidiaries follow differing accounting policies from those of the Group, those accounting policies have been adjusted to align with those of the Group. Intercompany balances and transactions between Group companies are eliminated on consolidation, though foreign exchange differences arising on intercompany balances between subsidiaries with differing functional currencies are not offset. The results of subsidiaries acquired or incorporated in any year are included in the Income Statement and Statement of Cash Flows from the effective date of acquisition, while the results of subsidiaries disposed of or liquidated during the year are included in the Income Statement and Statement of Cash Flows to the date at which control passes from the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "d) Joint arrangements
Capricorn is a partner (joint operator) in oil and gas exploration, development and production licences which are unincorporated
joint arrangements. All of the Group\u2019s current interests in these arrangements are determined to be joint operations. A full list
of oil and gas licence interests can be found on page 177.
Costs incurred relating to an interest in a joint operation other than costs relating to production activities are capitalised in
accordance with the Group\u2019s accounting policies for oil and gas assets as appropriate (notes 2.2 and 2.3). All the Group\u2019s intangible
exploration/appraisal assets and property, plant & equipment \u2013 development/producing assets relate to interests in joint operations.
Capricorn\u2019s working capital balances relating to joint operations are included in trade and other receivables (note 3.4) and trade
and other payables (note 3.6). Any share of finance income or costs generated or incurred by the joint operation is included within
the appropriate income statement account.
",
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"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "e) Foreign currencies These Financial Statements continue to be presented in US dollars (US$), the functional currency of the Parent. In the Financial Statements of individual Group companies, Capricorn translates foreign currency transactions into the functional currency at the rate of exchange prevailing at the transaction date (or an approximation thereof where not materially different). Monetary assets and liabilities denominated in a foreign currency are translated into the functional currency at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are taken to the Income Statement except for those incurred on borrowings specifically allocable to development projects, which are capitalised as part of the cost of the asset, though there were none in either the current or preceding year. The Group maintains the Financial Statements of the Parent and subsidiary undertakings in their functional currency. Where applicable, the Group translates subsidiary Financial Statements into the presentation currency, US$, using the closing rate method for assets and liabilities which are translated at the rate of exchange prevailing at the balance sheet date and rates at the date of transactions for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group companies whose functional currency is non-US$ directly to reserves. Rates of exchange to US$1 were as follows: Closing 2022 YTD Average 2022 Closing 2021 YTD Average 2021 GBP 0.827 0.808 0.739 0.727 ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "These Financial Statements continue to be presented in US dollars (US$), the functional currency of the Parent.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "f) Exceptional items Where items have a significant impact on profit or loss, occur infrequently and are not part of the Group\u2019s normal operating cycle, such items may be disclosed as exceptional items on the face of the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "1.2 Going concern The Directors have considered the factors relevant to support a statement of going concern. In assessing whether the going concern assumption is appropriate, the Board considered the Group cash flow forecasts under various scenarios, identifying risks and mitigating factors and ensuring the Group has sufficient funding to meet its current and contracted commitments as and when they fall due for a period of at least 12 months from the date of signing these Financial Statements. At the balance sheet date and the date of this report, the Group has significant surplus cash balances, following receipt of the India tax refund, exceeding debt drawn on the Senior Secured Borrowing and Junior Debt Facilities which part-funded the Egypt acquisition. This cash surplus has been adjusted for the immediate proposed return of US$450.0m cash to shareholders, an additional cash return of US$100.0m, subject to certain conditions, and a US$25.0m share buy-back planned by the Board. After adjusting for these planned returns, under both Capricorn\u2019s and the lenders\u2019 assumptions, the Group has sufficient resources to maintain compliance with the financial covenant associated with the facilities in terms of a 12-month forward-looking liquidity test. A downside scenario run includes a return to lower oil prices of US$60 per bbl in the short-term, a reduction in forecast production, increases to forecast operating and drilling costs, and a cancellation of guarantees that would require to be cash collaterised. An oil price crash scenario assumes a sharp fall in oil price to US$35 per bbl before a gradual return to the downside price assumptions by Q2 2024. Both the downside and oil-price crash scenarios assume that the proposed additional US$100.0m cash return and share buy-back would be cancelled or postponed. Further mitigants identified by the Directors include the ability to reduce forecast but uncommitted capital expenditure, the sale of non-oil and gas assets held on the balance sheet, cancellation of discretionary share purchases and the realisation of contingent assets expected to be recovered over the coming twelve months. Under the terms of the borrowing facilities entered into in connection with the Group\u2019s Egypt assets, Capricorn as borrowers jointly and severally guarantee performance of the obligations of the joint venture counterparty. Should the counterparty fail to meet its repayment obligations, the lenders could enforce this guarantee, though other routes to recovery would be more likely. Capricorn would also have legal routes to recover any sums paid on behalf of the counterparty under this guarantee. The Directors planned returns ensure that sufficient resources remain within the Group in order to meet its contracted commitments as and when they fall due for at least the twelve month period from the date of approval of the Financial Statements in event of default by the counterparty. The Board and Audit Committee assessments of risk and mitigants to the Group\u2019s operational existence beyond this 12-month period is included in the Viability Statement on page 32. ",
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"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "Key estimates and assumptions in this section: Climate change assumptions Capricorn\u2019s cost of carbon assumptions are included in the fair value models used to attribute value to the assets acquired through the business combination in Egypt, detailed below. Those models will also determine the useful life-of-field assumptions for each producing asset and increasing costs of carbon could result in reduced commercial reserve volumes. Sensitivities performed on alternate carbon cost assumptions did not have a significant impact on the acquisition fair values of the assets in Egypt. Capricorn\u2019s models have no residual value attributed to producing assets as at the end of the economic field life title passes to the Egyptian Government. There are therefore no decommissioning assets or liabilities to record. There are currently no assets that have been identified as at risk of becoming stranded. Estimation of hydrocarbon reserves and long-term oil price assumption Oil and gas reserve volumes and related production profiles are estimated based on Capricorn\u2019s internal process manual which follows industry best practice. This represents Capricorn\u2019s best estimate of reserves as at the reporting date. Capricorn\u2019s Reserves and Resources Reporting Committee, which provides oversight, advice and guidance while providing senior level review, reports to the Group\u2019s Audit Committee before ultimately requesting approval of annual reserve volumes by the Board. A third-party audit of Capricorn\u2019s reserves and resources estimates is conducted annually. At the year end, the third-party auditor\u2019s reserve estimates are higher than Capricorn\u2019s internal estimates, largely due to different assumptions on the number and timing of future development wells and their inclusion of reserves that Capricorn classifies as contingent resources pending approval of a field development plan. Capricorn believe it is appropriate to remain with the Group\u2019s internal reserve estimates. A change in reserve volumes would impact depletion charges and related deferred tax liabilities and indicate a possible impairment of assets. Capricorn increased its long-term oil price assumption from US$55/bbl to US$60/bbl unescalated. The Group\u2019s short-term assumption remains linked to the forward curve over a two-year period. Estimation of fair value of assets for use in impairment tests The fair value of property, plant & equipment \u2013 development/producing assets in Egypt and related goodwill, acquired through the 2021 business combination (see note 6.3), used in the Group\u2019s impairment tests has been measured using the net present value of discounted future cash flows. The key assumptions used in the Group\u2019s discounted cash flow models reflect past experience and take account of external factors. These assumptions include: \u2013 short/medium-term oil price based on a six-month average forward curve for two years from the balance sheet date; \u2013 long-term oil price of US$60/bbl (2021: US$55/bbl) unescalated; \u2013 Egypt price differentials to base oil prices; \u2013 cost of carbon offsets in line with Capricorn\u2019s commitment to offsetting emissions and reaching net zero by 2040; \u2013 reserve estimates of 2P discovered resource based on P50 reserve estimates; \u2013 production profiles based on Capricorn\u2019s internal estimates including assumptions on performance of assets; \u2013 cost profiles for future development spend and operating costs escalated at 4.0% per annum (2021: 4.0% per annum); and \u2013 post-tax discount rates of 10% (2021: 10%). The assumptions applied in 2021 were used to measure the fair value of assets acquired through the business combination. Significant accounting judgements and key estimates and assumptions in this section:
India tax refund receivable
The Group recorded the tax refund due from India as a receivable at the prior year end (see note 4.8).
Financial assets at fair value through profit or loss \u2013 Earnout consideration
Under the sales agreement for the disposal of the Group\u2019s UK producing assets, Capricorn is entitled to earnout consideration from the
purchaser calculated on a share of future production through to 2025 on revenue in excess of US$52/bbl. The earnout consideration is
dependent on minimum annual future production levels being achieved. Capricorn have obtained market values for the oil price option
subsequently adjusting for expected credit loss provisions.
Significant accounting judgements in this section:
Segmental disclosures and discontinued operations
IFRS 8 \u2019Operating Segments\u2019 does not provide guidance as to whether segment disclosures apply to discontinued operations. For the
comparative period, Capricorn has presented segmental disclosures inclusive of the results of the discontinued operations relating to
the UK producing assets, Catcher and Kraken. The current year movements, largely relating to fair value movements on the earnout
consideration due, are included within the \u2019Other Capricorn Energy Group\u2019 segment.
Key estimates and assumptions in this section:
There are several key estimates and assumptions used in the calculation of the Group\u2019s share-based payment charges. These are detailed
in note 4.4 (b).
Significant accounting judgements in this section:
Recognition of deferred tax liabilities and tax charge on profits from Egypt concessions
Under the Egypt concession agreements, each contractor\u2019s share of income tax due on taxable profit for the year is paid on the contractor\u2019s
behalf by EGPC. However, the tax liability remains with the contractor to the point of settlement. Therefore, Capricorn has recognised
deferred tax liabilities on the temporary taxable difference between the carrying value of non-current assets and their tax written down
values. Capricorn also records a tax charge in the period for tax that is payable on the Group\u2019s share of profits from production in Egypt and
records other income to reflect the settlement of this liability on the Group\u2019s behalf. The other income is recorded in gross profit, see note 2.1.
Deferred taxation \u2013 Potential deferred tax assets on Egypt concessions
At the year end Capricorn have reviewed whether deferred tax assets should be recognised and have assessed this both on the
availability of future taxable profits over which the assets could be utilised and the carrying value of assets on the Balance Sheet at the
year end. It was concluded that a deferred tax asset should be recognised in relation to two of the Egyptian concessions.
Key estimates and assumptions in this section:
In determining whether future taxable profits are available to recognise deferred tax assets, Capricorn uses the same economic models that
are used for measuring the fair value of oil and gas assets. The key assumptions are therefore consistent with those detailed in section 2.
",
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},
"fact-427": {
"value": "2.1 Gross Profit: Revenue and Cost of Sales Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to the communal storage tanks in the onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC. To achieve this through the agreements, Capricorn notionally receive a greater share of hydrocarbon production in excess of the Group\u2019s entitlement interest share of production equal to the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income falls outwith the definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Production costs include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Oil sales 181.4 41.3 Gas sales 47.5 14.9 Revenue from oil and gas sales 228.9 56.2 Royalty income 0.7 0.9 Total revenue 229.6 57.1 Other income \u2013 Tax entitlement volumes 54.8 7. 3 Other income 54.8 7. 3 Production costs and inventory movements (71.2) (20.5) Cost of sales (71.2) (20.5) Depletion (note 2.3) (124.1) (31.2) Gross profit 89.1 12.7 2.1 Gross Profit: Revenue and Cost of Sales continued Revenue Capricorn receives oil and gas revenue from eight producing concessions in Egypt, based on an entitlement interest. Payment terms are within 30 days from the date of the invoice for oil sales and 45 days from the date of the invoice for gas sales. Oil and gas revenue in Egypt for the year ended 31 December 2022 was US$228.9m (period from 24 September 2021 to 31 December 2021: US$56.2m), from net entitlement production of 4.7 mmboe (period from 24 September 2021 to 31 December 2021: 1.4 mmboe) of which ~39% (period from 24 September 2021 to 31 December 2021: ~39%) was liquids. Oil sales averaged US$98.8/boe (period from 24 September 2021 to 31 December 2021: US$77.8/boe) and with gas sales fixed at US$2.9/mcf (period from 24 September 2021 to 31 December 2021: US$2.9/mcf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC, see section 5. Production costs over the period were US$71.2m (period from 24 September 2021 to 31 December 2021: US$20.5m), or US$5.7/boe (period from 24 September 2021 to 31 December 2021: US$6.0/boe) (on a working interest (\"WI\") basis). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "2.1 Gross Profit: Revenue and Cost of Sales Accounting policies Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to the communal storage tanks in the onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC. To achieve this through the agreements, Capricorn notionally receive a greater share of hydrocarbon production in excess of the Group\u2019s entitlement interest share of production equal to the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income falls outwith the definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Production costs include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Oil sales 181.4 41.3 Gas sales 47.5 14.9 Revenue from oil and gas sales 228.9 56.2 Royalty income 0.7 0.9 Total revenue 229.6 57.1 Other income \u2013 Tax entitlement volumes 54.8 7. 3 Other income 54.8 7. 3 Production costs and inventory movements (71.2) (20.5) Cost of sales (71.2) (20.5) Depletion (note 2.3) (124.1) (31.2) Gross profit 89.1 12.7 2.1 Gross Profit: Revenue and Cost of Sales continued Revenue Capricorn receives oil and gas revenue from eight producing concessions in Egypt, based on an entitlement interest. Payment terms are within 30 days from the date of the invoice for oil sales and 45 days from the date of the invoice for gas sales. Oil and gas revenue in Egypt for the year ended 31 December 2022 was US$228.9m (period from 24 September 2021 to 31 December 2021: US$56.2m), from net entitlement production of 4.7 mmboe (period from 24 September 2021 to 31 December 2021: 1.4 mmboe) of which ~39% (period from 24 September 2021 to 31 December 2021: ~39%) was liquids. Oil sales averaged US$98.8/boe (period from 24 September 2021 to 31 December 2021: US$77.8/boe) and with gas sales fixed at US$2.9/mcf (period from 24 September 2021 to 31 December 2021: US$2.9/mcf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC, see section 5. Production costs over the period were US$71.2m (period from 24 September 2021 to 31 December 2021: US$20.5m), or US$5.7/boe (period from 24 September 2021 to 31 December 2021: US$6.0/boe) (on a working interest (\"WI\") basis). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "Revenue Revenue from oil sales represents the Group\u2019s share of sales from its producing interests in Egypt, at the point in time when ownership of the oil has passed to the buyer. On domestic sales, the point of sale is determined to be the point when oil is delivered to the communal storage tanks in the onshore facilities. Sales relating to the export of oil are recognised once the cargo is fully loaded onto a crude tanker and the necessary export documentation received. Revenue is measured using the monthly average Brent oil price, plus or minus the applicable price differential premium or discount to reach the Official Selling Price and is recorded at fair value including estimates to reduce revenue to the Group\u2019s expected entitlement share of sales volumes. Revenue from the sale of gas in Egypt is recorded based on the volume of gas accepted each day by customers at the delivery point. Revenue from royalties is calculated on production from fields in Mongolia. Other income \u2013 tax entitlement volumes Under the concession agreements in Egypt, income tax due on taxable profit is paid on Capricorn\u2019s behalf by EGPC. To achieve this through the agreements, Capricorn notionally receive a greater share of hydrocarbon production in excess of the Group\u2019s entitlement interest share of production equal to the amount required to cover the tax payable. The oil is produced and sold on Capricorn\u2019s behalf and proceeds remitted to the tax authorities. This income falls outwith the definition of revenue and is therefore shown as other income with an equal and opposite tax charge recorded through current taxation. Cost of sales and inventory Production costs include Capricorn\u2019s share of costs incurred by the joint operation in extracting oil and gas. Also included are marketing and transportation costs and loss-of-production insurance costs payable over the year. Oil inventory is measured at market value in accordance with established industry practice. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "2.2 Intangible Exploration/Appraisal Assets Accounting policy Capricorn follows a successful efforts-based accounting policy for oil and gas assets. Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as pre-award costs. Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held, undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete or commercial reserves have been discovered and a field development plan approved. Exploration expenditure incurred in the process of determining oil and gas exploration targets is capitalised initially within intangible exploration/appraisal assets and subsequently allocated to drilling activities. Costs are recognised following a cost accumulation model where any contingent future costs on recognition of an asset are recognised only when incurred. This includes where Capricorn has entered into a \u2019farm-in\u2019 agreement to either acquire or part-dispose of an exploration interest. A farm-in is an agreement in which a party agrees to acquire from one or more of the existing licencees an interest in an exploration licence, for a consideration which may consist of the performance of a specified work obligation on behalf of the existing licencees. This obligation may be subject to a monetary cap. Refund of full or partial costs incurred to date may also be included in a farm-in agreement. Where Capricorn has part-disposed of an exploration licence interest through a farm-in arrangement, a \u2019farm-down\u2019, the contingent consideration payable by the third party on Capricorn\u2019s behalf is not recognised in the Financial Statements. The future economic benefit which Capricorn will receive as a result of the farm-down will be dependent upon future success of any exploration drilling. Exploration/appraisal drilling costs are capitalised on a well-by-well basis until the success or otherwise of the well has been established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are written off to the Income Statement. Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for impairment (see below). Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with any excess being credited to the Income Statement. Impairment Intangible exploration/appraisal assets are reviewed regularly for indicators of impairment and tested for impairment where such indicators exist. An indicator that one of the Group\u2019s assets may be impaired is most likely to be one of the following: \u2013 there are no further plans to conduct exploration activities in the area; \u2013 exploration drilling in the area has failed to discover commercial reserve volumes; \u2013 changes in the oil price or other market conditions indicate that discoveries may no longer be commercial; or \u2013 development proposals for appraisal assets in the pre-development stage indicate that it is unlikely that the carrying value of the exploration/appraisal asset will be recovered in full. In such circumstances the intangible exploration/appraisal asset is allocated to any property, plant & equipment \u2013 development/ producing assets within the same cash-generating unit (CGU) and tested for impairment. Any impairment arising is recognised in the Income Statement for the year. Where there are no development assets within the CGU, the excess of the carrying amount of the exploration/appraisal asset over its recoverable amount is charged immediately to the Income Statement. 2.2 Intangible Exploration/Appraisal Assets continued Egypt US$m Eastern US$m Western US$m Total US$m Cost At 1 January 2021 \u2013 34.9 113.2 148.1 Additions 6.6 12.2 61.2 80.0 Unsuccessful exploration costs (2.9) (18.2) (29.5) (50.6) Disposals \u2013 \u2013 (59.6) (59.6) At 31 December 2021 3.7 28.9 85.3 117.9 Additions 22.5 10.5 57.4 90.4 Unsuccessful exploration costs 0.6 (0.1) (113.6) (113.1) At 31 December 2022 26.8 39.3 29.1 95.2 Impairment At 1 January 2021 \u2013 \u2013 36.0 36.0 Impairment charges \u2013 \u2013 19.6 19.6 Disposals \u2013 \u2013 (36.0) (36.0) At 31 December 2021 \u2013 \u2013 19.6 19.6 Unsuccessful exploration costs \u2013 \u2013 (19.6) (19.6) At 31 December 2022 \u2013 \u2013 \u2013 \u2013 Net book value At 31 December 2020 \u2013 34.9 77.2 112.1 At 31 December 2021 3.7 28.9 65.7 98.3 At 31 December 2022 26.8 39.3 29.1 95.2 Additions to intangible exploration/appraisal assets were funded through cash and working capital. Egypt Additions in Egypt of US$22.5m mainly relate to North Um Baraka, Badr El Din and the three Capricorn operated concessions, South Abu Sennan, West El Fayium and South East Horus. Unsuccessful exploration costs of US$2.9m recorded in 2021, offset by an accrual reversal of US$0.6m in 2022, relate to the North Um Baraka concession, where an unsuccessful well completed in January 2022. Eastern Additions in the year of US$10.5m include US$10.4m which were incurred on Mauritania Block 7 and total costs of US$39.3m remain capitalised at the year end. Western Additions of US$57.4m include US$11.4m in Mexico, US$44.5m in the UK and US$1.5m in Suriname. In the UK, additions of US$22.7m and US$13.5m were incurred on the P2379 and P2380 licences containing the Diadem and Jaws wells completed in the year, with remaining additions of US$8.3m incurred across the rest of the UK portfolio. US$10.4m of the Diadem additions were short-term lease costs. Both Diadem and Jaws wells were unsuccessful, and costs of US$29.3m and US$13.5m respectively were charged to the Income Statement, with a further US$1.9m of unsuccessful costs incurred on other UK portfolio licences. Further costs of US$17.4m relating to the Jaws well were charged to the Income Statement in 2021. At 31 December 2022 costs of US$12.1m remain capitalised in respect of UK licences. In Mexico additions for the year of US$11.4m were spread across Blocks 7, 9, 10 and 15. Unsuccessful costs of US$68.9m include US$49.6m which were charged to the Income Statement for Blocks 9, 10 and 15 where Capricorn has or will be exiting from the licences. This includes costs of US$19.6m impaired in 2021 on Block 9 (discussed further below). The remaining unsuccessful costs of US$19.3m relate to Block 7 where the Yatzil well completed in 2023. Capricorn internal analysis led to the decision not to participate in the forthcoming phases and the Company has therefore informed partners of its decision to withdraw from the licence. In Suriname total costs of US$17.0m remain capitalised at the year end. Impairment review At the year end, Capricorn reviewed its remaining intangible exploration/appraisal assets for indicators of impairment. No indicator of impairment was identified on any of the Group\u2019s remaining exploration/appraisal assets. Subsequent to the year end, the Directors have confirmed that Capricorn will seek to farm-down its interests in Mauritania and Suriname before committing to further exploration activity. Failure to find a partner and subsequent withdrawal from either or both licences would result in all costs currently capitalised in relation to these licences being charged to the Income Statement. In 2021, in Mexico, the Saasken-2 appraisal well did not encounter hydrocarbons and as a result a possible Saasken extension into neighbouring Block 9 was reclassified from contingent resources to prospective resources, indicating possible impairment. Following impairment testing, the remaining costs capitalised of US$19.6m were impaired in full. In 2022, Capricorn submitted notice to the Mexican authorities of the Group\u2019s intention to withdraw from Block 9 and remaining costs charged as unsuccessful exploration costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "Accounting policy Capricorn follows a successful efforts-based accounting policy for oil and gas assets. Costs incurred prior to obtaining the legal rights to explore an area are expensed immediately to the Income Statement as pre-award costs. Expenditure incurred on the acquisition of a licence interest is initially capitalised on a licence-by-licence basis. Costs are held, undepleted, within intangible exploration/appraisal assets until such time as the exploration phase on the licence area is complete or commercial reserves have been discovered and a field development plan approved. Exploration expenditure incurred in the process of determining oil and gas exploration targets is capitalised initially within intangible exploration/appraisal assets and subsequently allocated to drilling activities. Costs are recognised following a cost accumulation model where any contingent future costs on recognition of an asset are recognised only when incurred. This includes where Capricorn has entered into a \u2019farm-in\u2019 agreement to either acquire or part-dispose of an exploration interest. A farm-in is an agreement in which a party agrees to acquire from one or more of the existing licencees an interest in an exploration licence, for a consideration which may consist of the performance of a specified work obligation on behalf of the existing licencees. This obligation may be subject to a monetary cap. Refund of full or partial costs incurred to date may also be included in a farm-in agreement. Where Capricorn has part-disposed of an exploration licence interest through a farm-in arrangement, a \u2019farm-down\u2019, the contingent consideration payable by the third party on Capricorn\u2019s behalf is not recognised in the Financial Statements. The future economic benefit which Capricorn will receive as a result of the farm-down will be dependent upon future success of any exploration drilling. Exploration/appraisal drilling costs are capitalised on a well-by-well basis until the success or otherwise of the well has been established. The success or failure of each exploration/appraisal effort is judged on a well-by-well basis. Drilling costs are written off on completion of a well unless the results indicate that hydrocarbon reserves exist and there is a reasonable prospect that these reserves are commercial and work to confirm the commercial viability of such hydrocarbons is intended to be carried out in the foreseeable future. Where results of exploration drilling indicate the presence of hydrocarbons which are ultimately not considered commercially viable, all related costs are written off to the Income Statement. Following appraisal of successful exploration wells, if commercial reserves are established and technical feasibility for extraction demonstrated and approved in a field development plan, then the related capitalised intangible exploration/appraisal costs are transferred into a single field cost centre within property, plant & equipment \u2013 development/producing assets, after testing for impairment (see below). Proceeds from the disposal or farm-down of part or all of an exploration/appraisal asset are credited initially to that interest with any excess being credited to the Income Statement. Impairment Intangible exploration/appraisal assets are reviewed regularly for indicators of impairment and tested for impairment where such indicators exist. An indicator that one of the Group\u2019s assets may be impaired is most likely to be one of the following: \u2013 there are no further plans to conduct exploration activities in the area; \u2013 exploration drilling in the area has failed to discover commercial reserve volumes; \u2013 changes in the oil price or other market conditions indicate that discoveries may no longer be commercial; or \u2013 development proposals for appraisal assets in the pre-development stage indicate that it is unlikely that the carrying value of the exploration/appraisal asset will be recovered in full. In such circumstances the intangible exploration/appraisal asset is allocated to any property, plant & equipment \u2013 development/ producing assets within the same cash-generating unit (CGU) and tested for impairment. Any impairment arising is recognised in the Income Statement for the year. Where there are no development assets within the CGU, the excess of the carrying amount of the exploration/appraisal asset over its recoverable amount is charged immediately to the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "2.3 Property, Plant & Equipment \u2013 Development/Producing Assets Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons has been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditure is capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion and amortisation Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Amortisation charged on right-of-use leased assets is also charged on a unit-of-production basis, based on proved and probable reserves. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: \u2013 downward revisions of reserve estimates; \u2013 increases in cost estimates for development projects; or \u2013 a decrease in the oil price or other negative changes in market conditions. Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. Decommissioning At the end of the producing life of a field, costs are incurred in plugging and abandoning wells, removing subsea installations and decommissioning production facilities. Capricorn recognises the full discounted cost of decommissioning as an asset and liability when the obligation to rectify environmental damage arises. The decommissioning asset is included within property, plant & equipment \u2013 development/producing assets with the cost of the related installation. The liability is included within provisions. Revisions to the estimated costs of decommissioning which alter the level of the provisions required are also reflected in adjustments to the decommissioning asset. The amortisation of the asset is calculated on a unit-of-production basis based on proved and probable reserves. The amortisation of the asset is included in the depletion charge in the Income Statement and the unwinding of discount of the provision is included within finance costs. 2.3 Property, Plant & Equipment \u2013 Development/Producing Assets continued Egypt US$m UK producing assets US$m UK producing right-of-use leased assets US$m Total US$m Cost At 1 January 2021 \u2013 1 ,17 7.7 316.3 1,494.0 Acquisitions through business combinations 390.2 \u2013 \u2013 390.2 Additions 14.9 \u2013 \u2013 14.9 Disposals \u2013 (1,177.7 ) (316.3) (1,494.0) At 31 December 2021 405.1 \u2013 \u2013 405.1 Additions 71.5 \u2013 \u2013 71.5 Other cost adjustments (29.2) \u2013 \u2013 (29.2) At 31 December 2022 447.4 \u2013 \u2013 447.4 Depletion, amortisation and impairment At 1 January 2021 \u2013 517.0 127. 2 644.2 Depletion charge \u2013 continuing operations 31.2 \u2013 \u2013 31.2 Depletion and amortisation charges \u2013 discontinued operations \u2013 27.1 8.2 35.3 Disposals \u2013 (544.1) (135.4) (679.5) At 31 December 2021 31.2 \u2013 \u2013 31.2 Depletion charge 124.1 \u2013 \u2013 124.1 Impairment 42.6 \u2013 \u2013 42.6 At 31 December 2022 197.9 \u2013 \u2013 197.9 Net book value At 31 December 2020 \u2013 660.7 189.1 849.8 At 31 December 2021 373.9 \u2013 \u2013 373.9 At 31 December 2022 249.5 \u2013 \u2013 249.5 Egypt Capricorn acquired its development/producing assets in Egypt through a business combination in 2021 (see note 6.3). Subsequent expenditure on development activities across the concessions totalled US$14.9m in 2021 and US$75.1m in 2022. The 2022 other cost adjustments of US$29.2m relate to the reversal of accruals which were included in the acquisition costs of assets in 2021. The seller has not provided sufficient information to allow the new operator to reconcile the reversal of those accruals back to subsequent costs. Capricorn have therefore reversed those accruals at the year end. The 2021 acquisition was funded through a combination of cash and borrowings, with further deferred consideration due on future oil prices. Subsequent additions have been funded through cash and working capital. Depletion of US$124.1m (2021: US$31.2m) was charged to the Income Statement based on entitlement interest production during the year (2021: from 24 September 2021 to the end of the year). The costs for depletion include future capital costs-to-complete consistent with the life-of-field reserve estimates used in the calculation. Impairment review The Group\u2019s development/producing assets in Egypt were reviewed for indicators of impairment. Indicators were identified where performance from producing wells had fallen below expectation resulting in downgrades to reserve volumes. Subsequent impairment tests identified an impairment of US$42.6m across two of the Egypt concession areas, AESW and Obaiyed. Impairment sensitivity analysis is provided in note 2.7. UK Producing asset disposals On 8 March 2021, Capricorn entered into an agreement to sell its entire interests in the UK Catcher and Kraken producing assets. The sale completed on 2 November 2021 (see note 6.1). At the date of the agreement, assets were re-classified as held-for-sale before the disposal completed. US$35.3m of amortisation and depletion charges were recorded on the assets prior to re-classification. ",
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"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-461": {
"value": "Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons has been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditure is capitalised only where it either enhances the economic benefits of the development/producing asset or replaces part of the existing development/producing asset. Any remaining costs associated with the part replaced are expensed. Costs of borrowings relating to the ongoing construction of development/producing assets and facilities are capitalised during the development phase of the project. Capitalisation ceases once the asset is ready to commence production. Net proceeds from any disposal, part disposal or farm-down of development/producing assets are credited against the appropriate portion of previously capitalised cost. A gain or loss on disposal of a development/producing asset is recognised in the Income Statement to the extent that the net proceeds, measured at fair value, exceed or are less than the appropriate portion of the net capitalised costs. Depletion and amortisation Depletion is charged on a unit-of-production basis, based on proved and probable reserves on a field-by-field basis. Fields within a single development area may be combined for depletion purposes. Where production commences prior to completion of the development, costs to be depleted include the costs-to-complete of the facility required to extract the volume of reserves recorded. Amortisation charged on right-of-use leased assets is also charged on a unit-of-production basis, based on proved and probable reserves. Impairment Development/producing assets are reviewed for indicators of impairment at the balance sheet date. Indicators of impairment for the Group\u2019s development assets include: \u2013 downward revisions of reserve estimates; \u2013 increases in cost estimates for development projects; or \u2013 a decrease in the oil price or other negative changes in market conditions. Impairment tests are carried out on each development/producing asset at the balance sheet date where an indicator of impairment is identified. The test compares the carrying value of an asset to its recoverable amount based on the higher of its fair value less costs of disposal or value in use. Where the fair value less costs of disposal supports the carrying value of the asset, no value-in-use calculation is performed. If it is not possible to calculate the fair value less costs of disposal of an individual asset, the fair value less costs of disposal is calculated for the CGU containing the asset and tested against the carrying value of the assets and liabilities in the CGU for impairment. Where an asset can be tested independently for impairment, this test is performed prior to the inclusion of the asset into a CGU for further impairment tests. If the carrying amount of the asset or CGU exceeds its recoverable amount, an impairment charge is made. Where there has been a charge for impairment in an earlier period that charge will be reversed in a later period where there has been a change in circumstances to the extent that the recoverable amount is higher than the net book value at the time. In reversing impairment losses, the carrying amount of the asset will be increased to the lower of its original carrying value or the carrying value that would have been determined (net of depletion) had no impairment loss been recognised in prior years. Decommissioning At the end of the producing life of a field, costs are incurred in plugging and abandoning wells, removing subsea installations and decommissioning production facilities. Capricorn recognises the full discounted cost of decommissioning as an asset and liability when the obligation to rectify environmental damage arises. The decommissioning asset is included within property, plant & equipment \u2013 development/producing assets with the cost of the related installation. The liability is included within provisions. Revisions to the estimated costs of decommissioning which alter the level of the provisions required are also reflected in adjustments to the decommissioning asset. The amortisation of the asset is calculated on a unit-of-production basis based on proved and probable reserves. The amortisation of the asset is included in the depletion charge in the Income Statement and the unwinding of discount of the provision is included within finance costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "2.4 Goodwill Egypt US$m At 1 January 2021 \u2013 Goodwill arising on acquisition 25.4 At 31 December 2021 and 31 December 2022 25.4 Goodwill arose on the acquisition of the Western Desert assets in Egypt in 2021 (see note 6.3). There were no subsequent measurement period adjustments to the original acquisition accounting. Goodwill has been tested for impairment at 31 December 2022 but no impairment was identified. Impairment sensitivity analysis is provided in note 2.7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "2.5 Other Property, Plant & Equipment and Intangible assets
Carbon
credits
US$m
Intangible
assets
US$m
Property, plant
& equipment
US$m
Right-of-use
assets
US$m
Total
US$m
Cost
At 1 January 2021 \u2013 36.5 10.4 9.3 56.2
Additions \u2013 0.9 0.4 \u2013 1.3
At 31 December 2021 \u2013 37.4 10.8 9.3 57.5
Additions 6.8 3.9 \u2013 3.5 14.2
At 31 December 2022 6.8 41.3 10.8 12.8 71.7
Depreciation and amortisation
At 1 January 2021 \u2013 30.4 10.0 4.3 44.7
Charge for the year \u2013 4.8 0.3 2.0 7.1
At 31 December 2021 \u2013 35.2 10.3 6.3 51.8
Charge for the year \u2013 3.5 0.3 2.0 5.8
At 31 December 2022 \u2013 38.7 10.6 8.3 57.6
Net book value
At 31 December 2020 \u2013 6.1 0.4 5.0 11.5
At 31 December 2021 \u2013 2.2 0.5 3.0 5.7
At 31 December 2022 6.8 2.6 0.2 4.5 14.1
During the year, the Group invested US$6.8m in high-quality, verified carbon credits, which will be used to offset the Group\u2019s future emissions
from its operations in Egypt, in order to achieve its net zero targets. For more details see TCFD Reporting, on pages 180 to 184. None of
the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "2.6 Capital Commitments
At
31 December
2022
US$m
At
31 December
2021
US$m
Oil and gas expenditure:
Intangible exploration/appraisal assets 36.0 71.8
Property, plant & equipment \u2013 development/producing assets 114.0 93.7
Contracted for 150.0 165.5
Capital commitments represent Capricorn\u2019s share of obligations in relation to its interests in joint operations. These commitments include
Capricorn\u2019s share of the capital commitments of the joint operations themselves.
The capital commitments for intangible exploration/appraisal assets include US$17.2m (2021: US$23.5m) in Egypt, US$0.5m (2021:
US$34.4m) for operations in the UK and US$18.3m (2021: US$11.1m) for remaining commitments in Mexico.
As at 31 December 2022, the capital commitments for property, plant & equipment \u2013 development/producing assets were solely related
to Egypt operations.
There were no short-term lease commitments at the 2022 balance sheet date (2021: US$nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "2.7 Impairment Sensitivity Analysis
Capricorn recorded an impairment of US$42.6m on the Obaiyed and AESW concession areas. Impairment sensitivity analysis has been
performed of the Group\u2019s long-term oil price and discount rate assumptions with results presented below. Changes arising on the
change of assumptions relate to the AESW and Obaiyed concessions only. No impairment arises on any of the other Egypt concession
areas or on goodwill under any of the sensitivities performed.
Changes to other assumptions used to calculate the recoverable value of the Group\u2019s Egypt assets have no significant impact on the
impairment charge.
Property, plant & equipment \u2013 Development/producing assets
Impairment
charge
(increase)/
decrease
US$m
Deferred tax
credit/(charge)
on change
US$m
Net Income
Statement
impact
US$m
Long-term oil price:
US$55/bbl (14.2) 5.8 (8.4)
US$65/bbl 10.0 (4.1) 5.9
US$70/bbl 22.3 (9.0) 13.3
Discount rate:
12% (7.8) 3.2 (4.6)
14% (12.9) 5.2 (7.7)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "3.1 Cash and Cash Equivalents
At
31 December
2022
US$m
At
31 December
2021
US$m
Cash at bank 63.4 84.8
Bank deposit less than three months 298.0 \u2013
Money market funds 395.4 229.3
756.8 314.1
At 31 December 2022, US$52.5m (2021: US$8.9m) of cash and cash equivalents are restricted and not available for immediate ordinary
business use. This includes US$43.5m (2021: US$8.9m) of cash and cash equivalents in Egypt.
Cash and cash equivalents earn interest at floating rates. Short-term investments are made for varying periods, which can be as short
as instant access but generally not more than three months, depending on the cash requirements of the Group. At 31 December 2022
Capricorn had invested surplus funds into money market funds and short-term bank deposits. These meet the criteria of cash and
cash equivalents.
Capricorn limits the placing of funds and other investments to banks or financial institutions that have ratings of A- or above from at least
two of Moody\u2019s, Standard & Poor\u2019s or Fitch, unless a sovereign guarantee is available from a AAA--rated government. The counterparty
limits vary between US$50.0m and US$200.0m depending on the ratings of the counterparty. No investments are placed with any
counterparty with a five-year credit default swap exceeding 250 bps. Investments in money market liquidity funds are only made with
AAA-rated liquidity funds and the maximum holding in any single fund is 20% of total investments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "3.2 Loans and Borrowings Reconciliation of opening and closing liabilities to cash flow movements: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Opening liabilities 177.0 \u2013 Loan advances in the year disclosed in the Cash Flow Statement: Senior Debt Facility \u2013 141.4 Junior Debt Facility \u2013 40.0 \u2013 181.4 Loan repayments in the year disclosed in the Cash Flow Statement: Senior Debt Facility (21.5) \u2013 Other movements in Cash Flow Statement: Debt arrangement fees _ (4.6) Non-cash movements: Accrued debt facility interest 2.2 \u2013 Amortisation of debt arrangement fees 0.9 0.2 Closing liabilities 158.6 17 7.0 Amounts due less than one year 25.4 10.9 Amounts due greater than one year 133.2 166.1 Closing liabilities 158.6 17 7.0 Capricorn Egypt Debt Facilities In September 2021 Capricorn Egypt Limited entered into a US$325.0m Senior Debt Facility and an US$80.0m Junior Debt Facility jointly with Cheiron, the joint operation partner in Egypt, to finance the acquisition of the Egyptian Western Desert Portfolio. The facility commitments are split 50:50 with Cheiron. An accordion feature on the Senior Facility permits additional future commitments of up to US$200.0m subject to the amortisation of investor commitments. Facility commitments began amortising in September 2022 and the maximum drawdown available to Capricorn at 31 December 2022 was US$119.9m for the Senior Debt Facility and US$40.0m for the Junior Debt Facility. Interest on debt drawn is charged at the appropriate LIBOR for the currency drawn plus an applicable margin. The Senior Debt Facility remains subject to biannual redeterminations, has a market standard suite of covenants and is cross-guaranteed by all Group companies party to the facility, including Cheiron. Any debt drawn is repayable in line with the amortisation of bank commitments over the period from September 2022 to the extended final maturity date of September 2026. All drawings in the year were denominated in US$. With effect from 1 July 2023, it is intended that the Secured Overnight Financing Rate (SOFR) will replace LIBOR as the benchmark for calculating interest on the two facilities. The rate of interest on borrowings will be the aggregate of the reference rate, margin and a credit adjustment spread, whereby the reference rate will be the applicable Term SOFR for a period equal in length to the interest period of the loan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "3.3 Inventory 31 December 2022 US$m 31 December 2021 US$m Spare parts \u2013 Egypt concessions 8.1 10.8 Spare parts inventories in Egypt are maintained by Bapetco on behalf of the operator Cheiron. Inventory is held at net realisable value, measured at cost less provisions for obsolescence, based on the age of the items held. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-437": {
"value": "3.4 Trade and Other Receivables Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt, acquired during 2021, royalty payments receivable from producing fields in Mongolia and previously from oil and gas sales from UK producing assets disposed of during 2021. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables of the joint arrangements themselves. Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value and subsequently recorded at amortised cost. A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date. Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit losses are provided. For trade receivables a lifetime credit loss is recognised on initial recognition where material. Prepayments, which are not financial assets, are measured at historic cost. At 31 December 2022 US$m At 31 December 2021 US$m India tax refund receivable \u2013 1,070.7 Trade receivables 96.9 63.3 Other receivables 19.6 14.0 Prepayments 5.3 7.8 Joint operation receivables 20.7 55.4 142.5 1,211.2 The India tax refund receivable of US$1,070.7m was settled in February 2022, see note 4.8. Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC and the operator to manage the receivables position. Trade receivables are initially recorded at fair value, adjusting for expected credit losses, and subsequently measured at amortised cost. Revenue is recognised at the point in time where title passes to the customer and payment becomes unconditional. The fair value measurement of revenue for oil and gas sales in Egypt includes adjustments to invoiced quantities for expected entitlement share adjustments. Other receivables balance of US$19.6m (2021: US$14.0m) includes interventure receivables of US$9.1m (2021: US$7.7m), VAT recoverable in the UK and Mexico of US$4.4m (2021: US$3.5m) and money market interest receivable of US$3.3m (2021: US$1.5m). Reconciliation of opening and closing receivables to operating cash flow movements: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Opening trade and other receivables 1,211.2 74.6 Closing trade and other receivables (142.5) (1,211.2) Decrease/(Increase) in trade and other receivables 1,068.7 (1,136.6) Foreign exchange (17.3) 0.2 India tax refund (received)/receivable (1,056.0) 1,070.7 Decrease in joint operation receivables relating to investing activities (27.7) (1.3) (Decrease)/Increase in other receivables relating to investing activities (8.7) 0.2 Increase in prepayments relating to investing activities 0.6 2.7 Increase/(Decrease) in prepayments and other receivables relating to financing activities 1.7 (7.4) Trade and joint operation receivables derecognised on disposal of the UK assets \u2013 (57.4) Trade and other receivables recognised on purchase of Egypt assets (note 6.3) \u2013 58.1 Trade and other receivables cash flow movement (38.7) (70.8) The movements in joint operation receivables relating to investing activities relate to the Group\u2019s share of the receivables of joint operations in respect of exploration, appraisal and development activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt, acquired during 2021, royalty payments receivable from producing fields in Mongolia and previously from oil and gas sales from UK producing assets disposed of during 2021. Other receivables primarily represent recharges to joint operations. Joint operation receivables relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the receivables of the joint arrangements themselves. Trade receivables, other receivables and joint operation receivables, which are financial assets, are measured initially at fair value and subsequently recorded at amortised cost. A loss allowance is recognised, where material, for expected credit losses on all financial assets held at the balance sheet date. Expected credit losses are the difference between the contractual cash flows due to Capricorn and the discounted actual cash flows that are expected to be received. Where there has been no significant increase in credit risk since initial recognition, the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered significant, lifetime credit losses are provided. For trade receivables a lifetime credit loss is recognised on initial recognition where material. Prepayments, which are not financial assets, are measured at historic cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "3.5 Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss Financial assets At 31 December 2022 US$m At 31 December 2021 US$m Non-current assets Financial assets at fair value through profit or loss \u2013 earnout consideration 89.7 113.5 Financial assets at fair value through profit or loss \u2013 non-listed investment fund 6.5 6.9 96.2 120.4 Current assets Financial assets at fair value through profit or loss \u2013 earnout consideration 134.4 75.8 Financial assets at fair value through profit or loss \u2013 listed equity investments \u2013 10.8 134.4 86.6 Financial assets at fair value through profit or loss \u2013 Earnout consideration The fair value of earnout consideration receivable, due in annual instalments from 2023 through to 2026, increased by US$110.4m during 2022 to a closing fair value receivable of US$224.1m in the Balance Sheet as at 31 December 2022. The 2021 current receivable of US$75.8m relating to 2021 production was settled during the year. See note 6.1 for further detail. On 31 March 2023, Capricorn received US$136.7m in full settlement of the 2022 earnout consideration due with interest from 1 January 2023 of US$2.3m. Financial assets at fair value through profit or loss \u2013 Listed equity investments In 2021, Capricorn invested US$6.9m into a non-listed trust in India and with a minimum investment period of five years, this is recorded as a non-current financial asset and measured at fair value. In March 2022, the Group sold its remaining shareholding in Vedanta, listed in India, for INR968m (US$12.7m). Financial liabilities At 31 December 2022 US$m At 31 December 2021 US$m Non-current liabilities Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination (36.8) (49.1) (36.8) (49.1) Current liabilities Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination (25.0) (20.9) (25.0) (20.9) Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination Deferred consideration is due to Shell following the Egypt business combination in 2021. Amounts due are determined by the average annual dated Brent oil price for each year up to 2024, with a maximum US$25.0m due for each year if the average price exceeds US$75/bbl. The full US$25.0m was payable in respect of 2022 and was settled in January 2023. The fair value of the liability in respect of remaining years is based on third-party mark-to-market valuations. During the year, the Group made a loss of US$12.7m (2121: US$7.2m) on fair value movements increasing the liability. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "3.6 Trade and Other Payables Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. At 31 December 2022 US$m At 31 December 2021 US$m Trade payables 1.5 1.6 Other taxation and social security 1.9 0.2 Accruals and other payables 21.6 59.5 Joint operation payables 30.7 90.9 55.7 152.2 The reduction in accruals and other payables are mainly due to a balance of US$20.2m paid for the share re-purchase, see note 7.1. Joint operation payables include US$18.3m (2021: US$30.0m) and US$12.1m (2021: US$0.5m) relating to exploration/appraisal asset and development/producing asset costs respectively. The decrease in joint operation payables for development/production assets at the balance sheet date compared to the prior year was due to payables of US$60.3m at 31 December 2021 relating to the newly acquired production/development assets in Egypt. Reconciliation of opening and closing payables to operating cash flow movements: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Opening trade and other payables (152.2) (91.6) Closing trade and other payables 55.7 152.2 (Decrease)/Increase in trade and other payables (96.5) 60.6 Foreign exchange 3.4 \u2013 Decrease in trade payables relating to investing activities 0.5 \u2013 Decrease/(Increase) in joint operation payables relating to investing activities 61.6 (16.4) Decrease/(Increase) in accruals and other payables relating to other non-operating activities 18.7 (19.0) Decrease in accruals and other payables relating to investing activities 3.0 1.2 Increase in accruals and other payables relating to financing activities (0.5) (0.6) Trade and other payables derecognised on disposal of the UK assets \u2013 22.2 Joint operation payables recognised on purchase of Egypt assets (note 6.3) \u2013 (59.5) Trade and other payables movement recorded in operating cash flows (9.8) (11.5) Movements above for investing activities relate to exploration, appraisal and development activities through the Group\u2019s joint operations. Movements relating to production activities are included in amounts through operating cash flows. The movement in accruals and other payables relating to other non-operating activities is in relation to the share re-purchase. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "Accounting policy Trade and other payables are non-interest bearing and are measured at fair value initially then amortised cost subsequently. Joint operation payables are payables that relate to Capricorn\u2019s interest in its oil and gas joint arrangements, including Capricorn\u2019s participating interest share of the trade and other payables of the joint arrangements themselves. Where Capricorn is operator of the joint operation, joint operation payables also include amounts that Capricorn will settle to third parties on behalf of joint operation partners. The amount to be recovered from partners for their share of such liabilities are included within joint operation receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "3.7 Financial Instruments
Below is the comparison by category of carrying amounts and fair values of all the Group\u2019s financial instruments that are carried in the
Financial Statements.
Financial assets
Carrying amount and fair value
At
31 December
2022
US$m
At
31 December
2021
US$m
Financial assets at amortised cost
Cash and cash equivalents 756.8 314.1
Trade receivables 96.9 63.3
Other receivables 19.6 14.0
Joint operation receivables 14.1 38.4
Financial assets at fair value through profit or loss
Earnout consideration 224.1 189.3
Listed equity shares \u2013 10.8
Non-listed investment fund 6.5 6.9
1,118.0 636.8
Due to the short-term nature of financial assets held at amortised cost, their carrying amount is considered to be the same as their fair value.
There are no material impairments of financial assets held on the Balance Sheet at either 31 December 2022 or 2021.
Maturity analysis of financial assets
All financial assets at amortised costs are expected to mature within 12 months. The expected financial maturity of the Group\u2019s
financial assets at fair value through profit or loss at 31 December 2022 is as follows:
<1 year
US$m
1\u20132 years
US$m
2\u20135 years
US$m
>5 years
US$m
Financial assets at fair value through profit or loss
Earnout consideration 134.4 52.9 36.8 \u2013
Non-listed investment fund \u2013 \u2013 6.5 \u2013
134.4 52.9 43.3 \u2013
The expected financial maturity of the Group\u2019s financial assets at fair value through profit or loss at 31 December 2021 was as follows:
<1 ye a r
US$m
1\u20132 years
US$m
2\u20135 years
US$m
>5 years
US$m
Financial assets at fair value through profit or loss
Earnout consideration 75.8 53.7 59.8 \u2013
Listed equity shares 10.8 \u2013 \u2013 \u2013
Non-listed investment fund \u2013 \u2013 6.9 \u2013
86.6 53.7 66.7 \u2013
Financial liabilities
Carrying amount and fair value
At
31 December
2022
US$m
At
31 December
2021
US$m
Financial liabilities at amortised cost
Trade payables 1.5 1.6
Accruals and other payables 21.6 59.5
Joint operation payables 30.7 90.9
Lease liabilities 4.3 3.7
Loans and borrowings 158.6 177.0
Financial liabilities at fair value
Deferred consideration on business combinations 61.8 70.0
278.5 402.7
The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates.
3.7 Financial Instruments continued
Financial liabilities continued
Maturity analysis of financial liabilities
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2022 is as follows:
<1 year
US$m
1\u20132 years
US$m
2\u20135 years
US$m
>5 years
US$m
Financial liabilities at amortised cost
Trade payables 1.5 \u2013 \u2013 \u2013
Accruals and other payables 21.6 \u2013 \u2013 \u2013
Joint operation payables 30.7 \u2013 \u2013 \u2013
Lease liabilities 1.9 0.8 1.6 \u2013
Loans and borrowings 25.4 42.1 91.1 \u2013
Financial liabilities at fair value
Deferred consideration on business combinations 25.0 36.8 \u2013 \u2013
106.1 79.7 92.7 \u2013
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2021 was as follows:
<1 ye a r
US$m
1\u20132 years
US$m
2\u20135 years
US$m
>5 years
US$m
Financial liabilities at amortised cost
Trade payables 1.6 \u2013 \u2013 \u2013
Accruals and other payables 59.5 \u2013 \u2013 \u2013
Joint operation payables 90.9 \u2013 \u2013 \u2013
Lease liabilities 2.4 1.3 \u2013 \u2013
Loans and borrowings 10.9 47.2 118.9 \u2013
Financial liabilities at fair value
Deferred consideration on business combinations 20.9 49.1 \u2013 \u2013
186.2 97.6 118.9 \u2013
Fair value
Capricorn holds a non-listed investment fund as a non-current financial asset at fair value through profit or loss. The Group determines
and discloses the fair value by reference to the net asset valuation provided by ICICI bank \u2013 the custodian/fund accounting service
provider for Vasuki India Fund.
At
31 December
2022
US$m
At
31 December
2021
US$m
Assets measured at fair value \u2013 Level 1
Financial assets at fair value through profit or loss
Listed equity shares \u2013 10.8
Assets measured at fair value \u2013 Level 2
Financial assets at fair value through profit or loss
Earnout consideration 224.1 189.3
Non-listed investment fund 6.5 6.9
Liabilities measured at fair value \u2013 Level 2
Financial liabilities at fair value
Deferred consideration on business combinations (58.9) (68.2)
Liabilities measured at fair value \u2013 Level 3
Financial liabilities at fair value
Deferred consideration on business combinations (2.9) (1.8)
168.8 137.0
",
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"fact-464": {
"value": "Financial assets Carrying amount and fair value At 31 December 2022 US$m At 31 December 2021 US$m Financial assets at amortised cost Cash and cash equivalents 756.8 314.1 Trade receivables 96.9 63.3 Other receivables 19.6 14.0 Joint operation receivables 14.1 38.4 Financial assets at fair value through profit or loss Earnout consideration 224.1 189.3 Listed equity shares \u2013 10.8 Non-listed investment fund 6.5 6.9 1,118.0 636.8 Due to the short-term nature of financial assets held at amortised cost, their carrying amount is considered to be the same as their fair value. There are no material impairments of financial assets held on the Balance Sheet at either 31 December 2022 or 2021. Maturity analysis of financial assets All financial assets at amortised costs are expected to mature within 12 months. The expected financial maturity of the Group\u2019s financial assets at fair value through profit or loss at 31 December 2022 is as follows: <1 year US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial assets at fair value through profit or loss Earnout consideration 134.4 52.9 36.8 \u2013 Non-listed investment fund \u2013 \u2013 6.5 \u2013 134.4 52.9 43.3 \u2013 The expected financial maturity of the Group\u2019s financial assets at fair value through profit or loss at 31 December 2021 was as follows: <1 ye a r US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial assets at fair value through profit or loss Earnout consideration 75.8 53.7 59.8 \u2013 Listed equity shares 10.8 \u2013 \u2013 \u2013 Non-listed investment fund \u2013 \u2013 6.9 \u2013 86.6 53.7 66.7 \u2013 ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "Financial liabilities Carrying amount and fair value At 31 December 2022 US$m At 31 December 2021 US$m Financial liabilities at amortised cost Trade payables 1.5 1.6 Accruals and other payables 21.6 59.5 Joint operation payables 30.7 90.9 Lease liabilities 4.3 3.7 Loans and borrowings 158.6 177.0 Financial liabilities at fair value Deferred consideration on business combinations 61.8 70.0 278.5 402.7 The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates. Financial liabilities continued Maturity analysis of financial liabilities The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2022 is as follows: <1 year US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial liabilities at amortised cost Trade payables 1.5 \u2013 \u2013 \u2013 Accruals and other payables 21.6 \u2013 \u2013 \u2013 Joint operation payables 30.7 \u2013 \u2013 \u2013 Lease liabilities 1.9 0.8 1.6 \u2013 Loans and borrowings 25.4 42.1 91.1 \u2013 Financial liabilities at fair value Deferred consideration on business combinations 25.0 36.8 \u2013 \u2013 106.1 79.7 92.7 \u2013 The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2021 was as follows: <1 ye a r US$m 1\u20132 years US$m 2\u20135 years US$m >5 years US$m Financial liabilities at amortised cost Trade payables 1.6 \u2013 \u2013 \u2013 Accruals and other payables 59.5 \u2013 \u2013 \u2013 Joint operation payables 90.9 \u2013 \u2013 \u2013 Lease liabilities 2.4 1.3 \u2013 \u2013 Loans and borrowings 10.9 47.2 118.9 \u2013 Financial liabilities at fair value Deferred consideration on business combinations 20.9 49.1 \u2013 \u2013 186.2 97.6 118.9 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "Fair value Capricorn holds a non-listed investment fund as a non-current financial asset at fair value through profit or loss. The Group determines and discloses the fair value by reference to the net asset valuation provided by ICICI bank \u2013 the custodian/fund accounting service provider for Vasuki India Fund. At 31 December 2022 US$m At 31 December 2021 US$m Assets measured at fair value \u2013 Level 1 Financial assets at fair value through profit or loss Listed equity shares \u2013 10.8 Assets measured at fair value \u2013 Level 2 Financial assets at fair value through profit or loss Earnout consideration 224.1 189.3 Non-listed investment fund 6.5 6.9 Liabilities measured at fair value \u2013 Level 2 Financial liabilities at fair value Deferred consideration on business combinations (58.9) (68.2) Liabilities measured at fair value \u2013 Level 3 Financial liabilities at fair value Deferred consideration on business combinations (2.9) (1.8) 168.8 137.0 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "3.8 Financial Risk Management: Objectives and Policies The main risks arising from the Group\u2019s financial instruments are commodity price risk, liquidity risk, credit risk and foreign currency risk. The Board of Capricorn Energy PLC, through the Treasury Subcommittee, reviews and agrees policies for managing each of these risks and these are summarised below. The Group\u2019s Treasury function and Executive Team as appropriate are responsible for managing these risks, in accordance with the policies set by the Board. Management of these risks is carried out by monitoring of cash flows, investment and funding requirements using a variety of techniques. These potential exposures are managed while ensuring that the Company and the Group have adequate liquidity at all times in order to meet their immediate cash requirements. There are no significant concentrations of risks unless otherwise stated. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. The primary financial assets and liabilities comprise cash, short- and medium-term deposits, money market liquidity funds, listed equity shares, intra-group loans and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy has been to finance its operations through a mixture of retained profits, bank borrowings and other production-related streaming agreements. Other alternatives such as equity issues and other forms of non-investment-grade debt finance are reviewed by the Board, when appropriate. Commodity price risk Commodity price risk arises principally from the Group\u2019s Egyptian production, which could adversely affect revenue and debt availability due to changes in commodity prices. The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. Linked to production in the UK North Sea, the Group continued to hedge during 2021 in order to protect debt capacity and support committed capital programmes. No hedging of production in Egypt was in place at the year end, though this remains under review with Capricorn and the operator looking at hedging opportunities. Transacted derivatives are designated, where possible, in cash flow hedge relationships to minimise accounting income statement volatility. The Group is required to assess the likely effectiveness of any proposed cash flow hedging relationship and demonstrate that the hedging relationship is expected to be highly effective prior to entering into a hedging instrument and at subsequent reporting dates. Liquidity risk The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, supplemented by debt and equity financing plans and active portfolio management. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in asset production profiles and cost schedules. The Group runs various sensitivities on its liquidity position throughout the year. This includes scenarios forecasting a period of sustained low oil prices. Further details are noted in the Viability Statement provided on page 32. Details of the Group\u2019s debt facilities can be found in note 3.2. The Group is subject to semi-annual forecast liquidity tests as part of the facility agreements. The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements. Credit risk Credit risk arises from cash and cash equivalents, investments with banks and financial institutions, trade and other receivables and joint operation receivables. Customers and joint operation partners are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. At the year end, the Group\u2019s trade receivables primarily relates to amounts due from EGPC for oil and gas sales in Egypt. Amounts are recognised after providing for expected credit losses. Investment credit risk for investments with banks and other financial institutions is managed by the Group Treasury function in accordance with the Board-approved policies of Capricorn Energy PLC. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The limits are set to minimise the concentration of risks and therefore mitigate the risk of financial loss through counterparty failure. It is Capricorn\u2019s policy to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. Repayment of principal is the overriding priority and this is achieved by diversification and shorter maturities to provide flexibility. The Board continually re-assesses the Group\u2019s policy and updates as required. At the year end the Group does not have any significant concentrations of bad debt risk. As at 31 December 2022 the Group had investments with 21 counterparties (2021: 18) to ensure no concentration of counterparty investment risk. At 31 December 2022 the Group\u2019s investments were a combination of instant access and term deposits. At 31 December 2021 all of these investments were instant access. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date. 3.8 Financial Risk Management: Objectives and Policies continued Foreign currency risk Capricorn manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position. The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet. Where residual net exposures do exist and they are considered significant, the Company and Group may from time-to-time opt to use derivative financial instruments to minimise exposure to fluctuations in foreign exchange and interest rates. The following table demonstrates the sensitivity to movements in the US$:GBP exchange rate, with all other variables held constant, on the Group\u2019s monetary assets and liabilities. These are considered to be reasonably possible changes for the purposes of sensitivity analysis. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. At 31 December 2022 At 31 December 2021 Effect on profit before tax US$m Effect on equity US$m Effect on profit before tax US$m Effect on equity US$m 10% increase in GBP to US$ (17.9) (5.3) (18.5) (2.2) 10% decrease in GBP to US$ 17.9 5.3 18.5 2.2 ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "Commodity price risk Commodity price risk arises principally from the Group\u2019s Egyptian production, which could adversely affect revenue and debt availability due to changes in commodity prices. The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. Linked to production in the UK North Sea, the Group continued to hedge during 2021 in order to protect debt capacity and support committed capital programmes. No hedging of production in Egypt was in place at the year end, though this remains under review with Capricorn and the operator looking at hedging opportunities. Transacted derivatives are designated, where possible, in cash flow hedge relationships to minimise accounting income statement volatility. The Group is required to assess the likely effectiveness of any proposed cash flow hedging relationship and demonstrate that the hedging relationship is expected to be highly effective prior to entering into a hedging instrument and at subsequent reporting dates. Foreign currency risk Capricorn manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position. The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet. Where residual net exposures do exist and they are considered significant, the Company and Group may from time-to-time opt to use derivative financial instruments to minimise exposure to fluctuations in foreign exchange and interest rates. The following table demonstrates the sensitivity to movements in the US$:GBP exchange rate, with all other variables held constant, on the Group\u2019s monetary assets and liabilities. These are considered to be reasonably possible changes for the purposes of sensitivity analysis. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. At 31 December 2022 At 31 December 2021 Effect on profit before tax US$m Effect on equity US$m Effect on profit before tax US$m Effect on equity US$m 10% increase in GBP to US$ (17.9) (5.3) (18.5) (2.2) 10% decrease in GBP to US$ 17.9 5.3 18.5 2.2 ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "Liquidity risk The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, supplemented by debt and equity financing plans and active portfolio management. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in asset production profiles and cost schedules. The Group runs various sensitivities on its liquidity position throughout the year. This includes scenarios forecasting a period of sustained low oil prices. Further details are noted in the Viability Statement provided on page 32. Details of the Group\u2019s debt facilities can be found in note 3.2. The Group is subject to semi-annual forecast liquidity tests as part of the facility agreements. The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "Credit risk Credit risk arises from cash and cash equivalents, investments with banks and financial institutions, trade and other receivables and joint operation receivables. Customers and joint operation partners are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. At the year end, the Group\u2019s trade receivables primarily relates to amounts due from EGPC for oil and gas sales in Egypt. Amounts are recognised after providing for expected credit losses. Investment credit risk for investments with banks and other financial institutions is managed by the Group Treasury function in accordance with the Board-approved policies of Capricorn Energy PLC. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The limits are set to minimise the concentration of risks and therefore mitigate the risk of financial loss through counterparty failure. It is Capricorn\u2019s policy to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. Repayment of principal is the overriding priority and this is achieved by diversification and shorter maturities to provide flexibility. The Board continually re-assesses the Group\u2019s policy and updates as required. At the year end the Group does not have any significant concentrations of bad debt risk. As at 31 December 2022 the Group had investments with 21 counterparties (2021: 18) to ensure no concentration of counterparty investment risk. At 31 December 2022 the Group\u2019s investments were a combination of instant access and term deposits. At 31 December 2021 all of these investments were instant access. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "4.1 Segmental Analysis
Operating segments
Capricorn had three reporting segments during 2022; Egypt, Eastern and Western assets.
The Egypt segment was added following the acquisition in 2021. The Eastern operating segment includes costs associated with interests
in Mauritania. The Western segment holds continuing UK North Sea exploration interests, Mexico and Suriname. The Board monitored
the results of each segment separately for the purposes of making decisions about resource allocation and performance assessment.
The Other Capricorn Energy Group segment exists to accumulate the activities and results of the Parent and other holding companies
together with other unallocated expenditure and net assets/liabilities including amounts of a corporate nature not specifically
attributable to any of the business units.
Non-current assets as analysed on a segmental basis consist of: intangible exploration/appraisal assets; property, plant & equipment \u2013
development/producing assets; goodwill; and other property, plant & equipment and intangible assets.
Geographical information: non-current assets
At
31 December
2022
US$m
At
31 December
2021
US$m
Egypt 303.3 403.0
Eastern 39.3 28.9
Mexico 0.6 38.8
UK 12.1 12.4
Suriname 17.1 15.6
Western 29.8 66.8
Other Capricorn Energy Group 11.9 4.6
Total non-current assets 384.3 503.3
4.1 Segmental Analysis continued Operating segments continued The segment results for the year ended 31 December 2022 are as follows: Egypt US$m Eastern US$m Western US$m Other Capricorn Energy Group US$m Total US$m Revenue 228.9 \u2013 \u2013 0.7 229.6 Other income 54.8 \u2013 \u2013 \u2013 54.8 Cost of sales (71.2) \u2013 \u2013 \u2013 (71.2) Depletion and amortisation charges (124.1) \u2013 \u2013 \u2013 (124.1) Gross profit 88.4 \u2013 \u2013 0.7 89.1 Pre-award costs (2.8) \u2013 (0.8) (5.6) (9.2) Unsuccessful exploration costs 0.6 (0.1) (94.0) \u2013 (93.5) Impairment of property, plant & equipment \u2013 development/producing assets (42.6) \u2013 \u2013 \u2013 (42.6) Other operating income and expenses 4.0 \u2013 \u2013 1.8 5.8 Depreciation \u2013 purchased assets \u2013 \u2013 \u2013 (0.3) (0.3) Amortisation \u2013 right-of-use assets (0.1) \u2013 (0.1) (1.8) (2.0) Amortisation of other intangible assets \u2013 \u2013 (0.3) (3.2) (3.5) Other administrative expenses (0.8) \u2013 (1.5) (56.9) (59.2) Operating profit/(loss) 46.7 (0.1) (96.7) (65.3) (115.4) Fair value loss \u2013 deferred consideration (12.7) \u2013 \u2013 \u2013 (12.7) Gain on financial assets at fair value through profit or loss \u2013 \u2013 \u2013 2.3 2.3 Finance income 0.3 \u2013 2.3 13.1 15.7 Finance costs (21.7) \u2013 2.9 0.6 (18.2) Profit/(Loss) before tax from continuing operations 12.6 (0.1) (91.5) (49.3) (128.3) Tax charge (31.8) \u2013 \u2013 (0.2) (32.0) Loss for the year from continuing operations (19.2) (0.1) (91.5) (49.5) (160.3) Profit from discontinued operations \u2013 \u2013 \u2013 109.3 109.3 (Loss)/Profit attributable to equity holders of the Parent (19.2) (0.1) (91.5) 59.8 (51.0) Balances as at 31 December 2022: Capital expenditure 64.8 10.5 57.4 10.7 143.4 Total assets 478.7 40.0 278.0 732.6 1,529.3 Total liabilities 272.7 1.2 16.5 24.3 314.7 Non-current assets 303.3 39.3 29.8 11.9 384.3 Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore The Arab Republic of Egypt. 90% of revenue related to sales to a single customer. All transactions between segments are carried out on an arm\u2019s length basis. 4.1 Segmental Analysis continued Operating segments continued The segment results for the year ended 31 December 2021 were as follows: Egypt US$m Eastern US$m Western US$m UK producing assets US$m Other Capricorn Energy Group US$m Group adj for segments US$m Total US$m Revenue 56.2 \u2013 \u2013 411.8 0.9 (411.8) 57.1 Other income 7.3 \u2013 \u2013 \u2013 \u2013 \u2013 7. 3 Cost of sales (20.5) \u2013 \u2013 (103.8) \u2013 103.8 (20.5) Depletion and amortisation charges (31.2) \u2013 \u2013 (35.3) \u2013 35.3 (31.2) Gross profit 11.8 \u2013 \u2013 272.7 0.9 (272.7) 12.7 Pre-award costs (0.9) \u2013 (1.7) \u2013 (13.2) \u2013 (15.8) Unsuccessful exploration costs (2.9) (18.2) (29.5) \u2013 \u2013 \u2013 (50.6) Impairment of intangible exploration/appraisal assets \u2013 \u2013 (19.6) \u2013 \u2013 \u2013 (19.6) Impairment of disposal group property plant & equipment \u2013 development/producing assets \u2013 \u2013 \u2013 (56.0) \u2013 56.0 \u2013 Other operating income \u2013 \u2013 \u2013 \u2013 0.6 \u2013 0.6 Depreciation \u2013 purchased assets \u2013 \u2013 (0.1) \u2013 (0.2) \u2013 (0.3) Amortisation \u2013 right-of-use assets \u2013 \u2013 (0.1) \u2013 (1.9) \u2013 (2.0) Amortisation of other intangible assets (0.1) \u2013 (0.2) \u2013 (4.5) \u2013 (4.8) Other administrative expenses (0.1) \u2013 (0.5) \u2013 (50.5) \u2013 (51.1) Operating profit/(loss) 7.8 (18.2) (51.7) 216.7 (68.8) (216.7) (130.9) Exceptional income \u2013 India tax refund \u2013 \u2013 \u2013 \u2013 1,070.7 \u2013 1,070.7 Fair value loss \u2013 deferred consideration (7.2) \u2013 \u2013 \u2013 \u2013 \u2013 ( 7.2) (Loss)/Gain on financial assets at fair value through profit or loss \u2013 \u2013 \u2013 (8.1) 5.5 8.1 5.5 Finance income \u2013 \u2013 (0.7) \u2013 5.2 \u2013 4.5 Finance costs (3.1) \u2013 (54.7) (9.8) (11.1) 9.8 (68.9) (Loss)/Profit before tax from continuing operations (2.5) (18.2) (107.1) 198.8 1,001.5 (198.8) 873.7 Tax charge (4.2) \u2013 \u2013 \u2013 \u2013 \u2013 (4.2) (Loss)/Profit for the year from continuing operations (6.7) (18.2) (107.1) 198.8 1,001.5 (198.8) 869.5 Loss on disposal of discontinued operations \u2013 \u2013 \u2013 (173.8) \u2013 173.8 \u2013 Profit from discontinued operations \u2013 \u2013 \u2013 \u2013 \u2013 25.0 25.0 (Loss)/Profit attributable to equity holders of the Parent (6.7) (18.2) (107.1) 25.0 1,001.5 \u2013 894.5 Balances as at 31 December 2021: Capital expenditure 437.2 12.2 60.9 5.8 1.1 (5.8) 511.4 Total assets 525.3 29.4 289.6 \u2013 1,402.1 \u2013 2,246.4 Total liabilities 367.7 1.9 33.3 \u2013 44.9 \u2013 4 47.8 Non-current assets 403.0 28.9 66.8 \u2013 4.6 \u2013 503.3 All revenue from UK producing assets is attributable to the sale of oil and gas produced in the UK, from assets that were disposed of on 2 November 2021. Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore The Arab Republic of Egypt, for the period from 24 September 2021 to 31 December 2021. 91% of revenue related to sales to a single customer. As at 31 December 2021, the capital expenditure balance in the Egypt segment includes property, plant & equipment \u2013 development/ producing assets recognised at the acquisition date of US$390.2m. All transactions between the segments are carried out on an arm\u2019s length basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "4.2 Pre-Award Costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Egypt 2.8 0.9 Western 0.8 1.7 Other 5.6 13.2 9.2 15.8 Pre-award costs represent time costs, legal fees and other direct charges incurred in pursuit of new opportunities in regions which complement the Group\u2019s current licence interests and risk appetite. Other pre-award costs relate to new opportunities outside the current regions of the business. ",
"dimensions": {
"concept": "capricornenergyplc:DisclosureOfPreAwardCosts",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-444": {
"value": "4.3 Administrative and Other Expenses Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Administrative expenses \u2013 recurring departmental expenses and corporate projects 51.9 43.4 Administrative expenses \u2013 Indian tax arbitration costs 13.1 9.9 Other expenses \u2013 costs incurred on business combination \u2013 4.9 65.0 58.2 Included within current-year corporate projects are costs of US$8.1m relating to corporate transactions subsequently terminated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "4.4 Employee Benefits: Staff Costs, Share-Based Payments and Directors\u2019 Emoluments a) Staff costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Wages and salaries 31.1 33.3 Social security costs 7.8 3.1 Redundancy costs 0.6 0.1 Other pension costs 2.6 2.7 Share-based payments 10.5 10.2 52.6 49.4 Staff costs are shown gross before amounts recharged to joint operations. The share-based payments charge represents amounts in respect of equity-settled options. The monthly average number of full-time equivalent employees, including Executive Directors and individuals employed by the Group working on joint operations was: Number of employees Monthly average 2022 Monthly average 2021 Continuing operations: UK 186 178 Egypt 17 1 Mexico 7 7 210 186 4.4 Employee Benefits: Staff Costs, Share-Based Payments and Directors\u2019 Emoluments continued b) Share-based payments Income statement charge Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Included within gross staff costs (continuing operations): SIP 1.5 1.4 LTIP 7.4 7. 3 Employee Share Scheme 1.6 1.5 10.5 10.2 Details of those awards with a significant impact on the results for the current and prior year are given below, together with a summary of the remaining awards. Share-based payment schemes and awards details The Group operates a number of share award schemes for the benefit of its employees. The number of share awards made by the Company during the year is given in the table below, together with their weighted average fair value (WAFV) and weighted average grant or exercise price (WAGP/WAEP): Year ended 31 December 2022 Year ended 31 December 2021 WAFV \u00a3 WAGP/ WAEP \u00a3 Number of shares WAFV \u00a3 WAGP/ WAEP \u00a3 Number of shares SIP \u2013 free shares 1.97 1.97 355,020 1.70 1.70 344,908 SIP \u2013 matching shares 2.14 2.14 247,763 1.77 1.77 258,432 LTIP 1.08 1.96 7,475,459 0.78 1.81 8,102,636 Employee Share Scheme 1.33 1.96 1,290,742 0.93 1.81 1,378,373 9,368,984 10,084,349 The awards existing under the LTIP with the weighted average grant price (WAGP) are as follows: 2022 2021 Number of shares WAGP \u00a3 Number of shares WAGP \u00a3 At 1 January 29,580,589 1.71 25,817,970 1.72 Granted during the year 7,475,459 1.96 8,102,636 1.81 Exercised during the year (4,382,718) 2.06 (1,080,135) 2.07 Lapsed during the year (5,287,088) 1.71 (3,259,882) 1.92 At 31 December 27,386,242 1.72 29,580,589 1.71 The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2022 was 1.0 year (2021: 1.0 year). Included in the above are 1,083,247 of exercisable LTIP awards (2021: 1,708,123). No exercise price is payable in respect of LTIP awards. The awards existing under all share schemes other than the LTIP with the weighted average of the grant price, exercise price and notional exercise prices (WAGP/WAEP) are as follows: 2022 2021 Number of shares WAGP/WAEP \u00a3 Number of shares WAGP/WAEP \u00a3 At 1 January 10,701,372 1.79 10,605,095 1.80 Consolidation of shares \u2013 \u2013 (476,152) 1.78 Granted during the year 1,893,525 1.98 1,981,713 1.79 Exercised during the year (4,622,837) 1.88 (1,238,991) 1.91 Lapsed during the year (548,812) 1.75 (170,293) 1.70 At 31 December 7,423,248 1.79 10,701,372 1.79 The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2022 was 7.0 years (2021: 6.1 years). Included in the above are 874,146 of exercisable ESAS (2021: 1,753,329) and exercisable share options of 574,964 (2021: 2,428,892). No exercise price is payable in respect of ESAS; the share options had a range of exercise prices from \u00a31.54 to \u00a31.87. 4.4 Employee Benefits: Staff Costs, Share-Based Payments and Directors\u2019 Emoluments continued b) Share-Based Payments continued Assumptions and inputs The fair value of the Capricorn Energy PLC LTIP scheme awards and the ESAS share awards were calculated using a Monte Carlo model. Awards in prior years were valued similarly. Vesting percentage is by reference to the market performance of the Company\u2019s TSR compared with a group of peer companies. Vesting percentages for LTIPs can be above 100%. For details on the vesting conditions attached to the LTIPs refer to the Directors\u2019 Remuneration Report on page 101. For the ESAS, 100% vesting occurs if the Company\u2019s TSR is in excess of the median of the comparator group, otherwise the ESAS will lapse in full. Capricorn Energy PLC share awards normally have a ten year life from the date of grant. Awards were exercised on a regular basis throughout the year, subject to the normal employee dealing bans imposed by the Company at certain times. The weighted average share price during the year was \u00a32.22 (2021: \u00a31.77). The main inputs to the models include the number of options, share price, leaver rate, trigger points, discount rate and volatility of share prices of the Company and the comparator group. \u2013 Leaver rate assumptions are based on past history of employees leaving the Company prior to options vesting and are revised to equal the number of options that ultimately vest. \u2013 Trigger points are based on the length of time after the vesting periods for awards in 2022; further details are below. \u2013 The risk-free rate is based on the yield on a zero-coupon government bond with a term equal to the expected term on the option being valued. \u2013 Volatility was determined as the annualised standard deviation of the continuously compounded rates of return on the shares of the Company and of a peer group of similar companies selected from the FTSE, as disclosed in the Directors\u2019 Remuneration Report on page 103, over a three-year period to the date of award. \u2013 No expected dividends were factored into the model as the Company customarily operates a share consolidation scheme which leaves the number of share awards unchanged before and after any dividend. The following assumptions and inputs apply: Scheme name Volatility Risk-free rate per annum Lapse due to withdrawals per annum SIP 0% 0% 5% LTIP 35% \u2013 44% 0.39% \u2013 1.31% 0% Employee Share Scheme 35% \u2013 44% 0.39% \u2013 1.31% 5% Employee exercise trigger point assumptions For 2022 awards, the assumption used for the Employee Share Scheme and the LTIP awards is that Executive Directors and employees will exercise 50% at the end of the two-year holding period, being the five-year anniversary date, and the remaining 50% on the six-year anniversary date. c) Directors\u2019 Emoluments and Remuneration of Key Management Personnel Details of each Director\u2019s remuneration, pension entitlements, share options and awards pursuant to the LTIP are set out in the Directors\u2019 Remuneration Report on pages 76 to 109. Directors\u2019 remuneration, their pension entitlements and any share awards vested during the year are provided in aggregate in note 8.9. Remuneration of key management personnel The remuneration of the Directors of the Company and of the members of the management and corporate teams who are the key management personnel of the Group is set out below in aggregate. Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Short-term employee benefits 3.9 4.9 Post-employment benefits 0.3 0.3 Share-based payments 2.3 2.4 6.5 7.6 In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were US$0.6m (2021: US$0.7m). Share-based payments shown above represent the cost to the Group of key management personnel\u2019s participation in the Company\u2019s share schemes, measured under IFRS 2. During 2022, 1,392,309 shares awarded to key management personnel vested under the LTIP (2021: 1,244,941) ",
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"fact-470": {
"value": "b) Share-based payments Income statement charge Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Included within gross staff costs (continuing operations): SIP 1.5 1.4 LTIP 7.4 7. 3 Employee Share Scheme 1.6 1.5 10.5 10.2 Details of those awards with a significant impact on the results for the current and prior year are given below, together with a summary of the remaining awards. Share-based payment schemes and awards details The Group operates a number of share award schemes for the benefit of its employees. The number of share awards made by the Company during the year is given in the table below, together with their weighted average fair value (WAFV) and weighted average grant or exercise price (WAGP/WAEP): Year ended 31 December 2022 Year ended 31 December 2021 WAFV \u00a3 WAGP/ WAEP \u00a3 Number of shares WAFV \u00a3 WAGP/ WAEP \u00a3 Number of shares SIP \u2013 free shares 1.97 1.97 355,020 1.70 1.70 344,908 SIP \u2013 matching shares 2.14 2.14 247,763 1.77 1.77 258,432 LTIP 1.08 1.96 7,475,459 0.78 1.81 8,102,636 Employee Share Scheme 1.33 1.96 1,290,742 0.93 1.81 1,378,373 9,368,984 10,084,349 The awards existing under the LTIP with the weighted average grant price (WAGP) are as follows: 2022 2021 Number of shares WAGP \u00a3 Number of shares WAGP \u00a3 At 1 January 29,580,589 1.71 25,817,970 1.72 Granted during the year 7,475,459 1.96 8,102,636 1.81 Exercised during the year (4,382,718) 2.06 (1,080,135) 2.07 Lapsed during the year (5,287,088) 1.71 (3,259,882) 1.92 At 31 December 27,386,242 1.72 29,580,589 1.71 The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2022 was 1.0 year (2021: 1.0 year). Included in the above are 1,083,247 of exercisable LTIP awards (2021: 1,708,123). No exercise price is payable in respect of LTIP awards. The awards existing under all share schemes other than the LTIP with the weighted average of the grant price, exercise price and notional exercise prices (WAGP/WAEP) are as follows: 2022 2021 Number of shares WAGP/WAEP \u00a3 Number of shares WAGP/WAEP \u00a3 At 1 January 10,701,372 1.79 10,605,095 1.80 Consolidation of shares \u2013 \u2013 (476,152) 1.78 Granted during the year 1,893,525 1.98 1,981,713 1.79 Exercised during the year (4,622,837) 1.88 (1,238,991) 1.91 Lapsed during the year (548,812) 1.75 (170,293) 1.70 At 31 December 7,423,248 1.79 10,701,372 1.79 The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2022 was 7.0 years (2021: 6.1 years). Included in the above are 874,146 of exercisable ESAS (2021: 1,753,329) and exercisable share options of 574,964 (2021: 2,428,892). No exercise price is payable in respect of ESAS; the share options had a range of exercise prices from \u00a31.54 to \u00a31.87. b) Share-Based Payments continued Assumptions and inputs The fair value of the Capricorn Energy PLC LTIP scheme awards and the ESAS share awards were calculated using a Monte Carlo model. Awards in prior years were valued similarly. Vesting percentage is by reference to the market performance of the Company\u2019s TSR compared with a group of peer companies. Vesting percentages for LTIPs can be above 100%. For details on the vesting conditions attached to the LTIPs refer to the Directors\u2019 Remuneration Report on page 101. For the ESAS, 100% vesting occurs if the Company\u2019s TSR is in excess of the median of the comparator group, otherwise the ESAS will lapse in full. Capricorn Energy PLC share awards normally have a ten year life from the date of grant. Awards were exercised on a regular basis throughout the year, subject to the normal employee dealing bans imposed by the Company at certain times. The weighted average share price during the year was \u00a32.22 (2021: \u00a31.77). The main inputs to the models include the number of options, share price, leaver rate, trigger points, discount rate and volatility of share prices of the Company and the comparator group. \u2013 Leaver rate assumptions are based on past history of employees leaving the Company prior to options vesting and are revised to equal the number of options that ultimately vest. \u2013 Trigger points are based on the length of time after the vesting periods for awards in 2022; further details are below. \u2013 The risk-free rate is based on the yield on a zero-coupon government bond with a term equal to the expected term on the option being valued. \u2013 Volatility was determined as the annualised standard deviation of the continuously compounded rates of return on the shares of the Company and of a peer group of similar companies selected from the FTSE, as disclosed in the Directors\u2019 Remuneration Report on page 103, over a three-year period to the date of award. \u2013 No expected dividends were factored into the model as the Company customarily operates a share consolidation scheme which leaves the number of share awards unchanged before and after any dividend. The following assumptions and inputs apply: Scheme name Volatility Risk-free rate per annum Lapse due to withdrawals per annum SIP 0% 0% 5% LTIP 35% \u2013 44% 0.39% \u2013 1.31% 0% Employee Share Scheme 35% \u2013 44% 0.39% \u2013 1.31% 5% Employee exercise trigger point assumptions For 2022 awards, the assumption used for the Employee Share Scheme and the LTIP awards is that Executive Directors and employees will exercise 50% at the end of the two-year holding period, being the five-year anniversary date, and the remaining 50% on the six-year anniversary date. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-471": {
"value": "c) Directors\u2019 Emoluments and Remuneration of Key Management Personnel Details of each Director\u2019s remuneration, pension entitlements, share options and awards pursuant to the LTIP are set out in the Directors\u2019 Remuneration Report on pages 76 to 109. Directors\u2019 remuneration, their pension entitlements and any share awards vested during the year are provided in aggregate in note 8.9. Remuneration of key management personnel The remuneration of the Directors of the Company and of the members of the management and corporate teams who are the key management personnel of the Group is set out below in aggregate. Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Short-term employee benefits 3.9 4.9 Post-employment benefits 0.3 0.3 Share-based payments 2.3 2.4 6.5 7.6 In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were US$0.6m (2021: US$0.7m). Share-based payments shown above represent the cost to the Group of key management personnel\u2019s participation in the Company\u2019s share schemes, measured under IFRS 2. During 2022, 1,392,309 shares awarded to key management personnel vested under the LTIP (2021: 1,244,941) . ",
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"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "4.5 Finance Income Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Bank and other interest receivable 15.0 0.2 Dividend income 0.3 \u2013 Other finance income 0.4 \u2013 Exchange gain \u2013 4.3 15.7 4.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-446": {
"value": "4.5 Finance Income Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Bank and other interest receivable 15.0 0.2 Dividend income 0.3 \u2013 Other finance income 0.4 \u2013 Exchange gain \u2013 4.3 15.7 4.5 4.6 Finance Costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Loan interest 13.2 2.8 Facility fees amortisation 0.9 7.8 Other finance charges 1.2 3.3 Unwinding of discount \u2013 provisions 0.1 \u2013 Lease interest 0.2 0.3 Exchange loss 2.6 \u2013 Exchange loss recycled from Other Comprehensive Income \u2013 54.7 18.2 68.9 Loan interest of US$13.2m (2021: US$2.8m) was charged on the Egypt Junior and Senior Debt Facilities. The current year facility fees amortisation also relates to the Egypt facilities while the comparative includes US$7.5m of costs released from prepayments in respect to the Group\u2019s previous Reserve-Based Lending facility which was cancelled on completion of the sale of the two UK producing assets. The foreign exchange loss recycled from Other Comprehensive Income of US$54.7m in 2021, relating to historic translation losses, arose on the liquidation of two subsidiaries. Both subsidiaries were GBP functional and previously held interests in UK exploration assets. The first subsidiary incurred an exchange loss of US$39.4m, relating to an interest in the UK Kraken asset during the exploration phase. The second subsidiary had an exchange loss of US$15.3m, having previously held an interest in a UK exploration asset sold several years ago. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "4.6 Finance Costs Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m Loan interest 13.2 2.8 Facility fees amortisation 0.9 7.8 Other finance charges 1.2 3.3 Unwinding of discount \u2013 provisions 0.1 \u2013 Lease interest 0.2 0.3 Exchange loss 2.6 \u2013 Exchange loss recycled from Other Comprehensive Income \u2013 54.7 18.2 68.9 Loan interest of US$13.2m (2021: US$2.8m) was charged on the Egypt Junior and Senior Debt Facilities. The current year facility fees amortisation also relates to the Egypt facilities while the comparative includes US$7.5m of costs released from prepayments in respect to the Group\u2019s previous Reserve-Based Lending facility which was cancelled on completion of the sale of the two UK producing assets. The foreign exchange loss recycled from Other Comprehensive Income of US$54.7m in 2021, relating to historic translation losses, arose on the liquidation of two subsidiaries. Both subsidiaries were GBP functional and previously held interests in UK exploration assets. The first subsidiary incurred an exchange loss of US$39.4m, relating to an interest in the UK Kraken asset during the exploration phase. The second subsidiary had an exchange loss of US$15.3m, having previously held an interest in a UK exploration asset sold several years ago. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-447": {
"value": "4.7 Earnings per Ordinary Share Basic and diluted earnings per share are calculated using the following measures of (loss)/profit: Year ended 31 December 2022 US$m Year ended 31 December 2021 US$m (Loss)/Profit and diluted (loss)/profit after taxation from continuing operations (160.3) 869.5 (Loss)/Profit and diluted (loss)/profit attributable to equity holders of the Parent (51.0) 894.5 The following reflects the share data used in the basic and diluted earnings per share computations: Number of shares 2022 \u2019000 Number of shares 2021 \u2019000 Weighted average number of shares 364,470 501,874 Less weighted average shares held by ESOP and SIP Trusts (7,313) (6,709) Basic weighted average number of shares 357,157 495,165 Potential dilutive effect of shares issuable under employee share plans: LTIP awards \u2013 10,666 Approved and unapproved plans \u2013 17 Employee share awards \u2013 2,874 Diluted weighted average number of shares 357,157 508,722 Potentially issuable shares not included above: LTIP awards 29,976 18,575 Approved and unapproved plans 1,124 2,298 Employee share awards 4,928 2,277 Number of potentially issuable shares 36,028 23,150 The 2022 share re-purchase programme reduced the weighted average number of shares (see note 7.1). 2022 potentially issuable shares were all anti-dilutive due to the loss on continuing operations for the year. ",
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"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-448": {
"value": "4.8 Exceptional Income \u2013 India Tax Refund In November 2021, the Group entered into statutory undertakings with the Government of India in respect of new legislation enabling the refund of retrospective taxes collected from Capricorn in India by way of asset seizures since 2014. Under the new legislation Capricorn was required to withdraw its rights under the international arbitration award and cease enforcement action. Capricorn undertook all necessary steps under the legislation and the refund of taxes of INR79bn (approximately US$1.06bn) was received in February 2022. The Group recorded the tax refund due as exceptional income in the results for the year ending 31 December 2021 at the exchange rate prevailing at the year end, recognising an asset of US$1,070.7m. On receipt of the tax refund in February 2022, the Group immediately converted the Indian Rupee receipt into US$. After conversion, the US$ sums received were US$1,056.0m with an exchange loss of US$14.7m recorded which is included in the results for the year ended 31 December 2022. The presentation of the tax refund of US$1,070.7m in 2021 as exceptional income within profit or loss before taxation reflects that the asset seizures in 2014, enforced by the India Income Tax Department (IITD), resulted in an exceptional loss on disposal of those assets which was also recorded in profit or loss before taxation. Though the proceeds seized were allocated against retrospective tax assessments raised by the IITD, and that the tax collected has now been refunded, no tax charge was ever recorded in the Group Financial Statements, therefore the accounting treatment of the tax refund as a non-tax item is consistent with past disclosures. ",
"dimensions": {
"concept": "capricornenergyplc:DisclosureOfExceptionalIncomeIndiaTaxRefund",
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"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-449": {
"value": "Accounting policy The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 5.1 Tax Strategy and Governance
The Group\u2019s tax strategy is fully aligned with its overarching business objectives and principles and applies to all taxes paid or borne
by the Group. Capricorn aims to be a good corporate citizen, managing its tax affairs in a transparent and responsible manner in all
the jurisdictions in which it operates, and seeks to build and maintain open and constructive relationships with all tax authorities. The
Group is committed to transparency of tax contributions and other payments to governments and supports the Extractive Industries
Transparency Initiative. Capricorn reports payments to governments in its Annual Report and Accounts as well as additional voluntary
disclosures of taxes paid by the Group.
Capricorn undertakes tax planning that supports the business and reflects commercial and economic activity. The Group\u2019s policy is to
not enter into any artificial tax avoidance schemes but to build and maintain strong collaborative working relationships with all relevant
tax authorities based on transparency and integrity. Capricorn aims for certainty in relation to the tax treatment of all items; however,
it is acknowledged that this will not always be possible, for example where transactions are complex or there is a lack of maturity in the
tax regime in the relevant jurisdiction in which the Group is operating. In such circumstances Capricorn will seek external advice where
appropriate and ensure that the approach adopted in any relevant tax return includes full disclosure of the position taken. Capricorn may
also seek to work directly with tax authorities to resolve uncertainties where the tax laws are unclear or complex.
5.2 Tax Charge on (Loss)/Profit for the Year
Analysis of tax charge on (Loss)/Profit for the year
Year ended
31 December
2022
US$m
Year ended
31 December
2021
US$m
Current tax charge:
Overseas corporation taxes 55.0 7. 3
Total current tax charge on (loss)/profit from continuing operations 55.0 7. 3
Deferred tax (credit)/charge:
Reversal of deferred tax charge on recognition of financial assets (0.1) 0.1
Deferred tax movement on non-current assets \u2013 Egypt (32.7) (3.2)
Deferred tax charge on non-current assets \u2013 Egypt \u2013 prior year adjustment 9.8 \u2013
Deferred tax charge/(credit) from continuing operations (23.0) (3.1)
Total tax charge on (loss)/profit from continuing operations 32.0 4.2
UK deferred tax charge 4.1 \u2013
Total deferred tax charge on profit from discontinued operations 4.1 \u2013
The current tax charge of US$55.0m includes tax of US$54.8m (period from 24 September 2021 to 31 December 2021: US$7.3m) which
relates to taxable profits arising in Egypt. This tax is settled by EGPC on the Group\u2019s behalf.
Factors affecting the tax charge for the year
A reconciliation of the income tax charge applicable to the (loss)/profit before income tax to the UK statutory rate of income tax is as follows:
Year ended
31 December
2022
US$m
Year ended
31 December
2021
US$m
(Loss)/Profit before tax from continuing operations (128.3) 873.7
(Loss)/Profit before tax multiplied by the UK statutory rate of corporation tax of 19% (2021: 19%) (24.4) 166.0
Effect of:
Special tax rates and reliefs applying to oil and gas activities in the UK (25.5) (10.7)
Special tax rates and reliefs applying to oil and gas activities in Egypt 18.6 3.0
Impact on deferred tax of adjustments in respect of prior years 9.8 \u2013
Temporary differences not recognised 41.1 26.0
Disposal of financial assets at fair value through profit or loss 0.2 \u2013
Permanent items (non-taxable)/non-deductible 6.9 23.4
India tax refund not subject to tax \u2013 (203.5)
Group relief surrendered against profits/gains arising in discontinued operations 5.3 \u2013
Total tax charge on (loss)/profit from continuing operations 32.0 4.2
The reconciliation shown above has been based on the average UK statutory rate of corporation tax for 2022 of 19% (2021: 19%). The
Finance Act 2021 was enacted on 10 June 2021 and increased the UK main rate of corporation tax from 19% to 25% with effect from
1 April 2023.
The applicable UK statutory corporation tax rate applying to North Sea oil and gas activities is currently 40% (2021: 40%). A temporary
Energy (Oil and Gas) Profits Levy of 25% was legislated in July 2022, effective from 26 May 2022. A further increase to 35% from
1 January 2023 was substantively enacted in November 2022.
Factors affecting tax charge for the year continued
The applicable statutory tax rate applying to oil and gas activities in Egypt is currently 40.55% (2021: 40.55%).
The applicable rates have been reflected in these financial statements as appropriate.
The effect of temporary differences not recognised of US$41.1m (2021: US$26.0m) includes:
\u2013 a US$33.8m (2021: US$15.4m) movement in the year in respect of the unrecognised deferred tax asset on UK ring fence corporation
tax losses, energy (oil and gas) profits levy losses, supplementary charge tax and oil and gas investment allowances;
\u2013 a US$(10.0)m (2021: US$(0.9)m) movement in the year in respect of unrecognised deferred tax assets on Egypt oil and gas assets and
tax losses;
\u2013 a US$4.7m (2021: US$9.5m) movement in the year in respect of UK tax losses and other temporary differences arising in the year on
which no deferred tax asset was recognised; and
\u2013 a US$12.6m (2021: US$2.0m) movement in the year in respect of overseas tax losses and other temporary differences arising in the
year on which no deferred tax was recognised.
The effect of permanent items non-deductible of US$6.9m (2021: US$23.4m) includes:
\u2013 US$2.2m (2021: US$3.2m) in respect of share-based payment charges;
\u2013 US$(5.1)m (2021: US$10.4m) predominantly in respect on non-taxable adjustments related to foreign exchange and tax relief on
exercised share options;
\u2013 US$9.3m (2021: US$2.2m) in respect of costs in Egypt considered non-deductible for tax purposes;
\u2013 US$(3.4)m (2021: US$6.8m) in respect of overseas costs considered non-deductible/taxable; and
\u2013 US$3.9m (2021: US$0.8m) in respect of other permanent items considered non-deductible.
5.3 Deferred Tax Assets and Liabilities
Reconciliation of movement in deferred tax assets/(liabilities):
Temporary
difference in
respect of
non-current
assets
US$m
Losses
US$m
Other
temporary
differences
US$m
Total
US$m
Deferred tax assets
At 1 January 2021 (250.3) 191.5 58.8 \u2013
Deferred tax credit/(charge) through the Income Statement 250.3 (191.5) (58.8) \u2013
At 31 December 2021 \u2013 \u2013 \u2013 \u2013
Deferred tax credit through the Income Statement 7.1 \u2013 \u2013 7.1
At 31 December 2022 7.1 \u2013 \u2013 7.1
Deferred tax liabilities
At 1 January 2021 \u2013 \u2013 \u2013 \u2013
Deferred tax (charge)/credit recognised on business combinations (52.5) 6.7 \u2013 (45.8)
Deferred tax (charge)/credit through the Income Statement (11.7) 14.9 (0.1) 3.1
At 31 December 2021 (64.2) 21.6 (0.1) (42.7)
Deferred tax credit/(charge) through discontinued operations \u2013 9.1 (13.2) (4.1)
Deferred tax credit/(charge) through the Income Statement 32.5 (16.7) 0.1 15.9
At 31 December 2022 (31.7) 14.0 (13.2) (30.9)
Deferred tax assets analysed by country:
As at
31 December
2022
US$m
As at
31 December
2021
US$m
Egypt 7.1 \u2013
7.1 \u2013
Deferred tax liabilities analysed by country:
As at
31 December
2022
US$m
As at
31 December
2021
US$m
Egypt (26.8) (42.6)
UK (4.1) (0.1)
(30.9) (42.7)
5.3 Deferred Tax Assets and Liabilities continued
Recognised deferred tax assets
Egypt
Deferred tax assets of US$7.1m (2021: US$nil) have been recognised in respect of Egypt oil and gas non-current assets temporary
differences of US$17.6m (2021: US$nil) on two concessions as future profits are expected to be available on those concessions to recover
the value of the assets. In 2021, a deferred tax asset on Egypt tax losses of US$16.4m partially offset a deferred tax liability on temporary
differences in respect of Egypt oil and gas assets on a single concession. Those tax losses were used in full during 2022.
At the balance sheet date the Group has US$24.7m (2021: US$51.4m) temporary differences in respect of Egypt non-current assets and
US$27.4m (2021: US$25.8m) Egypt tax losses which can be offset against future oil and gas profits in Egypt. No deferred tax asset has
been recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future
periods.
UK
As at the balance sheet date, a deferred tax asset has been recognised in respect of UK Ring Fence Corporation Tax (RFCT) losses and
UK supplementary charge tax (SCT) losses of US$12.1m (2021: US$17.8m) only to the extent that it offsets in full a deferred tax liability
on ring fence temporary differences in respect of non-current assets.
No deferred tax asset has been recognised on other UK ring fence temporary differences of US$278.0m (2021: US$141.5m) relating to
RFCT losses, US$274.1m (2021: US$69.8m) relating to SCT losses and US$609.5m (2021: US$642.0m) relating to oil and gas investment
allowances and Energy Profits Levy (EPL) losses, as it is not considered probable that these amounts will be utilised in future periods.
Deferred tax liabilities
Egypt
Deferred tax liabilities of US$26.8m (2021: US$42.6m) have been recognised across six concessions in respect of taxable temporary
differences of US$66.0m (2021: US$121.5m) related to Egypt oil and gas non-current assets. No tax losses are available to offset these
taxable temporary differences (2021: US$16.4m of Egypt tax losses offset taxable temporary differences, as noted above).
UK
A deferred tax liability of US$4.1m (2021: US$nil) has been recognised in respect of earnout consideration due in relation to the disposal
of UK oil and gas producing assets.
Unrecognised deferred tax assets
No deferred tax asset has been recognised on the following as it is not considered probable that it will be utilised in future periods:
At
31 December
2022
US$m
At
31 December
2021
US$m
UK fixed asset temporary differences 35.0 30.2
UK RFCT trading losses 278.0 141.5
UK SCT loss 274.1 69.8
UK other ring fence temporary differences 609.5 642.0
UK excess management expenses 354.9 386.3
UK non-trade deficits 80.6 72.6
UK temporary differences on share-based payments 39.5 30.3
UK disallowed tax interest expenses 19.9 19.9
UK temporary difference on financial asset held at fair value 0.5 \u2013
Egypt fixed asset temporary differences 24.7 51.4
Egypt ring fence corporation tax trading losses 27.4 25.8
Mexico tax losses and other temporary differences 196.5 136.1
Brazil tax losses \u2013 0.6
Israel temporary differences in respect of non-current assets \u2013 2.7
Mauritania fixed assets temporary differences 0.7 \u2013
Suriname fixed assets temporary differences 0.6 \u2013
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "The total tax charge or credit represents the sum of current tax and deferred tax. The current tax charge or credit is based on the taxable profit or loss for the year. Taxable profit or loss differs from net profit or loss as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Where there are uncertain tax positions, Capricorn assesses whether it is probable that the position adopted in tax filings will be accepted by the relevant tax authority, with the results of this assessment determining the accounting that follows. If it is not considered probable that the income tax filing position will be accepted by the tax authority, the uncertainty is reflected within the carrying amount of the applicable tax asset or liability by using either the most likely amount or an expected value of the tax treatment, depending on which method is considered to better predict the resolution of the uncertainty, based on the underlying facts and circumstances. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit or loss. Deferred tax assets are recognised for deductible temporary differences that exist only where it is probable that taxable profits will be generated against which the carrying value of the deferred tax asset can be recovered. Deferred tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint operations where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred tax asset or liability is not recognised if a temporary difference arises on initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. However, where the recognition of an asset is associated with an interest in a joint operation, which applies to all of Capricorn\u2019s intangible exploration/appraisal assets and property, plant & equipment \u2013 development/producing asset additions, and Capricorn is not able to control the timing of the reversal of the temporary difference or the temporary difference is expected to reverse in the foreseeable future, a deferred tax asset or liability shall be recognised. Current and deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "5.3 Deferred Tax Assets and Liabilities Reconciliation of movement in deferred tax assets/(liabilities): Temporary difference in respect of non-current assets US$m Losses US$m Other temporary differences US$m Total US$m Deferred tax assets At 1 January 2021 (250.3) 191.5 58.8 \u2013 Deferred tax credit/(charge) through the Income Statement 250.3 (191.5) (58.8) \u2013 At 31 December 2021 \u2013 \u2013 \u2013 \u2013 Deferred tax credit through the Income Statement 7.1 \u2013 \u2013 7.1 At 31 December 2022 7.1 \u2013 \u2013 7.1 Deferred tax liabilities At 1 January 2021 \u2013 \u2013 \u2013 \u2013 Deferred tax (charge)/credit recognised on business combinations (52.5) 6.7 \u2013 (45.8) Deferred tax (charge)/credit through the Income Statement (11.7) 14.9 (0.1) 3.1 At 31 December 2021 (64.2) 21.6 (0.1) (42.7) Deferred tax credit/(charge) through discontinued operations \u2013 9.1 (13.2) (4.1) Deferred tax credit/(charge) through the Income Statement 32.5 (16.7) 0.1 15.9 At 31 December 2022 (31.7) 14.0 (13.2) (30.9) Deferred tax assets analysed by country: As at 31 December 2022 US$m As at 31 December 2021 US$m Egypt 7.1 \u2013 7.1 \u2013 Deferred tax liabilities analysed by country: As at 31 December 2022 US$m As at 31 December 2021 US$m Egypt (26.8) (42.6) UK (4.1) (0.1) (30.9) (42.7) 5.3 Deferred Tax Assets and Liabilities continued Recognised deferred tax assets Egypt Deferred tax assets of US$7.1m (2021: US$nil) have been recognised in respect of Egypt oil and gas non-current assets temporary differences of US$17.6m (2021: US$nil) on two concessions as future profits are expected to be available on those concessions to recover the value of the assets. In 2021, a deferred tax asset on Egypt tax losses of US$16.4m partially offset a deferred tax liability on temporary differences in respect of Egypt oil and gas assets on a single concession. Those tax losses were used in full during 2022. At the balance sheet date the Group has US$24.7m (2021: US$51.4m) temporary differences in respect of Egypt non-current assets and US$27.4m (2021: US$25.8m) Egypt tax losses which can be offset against future oil and gas profits in Egypt. No deferred tax asset has been recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods. UK As at the balance sheet date, a deferred tax asset has been recognised in respect of UK Ring Fence Corporation Tax (RFCT) losses and UK supplementary charge tax (SCT) losses of US$12.1m (2021: US$17.8m) only to the extent that it offsets in full a deferred tax liability on ring fence temporary differences in respect of non-current assets. No deferred tax asset has been recognised on other UK ring fence temporary differences of US$278.0m (2021: US$141.5m) relating to RFCT losses, US$274.1m (2021: US$69.8m) relating to SCT losses and US$609.5m (2021: US$642.0m) relating to oil and gas investment allowances and Energy Profits Levy (EPL) losses, as it is not considered probable that these amounts will be utilised in future periods. Deferred tax liabilities Egypt Deferred tax liabilities of US$26.8m (2021: US$42.6m) have been recognised across six concessions in respect of taxable temporary differences of US$66.0m (2021: US$121.5m) related to Egypt oil and gas non-current assets. No tax losses are available to offset these taxable temporary differences (2021: US$16.4m of Egypt tax losses offset taxable temporary differences, as noted above). UK A deferred tax liability of US$4.1m (2021: US$nil) has been recognised in respect of earnout consideration due in relation to the disposal of UK oil and gas producing assets. Unrecognised deferred tax assets No deferred tax asset has been recognised on the following as it is not considered probable that it will be utilised in future periods: At 31 December 2022 US$m At 31 December 2021 US$m UK fixed asset temporary differences 35.0 30.2 UK RFCT trading losses 278.0 141.5 UK SCT loss 274.1 69.8 UK other ring fence temporary differences 609.5 642.0 UK excess management expenses 354.9 386.3 UK non-trade deficits 80.6 72.6 UK temporary differences on share-based payments 39.5 30.3 UK disallowed tax interest expenses 19.9 19.9 UK temporary difference on financial asset held at fair value 0.5 \u2013 Egypt fixed asset temporary differences 24.7 51.4 Egypt ring fence corporation tax trading losses 27.4 25.8 Mexico tax losses and other temporary differences 196.5 136.1 Brazil tax losses \u2013 0.6 Israel temporary differences in respect of non-current assets \u2013 2.7 Mauritania fixed assets temporary differences 0.7 \u2013 Suriname fixed assets temporary differences 0.6 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-450": {
"value": "6.1 Profit from Discontinued Operations
Sale of Capricorn\u2019s interest in the Catcher and Kraken Producing Assets (\u201cUK producing Assets\u201d)
On 8 March 2021, Capricorn agreed to sell its interests in the UK Catcher and Kraken producing assets to Waldorf Production Limited,
and following approval from joint operation partners and relevant authorities the sale completed on 2 November 2021.
Consideration under the agreement was:
\u2013 an initial cash consideration of US$425.0m, subject to adjustments for working capital and other customary interim period
adjustments from the economic effective date of 1 January 2020;
\u2013 further purchaser bonds of US$30.0m, sold shortly after completion, and
\u2013 additional contingent consideration (\u2019earnout consideration\u2019) dependent on oil prices from 2021 to the end of 2025 and minimum
production levels being achieved, which at 2 November 2021 had a fair value of US$197.4m including an adjustment for expected
credit losses.
At the date of disposal, the interim period and working capital adjustments reduced the consideration due on completion by
US$361.1m. The interim period adjustments reflect the cash inflows generated from oil and gas sales during the period, offset by
outflows on the costs of production, including fixed and variable lease payments, and working capital movements. The total
consideration including all adjustments was US$289.6m.
The fair value of the earnout consideration fell by US$8.1m from 2 November 2021 to US$189.3m at 31 December 2021. The first annual
payment of earnout consideration of US$75.8m due on 2021 production was received in 2022. With strong oil prices and production
levels above forecast across the assets, the fair value of the remaining earnout consideration receivable increased by US$110.4m during
2022 to a closing fair value receivable of US$224.1m in the Balance Sheet as at 31 December 2022 (see note 3.5).
The earnout consideration was recognised in the 2021 loss on sale calculation and remains as a receivable recognised on the Balance
Sheet as this future income represents consideration receivable from the disposal of a business rather than revenue generated from the
sale of an asset, which would fall under IFRS 15.
A breakdown of the total profit from discontinued operations is as follows:
Year ended
31 December
2022
US$m
Year ended
31 December
2021
US$m
Revenue \u2013 411.8
Cost of sales 1.5 (103.8)
Depletion and amortisation \u2013 (35.3)
Gross profit 1.5 272.7
Impairment of disposal group \u2013 property, plant & equipment \u2013 development/producing assets \u2013 (56.0)
Operating profit 1.5 216.7
Gain/(Loss) on financial asset at fair value through profit or loss \u2013 earnout consideration 110.4 (8.1)
Finance income 1.5 \u2013
Finance costs \u2013 (9.8)
Profit before tax from discontinued operations 113.4 198.8
Taxation (4.1) \u2013
Profit after tax from discontinued operations 109.3 198.8
Loss on disposal of discontinued operations \u2013 (173.8)
Profit from discontinued operations 109.3 25.0
Earnings per share for profit from discontinued operations
2022
cents
2021
cents
Profit per ordinary share \u2013 basic (cents) 30.60 5.05
Profit per ordinary share \u2013 diluted (cents) 30.60 4.91
An audit of the Catcher joint operation for the period from January 2019 to December 2020 resulted in a refund of production costs
from the operator of US$1.5m which has been credited to discontinued operations in 2022.
6.1 Profit from Discontinued Operations continued
Sale of Capricorn\u2019s interest in the Catcher and Kraken Producing Assets (\u201cUK producing Assets\u201d) continued
The loss on disposal of the UK producing assets on 2 November 2021 is calculated as follows:
US$m
Base consideration 425.0
Interim period adjustment (361.1)
Cost of disposal (1.7)
Net proceeds 62.2
Purchaser bonds 30.0
Earnout consideration 197.4
Total net consideration 289.6
Derecognition of assets and liabilities:
Assets held-for-sale, net of impairment (837.0)
Liabilities held-for-sale 373.6
Loss on disposal of UK North Sea producing assets (173.8)
6.4 Discontinued Operations \u2013 Senegal Contingent Asset In December 2020, Capricorn disposed of its entire 40% working interest in its Senegal exploration and development assets. Further deferred consideration of up to US$100.0m is due, dependant on the timing of first oil production from the assets and on the average Brent oil price during the first six months of production. Assuming average Brent oil prices remain above US$60/bbl during the first six months of production, Capricorn will receive US$100.0m if first oil production is achieved in 2023, falling to US$50.0m if first oil production is achieved by 30 June 2024. No payment is due if first oil production occurs after this time. In accordance with IFRS 15, no amount is recognised at the balance sheet date as there is no reasonable certainty that any revenue recorded would not reverse in future periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "6.2 Cash Flow Information for Discontinued Operations UK producing assets US$m Year ended 31 December 2022 US$m Net cash flows used in operating activities (9.6) (9.6) Net cash flows from investing activities 77.2 77.2 Net increase in cash and cash equivalents 67.6 67.6 UK producing assets US$m Period ended 2 November 2021 US$m Net cash flows from operating activities 240.4 240.4 Net cash flows used in investing activities (9.4) (9.4) Net cash flows used in financing activities (42.5) (42.5) Net increase in cash and cash equivalents 188.5 188.5 2021 earnout and interest payment received in June 2022. There was no cash and cash equivalents disposed of on the sale of the UK producing assets in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-452": {
"value": "6.3 Prior Year Business Combination Accounting policy Capricorn accounts for the acquisitions of subsidiaries, or an asset or collection of assets which are determined to meet the definition of a business, using the acquisition method. The assets and liabilities acquired are measured at their fair values at the date of acquisition. Acquisition-related costs are recognised in the Income Statement as incurred. Where the acquisition includes any assets or liability resulting from a contingent consideration arrangement, this is to be measured at fair value at the date of acquisition. Capricorn measures goodwill as the excess of the consideration paid over the net of the assets and liabilities acquired. Where the value of the assets acquired exceeds the consideration paid, negative goodwill arises and is recorded in the Income Statement. Acquisition of Egyptian Business On 24 September 2021, Capricorn Energy PLC, together with its consortium partner Cheiron Petroleum Corporation, completed the acquisition of a portfolio of upstream oil and gas production, development and exploration interests from Shell Egypt NV and Shell Austria GmbH in the Western Desert, onshore The Arab Republic of Egypt. Capricorn Egypt, a wholly owned subsidiary of Capricorn, acquired 50% of the portfolio of interests being sold by Shell, comprising of 13 concessions, including five exploration concessions. Producing fields are split over four distinct areas, each with different characteristics and geographies: the Obaiyed Area; Badr El Din (\u201cBED\u201d); North East Abu Gharadig (\u201cNEAG\u201d); and Alam El Shawish West (\u201cAESW\u201d). In addition, Capricorn acquired a 25% interest in Bapetco, a joint venture company which runs operations on all of the producing concessions on behalf of the operator Cheiron. Joint Venture partners in Bapetco are EGPC (50%) and Cheiron (25%). Bapetco does not hold any assets or liabilities and all costs it incurs are allocated across the concessions, with each joint operation partner paying its share of the expense incurred. A summary of the assets acquired is as follows: Area Concession and exploration blocks Capricorn working interest in concession Partners in concession Operating company Capricorn working interest in operating company Obaiyed Area Obaiyed 50% Cheiron (50%) Obaiyed Petroleum Company 25% North Matruh 50% Cheiron (50%) Obaiyed Petroleum Company 25% North Um Baraka 50% Cheiron (50%) North Um Baraka Petroleum Company 25% Badr El Din (BED) Sitra 50% Cheiron (50%) Sitra Petroleum Company 25% BED 50% Cheiron (50%) Bapetco 25% BED 2 & 17 50% Cheiron (50%) Bapetco 25% BED 3 50% Cheiron (50%) Bapetco 25% North Alam El Shawish (\u201cNAES\u201d) 50% Cheiron (50%) NAES Petroleum Company 25% NEAG NEAG Tiba and NEAG Extension 26% Cheiron (26%); Apache Egypt (48%) Tiba Petroleum Company 13% AESW AESW 20% Cheiron (20%); North Petroleum International Company SA (35%); Neptune (25%) AESW Petroleum Company 10% Abu Sennan South Abu Sennan 50% Cheiron (50%) Capricorn Egypt Limited 100% Horus South-East Horus 50% Cheiron (50%) Capricorn Egypt Limited 100% El Fayium West El Fayium 50% Cheiron (50%) Capricorn Egypt Limited 100% 6.3 Prior Year Business Combination continued
Goodwill arising on acquisition
Goodwill of US$25.4m arose on the acquisition and is recorded on the Balance Sheet (see note 2.4). The recognition of goodwill was
driven by the recording of deferred tax liabilities on the fair value of assets and liabilities recorded on acquisition.
Goodwill was calculated as follows:
US$m
Property, plant & equipment \u2013 development/producing assets 390.2
Inventory 9.6
Trade and other receivables 58.1
Joint operation payables (59.5)
Deferred tax liabilities (45.8)
Total identifiable assets acquired at fair value 352.6
Cash payable 315.1
Deferred consideration 62.9
Total consideration 378.0
Goodwill 25.4
There are no decommissioning liabilities under the concession agreements in Egypt. Trade and other receivables are shown after
expected credit loss. The fair value of receivables does not materially differ from the gross contractual amounts receivable.
Consideration and costs of acquisition
The cash consideration payable consisted of US$310.1m settled on completion (including US$181.4m drawn under two loan facilities,
(see note 3.2) and a further US$5.0m due on final settlement amounts. Deferred consideration of US$62.9m included US$61.1m, which
is the fair value, at the date of completion, of deferred consideration of up to US$100.0m payable based on future oil prices. The value of
this deferred consideration has been obtained using Level 2 valuations.
The remaining US$1.8m of further deferred consideration related to the fair value contingent payments of up to US$40.0m due on future
exploration success on short-term exploration wells. Given the risk profile of exploration drilling the fair value at acquisition of this
contingent consideration is low. This fair value was determined using Level 3 valuations.
At 31 December 2021, the total liability for deferred consideration was US$70.0m, with US$20.9m due within one year and US$49.1m
due after one year. See note 3.5 for the liability as at 31 December 2022.
Acquisition costs of US$4.9m were included within administration and other expenses charged to the Income Statement.
Impact on profit for the year
The Group\u2019s profit reduced by US$6.7m as a result of the loss on the Egypt business from acquisition to 31 December 2021 (see note 4.1).
Had the full year\u2019s results of the Egypt business been included in the Group\u2019s results to 31 December 2021, the Capricorn Group profit for
that year would have increased by US$22.5m.
Sensitivity analysis
The fair value of assets recognised on acquisition is based on the net present value of discounted future cash flows over the economic
field-life of the concessions using the Group\u2019s corporate assumptions detailed in section 2. Capricorn performed sensitivity analysis to
changes to the Group\u2019s long-term oil price, discount rate and inflation assumptions which would have impacted the value of the fair value of
the assets recorded.
Increasing the Group\u2019s long-term oil price assumption at the date of acquisition from US$55/bbl unescalated to US$60/bbl unescalated,
US$65/bbl unescalated and US$70/bbl unescalated would have increased the fair value of assets recognised on acquisition to
US$411.5m, US$431.0m and US$449.5m respectively. Increasing the Group discount rate assumption from 10% to 11% and 12% would
have reduced the value of assets recognised to US$381.7m and US$373.6m respectively. Increasing the Group inflation rate assumption
from 4% to 5% and 6% would have reduced the fair value of assets recognised to US$379.4m and US$368.3m respectively. Reducing the
inflation rate assumption to 3% would have increased the fair value of assets recognised to US$400.7m.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "Capricorn accounts for the acquisitions of subsidiaries, or an asset or collection of assets which are determined to meet the definition of a business, using the acquisition method. The assets and liabilities acquired are measured at their fair values at the date of acquisition. Acquisition-related costs are recognised in the Income Statement as incurred. Where the acquisition includes any assets or liability resulting from a contingent consideration arrangement, this is to be measured at fair value at the date of acquisition. Capricorn measures goodwill as the excess of the consideration paid over the net of the assets and liabilities acquired. Where the value of the assets acquired exceeds the consideration paid, negative goodwill arises and is recorded in the Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "7.1 Issued Capital and Reserves Called-up share capital Number 231/169p ordinary \u2019000 Number 21/13p ordinary \u2019000 231/169p ordinary US$m 21/13p ordinary US$m Allotted, issued and fully paid ordinary shares At 1 January 2021 589,718 \u2013 12.6 \u2013 Issued and allotted for employee share options pre-consolidation 99 \u2013 \u2013 \u2013 Consolidation of shares (589,817) 499,076 (12.6) 12.6 Issued and allotted for employee share options post-consolidation \u2013 253 \u2013 \u2013 Share re-purchase \u2013 (2,482) \u2013 \u2013 At 31 December 2021 \u2013 496,847 \u2013 12.6 Issued and allotted for employee share options post-consolidation \u2013 677 \u2013 \u2013 Share re-purchase \u2013 (182,452) \u2013 (4.6) At 31 December 2022 \u2013 315,072 \u2013 8.0 Share premium 2022 US$m 2021 US$m At 1 January 490.9 490.1 Arising on shares issued for employee share options 4.5 0.8 At 31 December 495.4 490.9 The Company does not have a limited amount of authorised share capital. Capricorn completed a tender offer on 6 April 2022. Under the terms of the tender offer, 171,073,128 ordinary shares were purchased at the strike price of 223 pence per share. The total value of the ordinary shares purchased was, therefore, \u00a3381.5m (US$498.6m). On 15 November 2021, Capricorn commenced a re-purchase programme of \u00a320.0m. This ran until the end of February 2022. A further re-purchase programme commenced on 7 April 2022 of up to US$25.0m, which completed in July 2022. Both re-purchase programmes were not fully utilised. The share re-purchase in retained earnings also includes stamp duty and costs associated with the tender offer and share re-purchases. A shareholder vote took place on 15 December 2022 approving the cancellation of the Company\u2019s share premium account (the \u201cCancellation\u201d). The Cancellation received the required confirmation from the Court of Session on Friday 27 January and was registered with the Registrar of Companies (and therefore took effect) on 31 January 2023. The full amount of the Company\u2019s share premium at 31 December 2022 transferred to retained earnings on the effective date. a) Shares held by ESOP Trust The cost of shares held by the ESOP Trust at 31 December 2022 was US$6.9m (2021: US$8.1m). The number of shares held by the Trust at 31 December 2022 was 2,632,826 (2021: 3,590,198) and the market value of these shares was \u00a36.9m/US$8.3m (2021: \u00a36.8m/ US$9.1m). During 2022, the Group purchased 7,158,195 (2021: 3,450,260) shares at a cost of US$19.8m (2021: US$8.7m). During 2022, 7,595,567 (2021: 1,628,784) shares vested and 520,000 (2021: 600,000) shares were transferred from the ESOP Trust to the SIP Trust. During 2021, 419,549 shares were created on share consolidation. b) Shares held by SIP Trust The cost of shares held by the SIP Trust at 31 December 2022 was US$8.4m (2021: US$9.4m). The number of shares held by the Trust at 31 December 2022 was 2,758,656 (2021: 2,960,087) and the market value of these shares was \u00a37.2m/US$8.7m (2021: \u00a35.6m/US$7.5m). c) Foreign currency translation Unrealised foreign exchange gains and losses arising on consolidation of non-US$ functional currency subsidiary undertakings are taken directly to reserves. Foreign exchange differences arising on intra-group loans are not eliminated on consolidation; this reflects the exposure to currency fluctuations where the subsidiaries involved have differing functional currencies. These intra-group loans are not considered to be an investment in a foreign operation. d) Merger and capital reserves Capital reserves of US$45.5m include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share re-purchase programme. Capital reserves of US$4.6m arose on the share re-purchase programme which ran from April to July 2022. US$5.4m of capital reserves relates directly to Capricorn Energy PLC, the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "7.2 Return of Cash to Shareholders On 8 January 2021, Capricorn received shareholder approval for the return of cash to shareholders of 32 pence per eligible ordinary share totalling \u00a3188.0m. US$250.0m of the proceeds from the sale of Senegal assets were converted to GBP in December 2020 and the return was paid to shareholders on 25 January 2021. The total return to shareholders, after exchange differences from the date of the conversion from US$ to GBP and associated costs, was US$257.2m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "7.3 Capital Management The objective of the Group\u2019s capital management structure is to ensure that there remains sufficient liquidity within the Group to carry out committed work programme requirements. The Group monitors the long-term cash flow requirements of the business in order to assess the requirement for changes to the capital structure to meet that objective and to maintain flexibility. The Group is subject to semi-annual forecast liquidity tests as part of the Senior and Junior Debt Facilities. The Group has complied with the capital requirements of these tests at all times during the year. Capricorn manages the capital structure and makes adjustments to it in light of changes to economic conditions. To maintain or adjust the capital structure, Capricorn may re-purchase shares, make a special dividend payment to shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring activities as appropriate. No significant changes were made in the objectives, policies or processes during the year ended 31 December 2022. Capital and net funds, including lease liabilities, was as follows: At 31 December 2022 US$m At 31 December 2021 US$m Loans and borrowings 158.6 177.0 Lease liabilities 4.3 3.7 Less cash and cash equivalents (756.8) (314.1) Net funds (593.9) (133.4) Equity 1,214.6 1,798.6 Capital and net funds 620.7 1,665.2 Gearing ratio \u2013 \u2013 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "7.4 Guarantees
It is normal practice for the Group to issue guarantees in respect of obligations during the ordinary course of business. Guarantees are
issued from a number of bilateral unsecured lines.
The Group has provided the following guarantees at 31 December 2022:
\u2013 various guarantees for the Group\u2019s operational commitments for the current year of US$69.1m (2021: US$52.5m); and
\u2013 Parent company guarantees for the Group\u2019s obligations under joint operating agreements and other contracts.
Under the terms of the facilities entered into in connection with the Group\u2019s Egypt assets, Capricorn Egypt Limited and Cheiron Oil & Gas
Limited, as borrowers, jointly and severally guarantee performance of their obligations to each lender. This includes an undertaking to pay
each lender whenever another obligor does not pay any amount, as if it was the principal obligor. As a result, Capricorn Egypt Limited and
Capricorn Egypt (Holding) Limited have provided guarantees in respect of the obligations owed to the lenders by Capricorn Egypt and the
joint venture counterparty, Cheiron.
",
"dimensions": {
"concept": "capricornenergyplc:DisclosureOfGuarantees",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "7.5 Auditors\u2019 Remuneration Year ended 31 December 2022 US$\u2019000 Year ended 31 December 2021 US$\u2019000 Fees payable to the Group\u2019s external auditors (including associate firms) for: Audit fees: Auditing of the Financial Statements of the Group and the Company 463 487 Auditing of the Financial Statements of subsidiaries 674 457 1,137 944 Non-audit fees: Audit-related assurance services 248 234 Other assurance services relating to corporate finance transactions 173 83 Other non-audit services not included above 125 83 546 317 Total fees 1,683 1,261 The Group has a policy in place for the award of non-audit work to the auditors which requires Audit Committee approval (see the Audit Committee Report on page 71). The split of audit fees to non-audit fees payable to the auditors is as follows: 2022 Fees to the Auditors Non-audit fee: US$546,000 Audit fee: US$1,137,000 2021 Fees to the Auditors Non-audit fee: US$317,000 Audit fee: US$944,000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800ZJEUQ8ZOC9AL24",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}