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Accounting policies specific to individual notes to the Financial Statements are embedded in the notes themselves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "
1.1 Accounting policies
a) Basis of preparation
The consolidated Financial Statements of Capricorn Energy PLC (\u201cCapricorn\u201d or \u201cthe Group\u201d) for the year ended 31 December 2024
were authorised for issue in accordance with a resolution of the Directors on 27 March 2025. 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 UK-adopted International Financial Reporting Standards (IFRS).
All accounting policies have been applied consistently across all years disclosed.
The Group\u2019s Financial Statements are prepared on a going concern basis.
b) Accounting standards
The Financial Statements of Capricorn has 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. During the year, no
new standards or amendments to standards were adopted that had a material impact on Capricorn\u2019s results or Financial Statement
disclosures.
There are no new standards or amendments issued by the International Accounting Standards Board 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 as defined by IFRS 11) 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 124.
Costs relating to an interest in a joint operation incurred on non-well specific exploration activities or costs directly associated
with the production of hydrocarbons are charged immediately to the Income Statement. Costs relating to exploration wells
are capitalised in accordance with the Group\u2019s accounting policy for intangible exploration/appraisal assets (note 2.2) pending
determination of the success of the well. All costs associated with development activities for oil and gas assets are capitalised
in property, plant & equipment \u2013 development/producing assets (note 2.3). All costs capitalised in either exploration/appraisal or
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 3.5) and trade and
other payables (note 3.7). Any share of finance income or costs generated or incurred by the joint operation is included within the
appropriate income statement account.
e) Foreign currencies
These Financial Statements continue to be presented in US dollars ($), 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 dollars, using the closing rate
method for assets and liabilities, which are translated at the rate of exchange prevailing at the balance sheet date and monthly
average rates for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group
companies whose functional currency is non\u2013US dollar directly to the foreign currency translation reserve within equity.
Rates of exchange to $1 were as follows:
Closing YTD average Closing YTD average
2024 2024 2023 2023
GBP
0.799
0.782
0.785
0.804
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 communal storage tanks in 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 from their share
of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of
hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by 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 does not meet
the IFRS 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
Cost of sales 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.
Capricorn follows a full successful efforts 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.
Non-well specific exploration expenditure incurred in the process of determining oil and gas exploration targets is charged directly
to the Income Statement in the year it is incurred.
Exploration/appraisal drilling costs directly relating to an exploration well are capitalised 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.
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.
Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are 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 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 or concession 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. 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 year, that charge will be reversed in a later year 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.
Accounting policy
Lease liabilities are measured and recorded on commencement of the asset being brought into use. Measurement is based on the
lower of fair value of the asset or the net present value of fixed lease commitments under the contract. Lease payments made in
excess of the fixed instalments are charged direct to the Income Statement as variable lease costs.
Lease payments are allocated between capital and interest based on the rate implicit in the lease agreement. Where this is not
practical to determine, the Group\u2019s incremental borrowing rate is used.
Where there are changes subsequent to initial recognition, adjustments are made to both the lease liability and the capitalised
asset. The interest rate used where the rate implicit in the lease is not determinable is updated at the date of the remeasurement.
No lease liability is recognised for leases where the period over which the right-of-use of an asset is obtained is forecast to be less than
12 months. Leases for low value items are not recorded as a liability but are charged as appropriate when the benefit is obtained.
Accounting policy
Spare parts inventories in Egypt are maintained by Bapetco on behalf of the operator Cheiron. Inventory is held at the lower of cost
and net realisable value, where net realisable value is measured at cost less provisions for obsolescence, based on the age of the
items held.
Accounting policy
Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt and royalty payments
receivable from producing fields in Mongolia. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "a) Basis of preparation The consolidated Financial Statements of Capricorn Energy PLC (\u201cCapricorn\u201d or \u201cthe Group\u201d) for the year ended 31 December 2024 were authorised for issue in accordance with a resolution of the Directors on 27 March 2025. 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 UK-adopted International Financial Reporting Standards (IFRS). All accounting policies have been applied consistently across all years disclosed. The Group\u2019s Financial Statements are prepared on a going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Capricorn Energy PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "Capricorn Energy PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "50 Lothian Road, Edinburgh, Scotland, EH3 9BY. The registered company number is SC226712", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "b) Accounting standards The Financial Statements of Capricorn has 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. During the year, no new standards or amendments to standards were adopted that had a material impact on Capricorn\u2019s results or Financial Statement disclosures. There are no new standards or amendments issued by the International Accounting Standards Board 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "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:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "d) Joint arrangements Capricorn is a partner (joint operator as defined by IFRS 11) 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 124. Costs relating to an interest in a joint operation incurred on non-well specific exploration activities or costs directly associated with the production of hydrocarbons are charged immediately to the Income Statement. Costs relating to exploration wells are capitalised in accordance with the Group\u2019s accounting policy for intangible exploration/appraisal assets (note 2.2) pending determination of the success of the well. All costs associated with development activities for oil and gas assets are capitalised in property, plant & equipment \u2013 development/producing assets (note 2.3). All costs capitalised in either exploration/appraisal or 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 3.5) and trade and other payables (note 3.7). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "d) Joint arrangements Capricorn is a partner (joint operator as defined by IFRS 11) 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 124. Costs relating to an interest in a joint operation incurred on non-well specific exploration activities or costs directly associated with the production of hydrocarbons are charged immediately to the Income Statement. Costs relating to exploration wells are capitalised in accordance with the Group\u2019s accounting policy for intangible exploration/appraisal assets (note 2.2) pending determination of the success of the well. All costs associated with development activities for oil and gas assets are capitalised in property, plant & equipment \u2013 development/producing assets (note 2.3). All costs capitalised in either exploration/appraisal or 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 3.5) and trade and other payables (note 3.7). Any share of finance income or costs generated or incurred by the joint operation is included within the appropriate income statement account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "e) Foreign currencies These Financial Statements continue to be presented in US dollars ($), 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 dollars, using the closing rate method for assets and liabilities, which are translated at the rate of exchange prevailing at the balance sheet date and monthly average rates for income statement accounts. Capricorn takes exchange differences arising on the translation of net assets of Group companies whose functional currency is non\u2013US dollar directly to the foreign currency translation reserve within equity. Rates of exchange to $1 were as follows:
Closing YTD average Closing YTD average
2024 2024 2023 2023
GBP
0.799
0.782
0.785
0.804
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "These Financial Statements continue to be presented in US dollars ($), the functional currency of the Parent. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "Rates of exchange to $1 were as follows:
Closing YTD average Closing YTD average
2024 2024 2023 2023
GBP
0.799
0.782
0.785
0.804
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "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. The cash flow forecasts assessed for the going concern assessment cover the period to March 2026. As the Directors will not commit to investing further Group funds into the Egypt business, separate cash flow forecasts have been run for Capricorn Egypt Limited, the Egypt asset-holding subsidiary and the remaining Capricorn Energy PLC Group. Capricorn Egypt is a party to the Junior and Senior borrowing facilities entered in connection with the Group\u2019s Egypt assets, however these facilities are non-recourse to the rest of the Capricorn Group. At the year end and at the date of this report, events of default exist on the facility. Group cash flow forecasts have been run on base-case and downside assumptions. Base case assumptions include committed exploration costs for which a parent company guarantee has been issued and forecast administrative costs. A downside scenario includes an increase to administrative costs, a tax settlement payable in Senegal and additional payments coming due under joint and several obligations. Scenarios run exclude future returns to shareholders. For Egypt cash flows, along with base-case assumptions, a downside scenario run modelled a return to lower oil prices, with an oil price of $65/bbl over the first six months of 2025 falling to $60/bbl thereafter, a 20% reduction in forecast production from 2026 onward and reductions to collections against outstanding Egypt trade receivables. An oil-price crash scenario assumes a fall in the oil price to $40/bbl at the end of Q1 2025 with a recovery to $50/bbl by the end of 2026. All Egypt cash-flow forecasts assume that the lenders do not enforce current events of default and seek immediate repayment of the facility. Under both Group scenarios Capricorn continue to operate as a going concern with sufficient cash balances, allowing the Group to meet its current and contracted commitments outside Egypt as and when they fall due for a period of at least 12 months from the date of signing these Financial Statements. In addition, Capricorn Egypt Limited is forecast to have sufficient resources to meet its contractual obligations as they fall due across all three scenarios, though headroom is limited at certain points across the going concern period. If any unforeseen changes in assumptions were to adversely impact the subsidiary, and with no further injection of funds from the parent, it may not be able to meet all debt repayments that fall due in the period which could result in lenders taking control of the assets. While the assets would then be heavily impaired to expected recoverable amounts, the remaining Capricorn Energy PLC Group would be unaffected and would continue as a going concern. Further, under the terms of the borrowing facilities, Capricorn Egypt Limited jointly and severally guarantee the performance of the obligations of the joint venture counterparty. Should the counterparty fail to meet its repayment obligations, the lender could enforce this guarantee, though other routes to recovery would be more likely. Though considered remote, a default by the counterparty could also result in the lenders assuming control of the Egypt subsidiary to recover amounts due. Again, the remaining Capricorn Energy PLC Group would be unaffected and would continue as a going concern. 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 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "Key estimates and assumptions in this section: Cash generating units for impairment testing Capricorn\u2019s impairment test is performed across the BED and Obaiyed concessions areas as a single cash-generating unit (CGU). This change from previous years reflects the proposed merger of the eight current concession areas into one single concession, discussed further below. Reversal of impairment At the year end, Capricorn reviews its assets for indicators of impairment, or an indicator that previous impairments may be reversed. At the end of 2024, Capricorn and its joint venture partner were in advanced negotiations with EGPC on revised terms to the concessions owned 50:50 between Capricorn and Cheiron in the BED and Obaiyed areas. Negotiation on the key terms concluded in February 2025 with the aim of receiving formal ratification by the summer of 2025. Revised terms of the new merged concession include a significant extension to the field life and improved cost oil and profit oil terms for the contractors, revised gas prices and a bonus payment to be made to EGPC. These improved commercial terms and additional commercial reserve volumes due to licence extensions which, given the advanced stage of negotiations at the year end, would be considered by a market participant determining a fair value, indicate that impairment charged in previous years on the Obaiyed concession may have reversed. Subsequent tests performed confirmed a full reversal of impairment, after adjusting for depletion charges. Reserve estimates for depletion calculations reflect the commercial terms in place at the year end and are not adjusted for the expected increases in reserves that will arise on formal ratification of the merged concession. Tax barrels are excluded from depletion calculations. Estimation of fair value of assets for use in impairment tests The fair value less cost of disposal of property, plant & equipment \u2013 development/producing assets in Egypt used in the Group\u2019s impairment tests and has been measured using the net present value of discounted future cash flows over the commercial field life of the concessions, based on the revised field life and commercial terms included in the revised concession terms agreements agreed with EGPC and expected to be formally ratified in the summer of 2025 where applicable. These valuations represent a level 3 estimate of fair value. This fair value estimate is materially different from the value in use estimates of the assets, calculated on the economic field life and reserve estimates that existed at the year end on the current economic terms. The key assumptions used in the Group\u2019s discounted cash flow models used to estimate the fair value of the asset reflect past experience and take account of external factors. These assumptions include: \u2013 drilling plans aligned with forecast cash collections from EGPC; \u2013 short/medium-term oil price based on the forward curve for two years from the balance sheet date; \u2013 long-term oil price of $65/bbl (2023: $65/bbl) escalated at 2% per annum; \u2013 Egypt price differentials to base oil prices; \u2013 proved and probable reserves estimates and production profiles, based on internal estimates under revised concession terms; \u2013 timing of collection of revenues assumed to be nine months from date of production; \u2013 cost profiles for future costs escalated at 4.0% per annum (2023: 4.0% per annum); \u2013 carbon prices based on World Energy Outlook 2023 (\u201cWEO-2023\u201d) Net Zero Emissions by 2050 Scenario; and \u2013 post-tax discount rates of 15% (2023: 15%). Climate change assumptions Capricorn\u2019s cost of carbon assumptions are included in the fair value models used to attribute value to the assets. 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 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.
Significant accounting judgements and key estimates and assumptions in this section:
Expected credit loss adjustment on Egypt trade receivables
Capricorn reviews expected credit loss adjustments that reduce the value of receivables in Egypt at each reporting date. While Capricorn
ultimately expects to recover the full value of receivables, the credit risk assessment is based on latest market observed risk ratings and
the current ageing of receivables.
There is no reasonable change in assumptions that would lead to material impact on the Financial Statements.
Significant accounting judgements in this section: Segmental disclosures and discontinued operations IFRS 8 \u2018Operating Segments\u2019 does not provide guidance as to whether segment disclosures apply to discontinued operations. Capricorn have included the results of discontinued operations within the \u201cOther Capricorn Energy Group\u201d segment for both years presented. 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 4.3 (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 from their share of production. The tax liability however remains with the contractor to the point of settlement. Therefore, Capricorn recognises deferred tax liabilities on temporary taxable difference where the carrying value of non-current assets exceeds their tax written down values. Capricorn also records a tax charge in the year for tax that is payable on the Group\u2019s share of profits from production. Other income is recorded within gross profit to reflect the sale of additional volumes by EGPC on behalf of the Group to settle the tax liability arising; see note 2.1. Deferred taxation \u2013 recognition of deferred tax assets on Egypt concessions At the year-end, Capricorn recognise deferred tax assets across four concessions where available tax losses are expected to be recovered, within a period not exceeding five years, on forecast future taxable profits over which the losses can be utilised. Future taxable profits forecasts are based on existing concession terms in Egypt. Significant accounting judgements in this section Senegal tax assessment On 14 November 2023, Capricorn received notification of tax assessment raised in Senegal against Woodside Petroleum (\u201cWoodside\u201d). The claim contains two items that Capricorn is responsible for under the agreement for the sale of the assets from Capricorn to Woodside, with a total claim of $43.5m including interest and penalties. Capricorn strongly refutes that any tax is due and will robustly defend the Group\u2019s position. At the balance sheet date, no provision has been made in the Financial Statements, with further disclosures of this contingent liability in note 6.3.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "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 communal storage tanks in 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 from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by 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 does not meet the IFRS 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 Cost of sales 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 Year ended
31 December 31 December
2024 2023
$m $m
Oil sales
111.6
159.1
Gas sales
35.2
40.8
Revenue from oil and gas sales
146.8
199.9
Royalty income
1.0
1.1
Total revenue
147.8
201.0
Other income \u2013 tax entitlement volumes
30.1
54.1
Other income
30.1
54.1
Production costs and inventory movements
(41.6)
(59.6)
Cost of sales
(41.6)
(59.6)
Depletion (note 2.3)
(85.1)
(120.4)
Gross profit
51.2
75.1
Revenue Capricorn recognised oil and gas revenue on 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. All sales in the year were domestic sales. Oil and gas revenue in Egypt for the year ended 31 December 2024 was $146.8m (2023: $199.9m), from net entitlement production of 3.6 mmboe (2023: 4.4 mmboe) of which ~39% (2023: ~45%) was liquids. Oil sales averaged $79.3/boe (2023: $81.2/boe) and with gas sales at $2.9/mscf (2023: $2.9/mscf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC \u2013 see section 5. Production costs over the period were $41.6m (2023: $59.6m), or $4.8/boe (2023: $5.4/boe) (on a working interest (WI) basis).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "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 communal storage tanks in 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 from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by 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 does not meet the IFRS 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 Cost of sales 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 Year ended
31 December 31 December
2024 2023
$m $m
Oil sales
111.6
159.1
Gas sales
35.2
40.8
Revenue from oil and gas sales
146.8
199.9
Royalty income
1.0
1.1
Total revenue
147.8
201.0
Other income \u2013 tax entitlement volumes
30.1
54.1
Other income
30.1
54.1
Production costs and inventory movements
(41.6)
(59.6)
Cost of sales
(41.6)
(59.6)
Depletion (note 2.3)
(85.1)
(120.4)
Gross profit
51.2
75.1
Revenue Capricorn recognised oil and gas revenue on 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. All sales in the year were domestic sales. Oil and gas revenue in Egypt for the year ended 31 December 2024 was $146.8m (2023: $199.9m), from net entitlement production of 3.6 mmboe (2023: 4.4 mmboe) of which ~39% (2023: ~45%) was liquids. Oil sales averaged $79.3/boe (2023: $81.2/boe) and with gas sales at $2.9/mscf (2023: $2.9/mscf). Other income represents tax paid on Capricorn\u2019s behalf by EGPC \u2013 see section 5. Production costs over the period were $41.6m (2023: $59.6m), or $4.8/boe (2023: $5.4/boe) (on a working interest (WI) basis).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "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 communal storage tanks in 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 from their share of production. To reflect this arrangement through the concession agreements, Capricorn notionally receive a greater share of hydrocarbon production, grossing up the Group\u2019s entitlement interest share of production, by 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 does not meet the IFRS 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 Cost of sales 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "2.2 Intangible exploration/appraisal assets Capricorn follows a full successful efforts 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. Non-well specific exploration expenditure incurred in the process of determining oil and gas exploration targets is charged directly to the Income Statement in the year it is incurred. Exploration/appraisal drilling costs directly relating to an exploration well are capitalised 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. 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.
Other
Egypt countries Total
$m $m $m
Cost
At 1 January 2023
\u2013
1.0
1.0
Additions
5.1
16.9
22.0
Unsuccessful exploration costs
(2.6)
(17.9)
(20.5)
At 31 December 2023
2.5
\u2013
2.5
Additions
\u2013
6.4
6.4
Unsuccessful exploration costs
(2.5)
(6.4)
(8.9)
At 31 December 2024
\u2013
\u2013
\u2013
Net book value
At 31 December 2022
\u2013
1.0
1.0
At 31 December 2023
2.5
\u2013
2.5
At 31 December 2024
\u2013
\u2013
\u2013
Additions to intangible exploration/appraisal assets were funded through cash and working capital, including increased provisions for well abandonment costs. Egypt Unsuccessful exploration costs of $2.5m relate to work performed on well locations that are no longer expected to be drilled. Other countries Additions of $6.4m (2023: $16.9m) relate to an increase of $1.7m (2023: $1.9m) on estimated historic UK well abandonment costs, and $4.7m (2023: $15.0m) of past costs no longer expected to be recovered following the exit of from all remaining licences in Mexico. All additions were immediately written off as unsuccessful exploration costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "Capricorn follows a full successful efforts 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. Non-well specific exploration expenditure incurred in the process of determining oil and gas exploration targets is charged directly to the Income Statement in the year it is incurred. Exploration/appraisal drilling costs directly relating to an exploration well are capitalised 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "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 have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are 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 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 or concession 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. 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 year, that charge will be reversed in a later year 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.
Egypt
$m
Cost
At 1 January 2023
480.9
Additions
91.3
At 31 December 2023
572.2
Additions
62.6
At 31 December 2024
634.8
Accumulated depletion and impairment
At 1 January 2023
205.1
Depletion charge
120.4
Impairment
29.1
At 31 December 2023
354.6
Depletion charge
85.1
Reversal of impairment
(15.7)
At 31 December 2024
424.0
Net book value
At 31 December 2022
275.8
At 31 December 2023
217.6
At 31 December 2024
210.8
Egypt Additions have been funded through cash and working capital wholly within the Egypt business. Capricorn continue to align capital investment in the Egypt assets with payments received against the outstanding trade receivables balance. Additions in the year predominantly relate to the costs of producing wells drilled. Only one well completed in the first half of the year as Capricorn paused investment pending collection of receivables due from EGPC. Drilling recommenced on 29 June 2024 and a further 12 wells were completed before the end of the year, with a further well that spudded on 18 December completing in January 2025. All but one of the wells was drilled in the BED concession, with the other drilled in the AESW concession. Depletion of $85.1m (2023: $120.4m) was charged to the Income Statement based on entitlement interest production during 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 At 31 December 2024, the Group\u2019s development/producing assets in Egypt were reviewed for indicators of impairment or reversal of previous impairments. Following significant progress on the revised concession agreement with EGPC at the year end, the anticipated increased field lives and improved commercial terms were an indicator that previous impairments may be reversed. Impairment tests were conducted across the BED and Obaiyed concessions as a single CGU and resulted in the full reversal of prior year impairment after adjusting for additional notional depletion. Given the significant headroom generated by the increase in fair value under the improved terms, there are no reasonable changes to assumptions that would reduce the reversal of impairment recorded, therefore no sensitivity analysis has been provided. AESW and NEAG concessions were reviewed for indicators of impairment but as no indicator was identified, no impairment tests have been performed. At 31 December 2023, indicators of impairment were identified where a pause in development drilling activity had resulted in downgrades to reserves volumes booked, with previously booked reserves no longer expected to be recovered within the licence term. Subsequent impairment tests identified impairment of $29.1m. 2.5 Other property, plant & equipment and intangible assets
Right-of-
use assets
\u2013 leasehold
Carbon Property, plant & property Total
credits Intangible assets equipment (restated) (restated)
$m $m $m $m $m
Cost
At 1 January 2023
6.8
41.3
10.8
12.8
71.7
Additions
\u2013
1.9
0.3
15.5
17.7
Disposals
\u2013
(32.8)
(11.2)
(21.5)
(65.5)
Foreign exchange
\u2013
1.8
0.4
0.8
3.0
At 31 December 2023
6.8
12.2
0.3
7.6
26.9
Additions
\u2013
0.9
\u2013
\u2013
0.9
Disposals
\u2013
(8.8)
\u2013
\u2013
(8.8)
Right-of-use asset adjustment
\u2013
\u2013
\u2013
(0.6)
(0.6)
Foreign exchange
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
6.8
4.0
0.3
7.0
18.1
Accumulated depreciation and amortisation
At 1 January 2023
\u2013
38.7
10.6
8.3
57.6
Charge for the year
\u2013
3.9
0.2
2.6
6.7
Disposals
\u2013
(32.7)
(11.2)
(10.5)
(54.4)
Foreign exchange
\u2013
1.7
0.4
0.4
2.5
At 31 December 2023
\u2013
11.6
\u2013
0.8
12.4
Charge for the year
\u2013
0.6
0.1
1.0
1.7
Disposals
\u2013
(8.8)
\u2013
\u2013
(8.8)
Foreign exchange
\u2013
(0.3)
\u2013
0.1
(0.2)
At 31 December 2024
\u2013
3.1
0.1
1.9
5.1
Net book value
At 31 December 2022
6.8
2.6
0.2
4.5
14.1
At 31 December 2023
6.8
0.6
0.3
6.8
14.5
At 31 December 2024
6.8
0.9
0.2
5.1
13.0
Prior year comparatives for right-of-use assets have been restated to reflect the disposal of fully amortised office leases for the previous head office in Edinburgh and satellite office in London. Additional disposals of $9.8m have been recorded. The closing net book value of right-of-use assets at 31 December 2023 is unchanged. In 2023, the total additions of $15.5m in right-of-use assets related to office lease contracts in the UK for the Edinburgh head office. One lease entered into during 2023 was subsequently cancelled leading to a further disposal of $9.5m, bringing total restated disposals to $21.5m. Intangible assets disposals in 2024 and 2023 relate to fully amortised, historic software costs written off including the Group\u2019s legacy ERP system which was replaced in the current year. In 2022, the Group invested $6.8m in 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 the TCFD Report, on pages 23 to 30. None of the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. The carrying value of carbon credits are included within the Egypt cash generating unit for impairment testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "value": "Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are 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 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 or concession 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. 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 year, that charge will be reversed in a later year 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "Accounting policy Costs All costs incurred after the technical feasibility and commercial viability of producing hydrocarbons have been demonstrated and a development plan approved are capitalised within development/producing assets on a field-by-field basis. Subsequent expenditures are 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 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 or concession 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. 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 year, that charge will be reversed in a later year 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "
Egypt
$m
Cost
At 1 January 2023
480.9
Additions
91.3
At 31 December 2023
572.2
Additions
62.6
At 31 December 2024
634.8
Accumulated depletion and impairment
At 1 January 2023
205.1
Depletion charge
120.4
Impairment
29.1
At 31 December 2023
354.6
Depletion charge
85.1
Reversal of impairment
(15.7)
At 31 December 2024
424.0
Net book value
At 31 December 2022
275.8
At 31 December 2023
217.6
At 31 December 2024
210.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "
2.4 Goodwill
Egypt
$m
At 1 January 2023
25.4
Impairment
(14.6)
At 31 December 2023 and 2024
10.8
Goodwill arose on the acquisition of the Western Desert assets in Egypt in 2021. Goodwill has been tested for impairment at
31 December 2024 and no impairment was identified. As there are no reasonable changes to assumptions that would result in an
impairment of goodwill, no sensitivity analysis has been provided.
An impairment of $14.6m was recorded in 2023 as a result of reserves downgrades at the year end. IAS 36 prohibits reversal of
impairment of goodwill in subsequent years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "2.4 Goodwill
Egypt
$m
At 1 January 2023
25.4
Impairment
(14.6)
At 31 December 2023 and 2024
10.8
Goodwill arose on the acquisition of the Western Desert assets in Egypt in 2021. Goodwill has been tested for impairment at 31 December 2024 and no impairment was identified. As there are no reasonable changes to assumptions that would result in an impairment of goodwill, no sensitivity analysis has been provided. An impairment of $14.6m was recorded in 2023 as a result of reserves downgrades at the year end. IAS 36 prohibits reversal of impairment of goodwill in subsequent years.
2.5 Other property, plant & equipment and intangible assets
Right-of-
use assets
\u2013 leasehold
Carbon Property, plant & property Total
credits Intangible assets equipment (restated) (restated)
$m $m $m $m $m
Cost
At 1 January 2023
6.8
41.3
10.8
12.8
71.7
Additions
\u2013
1.9
0.3
15.5
17.7
Disposals
\u2013
(32.8)
(11.2)
(21.5)
(65.5)
Foreign exchange
\u2013
1.8
0.4
0.8
3.0
At 31 December 2023
6.8
12.2
0.3
7.6
26.9
Additions
\u2013
0.9
\u2013
\u2013
0.9
Disposals
\u2013
(8.8)
\u2013
\u2013
(8.8)
Right-of-use asset adjustment
\u2013
\u2013
\u2013
(0.6)
(0.6)
Foreign exchange
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
6.8
4.0
0.3
7.0
18.1
Accumulated depreciation and amortisation
At 1 January 2023
\u2013
38.7
10.6
8.3
57.6
Charge for the year
\u2013
3.9
0.2
2.6
6.7
Disposals
\u2013
(32.7)
(11.2)
(10.5)
(54.4)
Foreign exchange
\u2013
1.7
0.4
0.4
2.5
At 31 December 2023
\u2013
11.6
\u2013
0.8
12.4
Charge for the year
\u2013
0.6
0.1
1.0
1.7
Disposals
\u2013
(8.8)
\u2013
\u2013
(8.8)
Foreign exchange
\u2013
(0.3)
\u2013
0.1
(0.2)
At 31 December 2024
\u2013
3.1
0.1
1.9
5.1
Net book value
At 31 December 2022
6.8
2.6
0.2
4.5
14.1
At 31 December 2023
6.8
0.6
0.3
6.8
14.5
At 31 December 2024
6.8
0.9
0.2
5.1
13.0
Prior year comparatives for right-of-use assets have been restated to reflect the disposal of fully amortised office leases for the previous
head office in Edinburgh and satellite office in London. Additional disposals of $9.8m have been recorded. The closing net book value of
right-of-use assets at 31 December 2023 is unchanged. In 2023, the total additions of $15.5m in right-of-use assets related to office lease
contracts in the UK for the Edinburgh head office. One lease entered into during 2023 was subsequently cancelled leading to a further
disposal of $9.5m, bringing total restated disposals to $21.5m.
Intangible assets disposals in 2024 and 2023 relate to fully amortised, historic software costs written off including the Group\u2019s legacy ERP
system which was replaced in the current year.
In 2022, the Group invested $6.8m in 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 the TCFD Report, on pages 23 to 30. None of the carbon credits
purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. The carrying value of
carbon credits are included within the Egypt cash generating unit for impairment testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "2.5 Other property, plant & equipment and intangible assets
Right-of-
use assets
\u2013 leasehold
Carbon Property, plant & property Total
credits Intangible assets equipment (restated) (restated)
$m $m $m $m $m
Cost
At 1 January 2023
6.8
41.3
10.8
12.8
71.7
Additions
\u2013
1.9
0.3
15.5
17.7
Disposals
\u2013
(32.8)
(11.2)
(21.5)
(65.5)
Foreign exchange
\u2013
1.8
0.4
0.8
3.0
At 31 December 2023
6.8
12.2
0.3
7.6
26.9
Additions
\u2013
0.9
\u2013
\u2013
0.9
Disposals
\u2013
(8.8)
\u2013
\u2013
(8.8)
Right-of-use asset adjustment
\u2013
\u2013
\u2013
(0.6)
(0.6)
Foreign exchange
\u2013
(0.3)
\u2013
\u2013
(0.3)
At 31 December 2024
6.8
4.0
0.3
7.0
18.1
Accumulated depreciation and amortisation
At 1 January 2023
\u2013
38.7
10.6
8.3
57.6
Charge for the year
\u2013
3.9
0.2
2.6
6.7
Disposals
\u2013
(32.7)
(11.2)
(10.5)
(54.4)
Foreign exchange
\u2013
1.7
0.4
0.4
2.5
At 31 December 2023
\u2013
11.6
\u2013
0.8
12.4
Charge for the year
\u2013
0.6
0.1
1.0
1.7
Disposals
\u2013
(8.8)
\u2013
\u2013
(8.8)
Foreign exchange
\u2013
(0.3)
\u2013
0.1
(0.2)
At 31 December 2024
\u2013
3.1
0.1
1.9
5.1
Net book value
At 31 December 2022
6.8
2.6
0.2
4.5
14.1
At 31 December 2023
6.8
0.6
0.3
6.8
14.5
At 31 December 2024
6.8
0.9
0.2
5.1
13.0
Prior year comparatives for right-of-use assets have been restated to reflect the disposal of fully amortised office leases for the previous head office in Edinburgh and satellite office in London. Additional disposals of $9.8m have been recorded. The closing net book value of right-of-use assets at 31 December 2023 is unchanged. In 2023, the total additions of $15.5m in right-of-use assets related to office lease contracts in the UK for the Edinburgh head office. One lease entered into during 2023 was subsequently cancelled leading to a further disposal of $9.5m, bringing total restated disposals to $21.5m. Intangible assets disposals in 2024 and 2023 relate to fully amortised, historic software costs written off including the Group\u2019s legacy ERP system which was replaced in the current year. In 2022, the Group invested $6.8m in 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 the TCFD Report, on pages 23 to 30. None of the carbon credits purchased have subsequently been retired. Amortisation of the carbon credits will commence on first retirement. The carrying value of carbon credits are included within the Egypt cash generating unit for impairment testing.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "
2.6 Other long-term receivables
At At
31 December 31 December
2024 2023
$m $m
Other long-term receivable
\u2013
7.0
Deferred consideration
\u2013
20.6
\u2013
27.6
Under the earnout consideration settlement agreement with Waldorf, Capricorn agreed for part-settlement of consideration due through
the receipt of Waldorf\u2019s 25% WI non-operated interest in the UK Columbus gas field, subject to approval from the North Sea Transition
Authority (\u201cNSTA\u201d). The settlement agreement provided that a $7.0m payment to Capricorn would be due should the transfer not receive
NSTA approval, and this sum was recorded as an other long-term receivable in the prior year. With Waldorf\u2019s liquidity issues and proposed
restructuring, NSTA approval of the transfer is not expected and, as recovery of the cash alternate appears highly unlikely, the receivable
has been impaired in full. The $20.6m of deferred consideration due at 31 December 2023, also relating to the Waldorf settlement
agreement, were reclassified as current assets during the year where amounts due were further impaired. See note 6.1 for further details.
3.5 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 and royalty payments receivable from producing fields in Mongolia. 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 At
31 December 31 December
2024 2023
$m $m
Trade receivables
175.4
168.5
Other receivables
54.1
11.0
Prepayments
0.8
1.5
Joint operation receivables
1.1
5.0
231.4
186.0
Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC to manage the receivables position and retain the capability to restrict further investment in Egypt to match revenue collections. At 31 December 2024, the expected credit loss adjustment offsetting receivables is $8.7m (2023: $9.0m). $4.2m of prior year expected credit loss adjustments were offset against historic invoices where no further recovery is expected leaving a net charge of $3.9m to the Income Statement in the year. 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. The other receivables balance of $54.1m (2023: $11.0m) includes $50.0m of further consideration due on the past sale of assets in Senegal (see note 6.1 for details) (2023: $nil), interventure receivables of $0.6m (2023: $1.4m), VAT recoverable in the UK of $0.1m (2023: UK and Mexico $3.6m), money market interest receivable of $0.9m (2023: $0.6m) and the earnout settlement receivable of $1.5m, after impairment (2023: $2.0) (see note 6.1).
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing receivables to operating cash flow movements: $m $m
Opening trade and other receivables
186.0
142.5
Closing trade and other receivables
(231.4)
(186.0)
Increase in trade and other receivables
(45.4)
(43.5)
Foreign exchange
(1.4)
(1.2)
Senegal consideration receivable
50.0
\u2013
Decrease in joint operation receivables relating to investing activities
(7.7)
(18.5)
Decrease in other receivables relating to investing activities
(4.4)
(4.2)
Decrease in prepayments relating to investing activities
\u2013
(2.2)
Increase/(Decrease) in prepayments and other receivables relating to financing activities
0.3
(1.4)
Trade and other receivables movement on earnout settlement
(0.5)
2.0
Trade and other receivables cash flow movement
(9.1)
(69.0)
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "2.6 Other long-term receivables
At At
31 December 31 December
2024 2023
$m $m
Other long-term receivable
\u2013
7.0
Deferred consideration
\u2013
20.6
\u2013
27.6
Under the earnout consideration settlement agreement with Waldorf, Capricorn agreed for part-settlement of consideration due through the receipt of Waldorf\u2019s 25% WI non-operated interest in the UK Columbus gas field, subject to approval from the North Sea Transition Authority (\u201cNSTA\u201d). The settlement agreement provided that a $7.0m payment to Capricorn would be due should the transfer not receive NSTA approval, and this sum was recorded as an other long-term receivable in the prior year. With Waldorf\u2019s liquidity issues and proposed restructuring, NSTA approval of the transfer is not expected and, as recovery of the cash alternate appears highly unlikely, the receivable has been impaired in full. The $20.6m of deferred consideration due at 31 December 2023, also relating to the Waldorf settlement agreement, were reclassified as current assets during the year where amounts due were further impaired. See note 6.1 for further details. 3.5 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 and royalty payments receivable from producing fields in Mongolia. 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 At
31 December 31 December
2024 2023
$m $m
Trade receivables
175.4
168.5
Other receivables
54.1
11.0
Prepayments
0.8
1.5
Joint operation receivables
1.1
5.0
231.4
186.0
Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC to manage the receivables position and retain the capability to restrict further investment in Egypt to match revenue collections. At 31 December 2024, the expected credit loss adjustment offsetting receivables is $8.7m (2023: $9.0m). $4.2m of prior year expected credit loss adjustments were offset against historic invoices where no further recovery is expected leaving a net charge of $3.9m to the Income Statement in the year. 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. The other receivables balance of $54.1m (2023: $11.0m) includes $50.0m of further consideration due on the past sale of assets in Senegal (see note 6.1 for details) (2023: $nil), interventure receivables of $0.6m (2023: $1.4m), VAT recoverable in the UK of $0.1m (2023: UK and Mexico $3.6m), money market interest receivable of $0.9m (2023: $0.6m) and the earnout settlement receivable of $1.5m, after impairment (2023: $2.0) (see note 6.1).
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing receivables to operating cash flow movements: $m $m
Opening trade and other receivables
186.0
142.5
Closing trade and other receivables
(231.4)
(186.0)
Increase in trade and other receivables
(45.4)
(43.5)
Foreign exchange
(1.4)
(1.2)
Senegal consideration receivable
50.0
\u2013
Decrease in joint operation receivables relating to investing activities
(7.7)
(18.5)
Decrease in other receivables relating to investing activities
(4.4)
(4.2)
Decrease in prepayments relating to investing activities
\u2013
(2.2)
Increase/(Decrease) in prepayments and other receivables relating to financing activities
0.3
(1.4)
Trade and other receivables movement on earnout settlement
(0.5)
2.0
Trade and other receivables cash flow movement
(9.1)
(69.0)
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:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "2.7 Provisions \u2013 well abandonment
Total
$m
At 1 January 2023
3.4
Change in estimate
1.9
Unwinding of discount
0.1
Well abandonment expenses paid
(0.2)
Foreign exchange
0.3
At 31 December 2023
5.5
Change in estimate
1.7
Unwinding of discount
0.3
Foreign exchange
(0.2)
At 31 December 2024
7.3
Amounts due less than one year
0.5
Amounts due greater than one year
6.8
At 31 December 2024
7.3
Well abandonment provisions at 31 December 2024 represent the present value of costs related to the abandonment of two wells on the Tybalt P1632 licence in the UK. In 2024, the abandonment work plan was updated resulting in increases to the abandonment provision of $1.7m (2023: $1.9m). The provision is based on operator cost estimates, subject to internal review and amendment where considered necessary, and is calculated using assumptions based on existing technology and the current economic environment, with a cost escalation of 2.0% for 2024 and 3.0% for 2025-2027 years (2023: 4.0%) and a discount rate of 4.1% (2023: 3.4%) per annum. The reasonableness of these assumptions is reviewed at each reporting date to take into account any material changes required.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "2.8 Capital commitments
At At
31 December 31 December
2024 2023
$m $m
Oil and gas expenditure:
Intangible exploration/appraisal assets
7.6
7.9
Contracted for
7.6
7.9
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 of $7.6m (2023: $7.9m) relate to remaining licence commitments in Egypt. At 31 December 2024 and 31 December 2023, no capital commitments for property, plant & equipment \u2013 development/producing assets are recorded as operator budgets are still to be agreed and approved. There were no short-term lease commitments at the 2024 balance sheet date (2023: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "
3.1 Cash and cash equivalents
At At
31 December 31 December
2024 2023
$m $m
Cash at bank
16.2
12.8
Bank deposit less than three months
\u2013
20.0
Money market funds
107.2
156.7
123.4
189.5
At 31 December 2024, $48.7m (2023: $10.6m) of cash and cash equivalents are restricted and not available for immediate ordinary
business use. This includes $45.5m (2023: $5.6m) of cash and cash equivalents in Egypt. Restricted cash in Egypt may be used to fund
ongoing working capital requirements of the producing assets and to fund principal and interest payments on the Group\u2019s debt facilities.
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 2023
and 31 December 2024, 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 BBB- or above
from at least two of Moody\u2019s, Standard & Poor\u2019s or Fitch, unless a sovereign guarantee is available from an BBB- rated government.
The limits set by the counterparties vary between $20.0m and $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 BBB-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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "3.1 Cash and cash equivalents
At At
31 December 31 December
2024 2023
$m $m
Cash at bank
16.2
12.8
Bank deposit less than three months
\u2013
20.0
Money market funds
107.2
156.7
123.4
189.5
At 31 December 2024, $48.7m (2023: $10.6m) of cash and cash equivalents are restricted and not available for immediate ordinary business use. This includes $45.5m (2023: $5.6m) of cash and cash equivalents in Egypt. Restricted cash in Egypt may be used to fund ongoing working capital requirements of the producing assets and to fund principal and interest payments on the Group\u2019s debt facilities. 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 2023 and 31 December 2024, 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 BBB- or above from at least two of Moody\u2019s, Standard & Poor\u2019s or Fitch, unless a sovereign guarantee is available from an BBB- rated government. The limits set by the counterparties vary between $20.0m and $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 BBB-rated liquidity funds and the maximum holding in any single fund is 20% of total investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "
3.2 Loans and borrowings
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing liabilities to cash flow movements: $m $m
Opening liabilities
111.8
158.6
Loan repayments in the year disclosed in the statement of Cash Flows
Senior Debt Facility
(13.5)
(48.3)
Non-cash movements:
Accrued debt facility interest
0.1
0.6
Amortisation of debt arrangement fees
0.9
0.9
Closing liabilities
99.3
111.8
Amounts due less than one year
26.4
15.4
Amounts due greater than one year
72.9
96.4
Closing liabilities
99.3
111.8
Capricorn Egypt debt facilities
In September 2021, Capricorn Egypt Limited entered into a $325.0m Senior Debt Facility and an $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. Facility commitments began amortising in September 2022 and the maximum drawdown
available to Capricorn at 31 December 2024 was $60.1m (2023: $73.6m) for the Senior Debt Facility and $40.0m (2023: $40.0m) for the
Junior Debt Facility. All drawings in the year were denominated in US dollars.
With effect from 1 July 2023, the Secured Overnight Financing Rate (SOFR) replaced LIBOR as the benchmark for calculating interest on the
two facilities. Interest on debt drawn is charged at the appropriate SOFR for the currency drawn plus an applicable margin. The Senior
Debt Facility remains subject to biannual redeterminations, has a market standard suite of covenants, including biannual liquidity tests,
and is cross-guaranteed by the Group companies party to the facility, including Cheiron. Capricorn has provided no guarantee outside the
subsidiary holding the Egypt assets.
At 31 December 2024, the borrowers have agreed a rollover of the debt, giving the Group the ability to defer settlement of the loan in
accordance with the last approved banking model. Capricorn and Cheiron were seeking a waiver from the lenders for events of default
under the facilities that had occurred previously together with approval of the latest banking model and redetermination.
In conjunction with the waiver request, a revised banking model was approved in February 2025 on completion of the latest
redetermination process and increases the principal amounts repayable by Capricorn under the Senior Facility to $42.6m in 2025, with
the balance of $17.6m due over the period from 1 January 2026 to end of September 2026. The Junior Facility is forecast to be repayable
across 2026 and 2027. The increase in the principal repayment in 2025 corrects an error identified in the banking model, which was used to
determine previous payment profiles and the allocation between current and long-term liabilities at the year end.
3.6 Financial liabilities at fair value through profit or loss
At At
31 December 31 December
2024 2023
Financial liabilities $m $m
Non-current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
\u2013
19.8
\u2013
19.8
Current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
25.0
25.0
25.0
25.0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average
annual dated Brent oil price for each year up to and including the current year end. A maximum $50.0m is due for each year, split 50:50
between Capricorn and Cheiron where the average oil price exceeds $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of
2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell from Capricorn though the
Group remain joint and severally liable were Cheiron to default on their remaining payment due.
During the year, the Group made a loss of $5.2m (2023: $8.0m) on fair value movements increasing the financial liability to the full $25.0m
due.
3.8 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
At At
31 December 31 December
2024 2023
Carrying amount and fair value $m $m
Financial assets at amortised cost
Other long-term receivable \u2013 deferred consideration
\u2013
20.6
Cash and cash equivalents
123.4
189.5
Trade receivables
175.4
168.5
Other receivables
54.1
11.0
Joint operation receivables (excluding VAT)
1.1
3.2
354.0
392.8
In 2023, the fair value of other long-term receivables held at amortised cost relating to deferred consideration does not materially differ from
its carrying value.
Due to the short-term nature of remaining 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 2024 or 2023 other than the
impairment of other long-term receivables and other receivables relating to amounts due on the settlement agreement with Waldorf
Production Limited (see note 6.1).
Financial liabilities
At At
31 December 31 December
2024 2023
Carrying amount and fair value $m $m
Financial liabilities at amortised cost
Trade payables
0.1
0.3
Accruals and other payables
6.3
7. 9
Joint operation payables
103.6
73.3
Lease liabilities
6.1
7. 4
Loans and borrowings
99.3
111.8
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
44.8
240.4
245.5
The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates.
Maturity analysis of financial liabilities
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2024 is as follows:
<1 year 1\u20132 years 2\u20135 years >5 years
$m $m $m $m
Financial liabilities at amortised cost
Trade payables
0.1
\u2013
\u2013
\u2013
Accruals and other payables
6.3
\u2013
\u2013
\u2013
Joint operation payables
103.6
\u2013
\u2013
\u2013
Lease liabilities
1.0
1.0
2.7
1.4
Loans and borrowings
33.9
47.0
40.1
\u2013
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
\u2013
\u2013
\u2013
169.9
48.0
42.8
1.4
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2023 was as follows:
<1 year 1\u20132 years 2\u20135 years >5 years
$m $m $m $m
Financial liabilities at amortised cost
Trade payables
0.3
\u2013
\u2013
\u2013
Accruals and other payables
7. 9
\u2013
\u2013
\u2013
Joint operation payables
73.3
\u2013
\u2013
\u2013
Lease liabilities
1.0
1.3
3.3
1.8
Loans and borrowings
27.1
33.9
84.9
\u2013
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
19.8
\u2013
\u2013
134.6
55.0
88.2
1.8
Fair value
At At
31 December 31 December
2024 2023
$m $m
Liabilities measured at fair value \u2013 Level 2
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
43.8
Liabilities measured at fair value \u2013 Level 3
Financial liabilities at fair value
Deferred consideration on business combinations
\u2013
1.0
25.0
44.8
3.9 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, intra-group loans and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy is to finance its operations through a mixture of retained profits and bank borrowings. Other alternatives such as equity issues and other forms of non-investment-grade debt finance will be 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. However, the Group did not enter into any commodity price hedging arrangements during either year covered by this report. Liquidity risk The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, incorporating debt financing plans and active portfolio management of investments. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, further delays in the settlement of trade receivables in Egypt, changes in asset production profiles and cost schedules as well as collection assumptions on receivables related to legacy items. During the year, the Group\u2019s treasury function has actively managed the Group\u2019s US dollar and EGP position in Egypt. EGP has been maintained at sufficient levels to meet upcoming local and joint operation payments falling due, but limiting holding significant funds to avoid exposure to currency devaluation. US dollar payments have been carefully managed to match cash inflows on receivable settlements preserving sufficient funds to meet upcoming debt repayments as and when they fall due.
The Group runs sensitivities on its liquidity position at various times throughout the year. This includes scenarios forecasting different levels
of capital expenditure dependant on uncertain payment schedules from EGPC. Further details are noted in the Viability Statement provided
on page 16. Details of the Group\u2019s debt facilities can be found in note 3.2. The Group is subject to biannual forecast liquidity tests as part of
the facility agreements.
Future liquidity of the Egypt business is dependent upon the timing of payments from EGPC to address the overdue receivables position.
The Group preserve liquidity by committing only to further investment that can be funded through collections. Outside of Egypt the
Group has sufficient funds to settle all other financial liabilities.
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, joint operation partners and other debtors 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, based
on management\u2019s assessment of credit risk.
Credit risk for investments with banks and other financial institutions is managed by the Group treasury function in accordance with
Board-approved policies. 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.
Capricorn\u2019s policy is 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 monitors the Group\u2019s policy and updates as required.
At the year end, the Group does not have any significant concentrations of bad debt risk with financial institutions. As at 31 December
2024, the Group had investments with 10 counterparties (2023: 14) to ensure no concentration of counterparty investment risk.
At 31 December 2023 and 2024, the Group\u2019s investments were a combination of instant access and term deposits.
The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date.
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 $: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, including EGP, is not material.
At 31 December 2024
At 31 December 2023
Effect Effect
on profit before Effect on on profit Effect on
tax equity before tax equity
$m $m $m $m
10% increase in GBP to $
(7.6)
(0.9)
(8.1)
(1.0)
10% decrease in GBP to $
7.6
0.9
8.1
1.0
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
biannual 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, other than a breach for the delayed payment of deferred consideration due on past business
combinations which was settled in May 2024. The Board has made clear that no further investment will be made from the Group into the
Egypt business, which must generate its own cash flows to fund future work programmes and debt repayments.
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 repurchase 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 2024, other than the funding of the Egypt
business noted above.
Capital and net funds, including lease liabilities, was as follows:
At At
31 December 31 December
2024 2023
$m $m
Loans and borrowings
99.3
111.8
Lease liabilities
6.1
7. 4
Less cash and cash equivalents
(123.4)
(189.5)
Net funds
(18.0)
(70.3)
Equity
349.3
406.5
Capital and net funds
331.3
336.2
Gearing ratio
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "3.2 Loans and borrowings
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing liabilities to cash flow movements: $m $m
Opening liabilities
111.8
158.6
Loan repayments in the year disclosed in the statement of Cash Flows
Senior Debt Facility
(13.5)
(48.3)
Non-cash movements:
Accrued debt facility interest
0.1
0.6
Amortisation of debt arrangement fees
0.9
0.9
Closing liabilities
99.3
111.8
Amounts due less than one year
26.4
15.4
Amounts due greater than one year
72.9
96.4
Closing liabilities
99.3
111.8
Capricorn Egypt debt facilities In September 2021, Capricorn Egypt Limited entered into a $325.0m Senior Debt Facility and an $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. Facility commitments began amortising in September 2022 and the maximum drawdown available to Capricorn at 31 December 2024 was $60.1m (2023: $73.6m) for the Senior Debt Facility and $40.0m (2023: $40.0m) for the Junior Debt Facility. All drawings in the year were denominated in US dollars. With effect from 1 July 2023, the Secured Overnight Financing Rate (SOFR) replaced LIBOR as the benchmark for calculating interest on the two facilities. Interest on debt drawn is charged at the appropriate SOFR for the currency drawn plus an applicable margin. The Senior Debt Facility remains subject to biannual redeterminations, has a market standard suite of covenants, including biannual liquidity tests, and is cross-guaranteed by the Group companies party to the facility, including Cheiron. Capricorn has provided no guarantee outside the subsidiary holding the Egypt assets. At 31 December 2024, the borrowers have agreed a rollover of the debt, giving the Group the ability to defer settlement of the loan in accordance with the last approved banking model. Capricorn and Cheiron were seeking a waiver from the lenders for events of default under the facilities that had occurred previously together with approval of the latest banking model and redetermination. In conjunction with the waiver request, a revised banking model was approved in February 2025 on completion of the latest redetermination process and increases the principal amounts repayable by Capricorn under the Senior Facility to $42.6m in 2025, with the balance of $17.6m due over the period from 1 January 2026 to end of September 2026. The Junior Facility is forecast to be repayable across 2026 and 2027. The increase in the principal repayment in 2025 corrects an error identified in the banking model, which was used to determine previous payment profiles and the allocation between current and long-term liabilities at the year end. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "3.3 Lease liabilities Accounting policy Lease liabilities are measured and recorded on commencement of the asset being brought into use. Measurement is based on the lower of fair value of the asset or the net present value of fixed lease commitments under the contract. Lease payments made in excess of the fixed instalments are charged direct to the Income Statement as variable lease costs. Lease payments are allocated between capital and interest based on the rate implicit in the lease agreement. Where this is not practical to determine, the Group\u2019s incremental borrowing rate is used. Where there are changes subsequent to initial recognition, adjustments are made to both the lease liability and the capitalised asset. The interest rate used where the rate implicit in the lease is not determinable is updated at the date of the remeasurement. No lease liability is recognised for leases where the period over which the right-of-use of an asset is obtained is forecast to be less than 12 months. Leases for low value items are not recorded as a liability but are charged as appropriate when the benefit is obtained.
At At
31 December 31 December
2024 2023
Reconciliation of opening and closing liabilities to cash flow movements: $m $m
Opening liabilities
7.4
4.3
Lease payments in the year disclosed in the statement of Cash Flows as financing cash flows
Total lease payments
(0.9)
(2.2)
Non-cash movements:
Lease additions
\u2013
15.5
Lease disposal
\u2013
(9.5)
Lease termination
\u2013
(1.6)
Lease adjustment
(0.7)
\u2013
Lease interest charges
0.4
0.5
Foreign exchange
(0.1)
0.4
Closing lease liabilities
6.1
7. 4
Amounts due less than one year
1.0
1.0
Amounts due greater than one year
5.1
6.4
Total lease liabilities
6.1
7.4
As at 31 December 2024, the balance of $6.1m (2023: $7.4m) wholly relates to office lease costs in the UK and Egypt. Additions of $15.5m in 2023 relate to new office lease liabilities in the UK. During 2023, Capricorn\u2019s lease of two floors for the head office on Lothian Road, Edinburgh expired. The Group had previously entered into lease agreements for two floors in new office premises in Edinburgh, but following the Board\u2019s strategic review, plans to move into those new offices were cancelled. Capricorn reached agreement to cancel the lease of one floor in 2023 and to sub-lease the remaining floor in early 2024. The remaining floor has a lease term of 15 years with a break clause after 10 years. The Group subsequently entered into a lease agreement for new premises on a different floor within the Lothian Road building. This lease is for an initial three years with the option to extend for a further two. As at 31 December 2024, the Group did not incur any further fixed or variable lease costs. There are no material costs relating to short- term leases or the lease of low value assets. Amortisation charges relating to right-of-use assets and the carrying value at the year end are disclosed in note 2.5. The maturity analysis of lease liabilities is included in note 3.8.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "Accounting policy Lease liabilities are measured and recorded on commencement of the asset being brought into use. Measurement is based on the lower of fair value of the asset or the net present value of fixed lease commitments under the contract. Lease payments made in excess of the fixed instalments are charged direct to the Income Statement as variable lease costs. Lease payments are allocated between capital and interest based on the rate implicit in the lease agreement. Where this is not practical to determine, the Group\u2019s incremental borrowing rate is used. Where there are changes subsequent to initial recognition, adjustments are made to both the lease liability and the capitalised asset. The interest rate used where the rate implicit in the lease is not determinable is updated at the date of the remeasurement. No lease liability is recognised for leases where the period over which the right-of-use of an asset is obtained is forecast to be less than 12 months. Leases for low value items are not recorded as a liability but are charged as appropriate when the benefit is obtained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "3.4 Inventory Accounting policy Spare parts inventories in Egypt are maintained by Bapetco on behalf of the operator Cheiron. Inventory is held at the lower of cost and net realisable value, where net realisable value is measured at cost less provisions for obsolescence, based on the age of the items held.
31 December 31 December
2024 2023
$m $m
Spare parts \u2013 Egypt concessions
8.0
8.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "Accounting policy Spare parts inventories in Egypt are maintained by Bapetco on behalf of the operator Cheiron. Inventory is held at the lower of cost and net realisable value, where net realisable value is measured at cost less provisions for obsolescence, based on the age of the items held. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "3.5 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 and royalty payments receivable from producing fields in Mongolia. 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 At
31 December 31 December
2024 2023
$m $m
Trade receivables
175.4
168.5
Other receivables
54.1
11.0
Prepayments
0.8
1.5
Joint operation receivables
1.1
5.0
231.4
186.0
Trade receivables relate to the Group\u2019s producing assets in Egypt. Capricorn remain in discussions with EGPC to manage the receivables position and retain the capability to restrict further investment in Egypt to match revenue collections. At 31 December 2024, the expected credit loss adjustment offsetting receivables is $8.7m (2023: $9.0m). $4.2m of prior year expected credit loss adjustments were offset against historic invoices where no further recovery is expected leaving a net charge of $3.9m to the Income Statement in the year. 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. The other receivables balance of $54.1m (2023: $11.0m) includes $50.0m of further consideration due on the past sale of assets in Senegal (see note 6.1 for details) (2023: $nil), interventure receivables of $0.6m (2023: $1.4m), VAT recoverable in the UK of $0.1m (2023: UK and Mexico $3.6m), money market interest receivable of $0.9m (2023: $0.6m) and the earnout settlement receivable of $1.5m, after impairment (2023: $2.0) (see note 6.1).
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing receivables to operating cash flow movements: $m $m
Opening trade and other receivables
186.0
142.5
Closing trade and other receivables
(231.4)
(186.0)
Increase in trade and other receivables
(45.4)
(43.5)
Foreign exchange
(1.4)
(1.2)
Senegal consideration receivable
50.0
\u2013
Decrease in joint operation receivables relating to investing activities
(7.7)
(18.5)
Decrease in other receivables relating to investing activities
(4.4)
(4.2)
Decrease in prepayments relating to investing activities
\u2013
(2.2)
Increase/(Decrease) in prepayments and other receivables relating to financing activities
0.3
(1.4)
Trade and other receivables movement on earnout settlement
(0.5)
2.0
Trade and other receivables cash flow movement
(9.1)
(69.0)
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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "Accounting policy Trade receivables represent amounts due from the sale of oil and gas from the Group\u2019s assets in Egypt and royalty payments receivable from producing fields in Mongolia. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "3.6 Financial liabilities at fair value through profit or loss
At At
31 December 31 December
2024 2023
Financial liabilities $m $m
Non-current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
\u2013
19.8
\u2013
19.8
Current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
25.0
25.0
25.0
25.0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average annual dated Brent oil price for each year up to and including the current year end. A maximum $50.0m is due for each year, split 50:50 between Capricorn and Cheiron where the average oil price exceeds $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of 2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell from Capricorn though the Group remain joint and severally liable were Cheiron to default on their remaining payment due. During the year, the Group made a loss of $5.2m (2023: $8.0m) on fair value movements increasing the financial liability to the full $25.0m due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "3.6 Financial liabilities at fair value through profit or loss
At At
31 December 31 December
2024 2023
Financial liabilities $m $m
Non-current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
\u2013
19.8
\u2013
19.8
Current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
25.0
25.0
25.0
25.0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average annual dated Brent oil price for each year up to and including the current year end. A maximum $50.0m is due for each year, split 50:50 between Capricorn and Cheiron where the average oil price exceeds $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of 2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell from Capricorn though the Group remain joint and severally liable were Cheiron to default on their remaining payment due. During the year, the Group made a loss of $5.2m (2023: $8.0m) on fair value movements increasing the financial liability to the full $25.0m due. Fair value
At At
31 December 31 December
2024 2023
$m $m
Liabilities measured at fair value \u2013 Level 2
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
43.8
Liabilities measured at fair value \u2013 Level 3
Financial liabilities at fair value
Deferred consideration on business combinations
\u2013
1.0
25.0
44.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "3.6 Financial liabilities at fair value through profit or loss
At At
31 December 31 December
2024 2023
Financial liabilities $m $m
Non-current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
\u2013
19.8
\u2013
19.8
Current liabilities
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination
25.0
25.0
25.0
25.0
Financial liabilities at fair value through profit or loss \u2013 deferred consideration on business combination Deferred consideration was due to Shell following the Egypt business combination in 2021, with amounts due linked to the average annual dated Brent oil price for each year up to and including the current year end. A maximum $50.0m is due for each year, split 50:50 between Capricorn and Cheiron where the average oil price exceeds $75/bbl. Capricorn\u2019s full $25.0m share was payable in respect of 2023 and 2024 and settled in May 2024 and January 2025 respectively. No further amounts are due to Shell from Capricorn though the Group remain joint and severally liable were Cheiron to default on their remaining payment due. During the year, the Group made a loss of $5.2m (2023: $8.0m) on fair value movements increasing the financial liability to the full $25.0m due.
Fair value
At At
31 December 31 December
2024 2023
$m $m
Liabilities measured at fair value \u2013 Level 2
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
43.8
Liabilities measured at fair value \u2013 Level 3
Financial liabilities at fair value
Deferred consideration on business combinations
\u2013
1.0
25.0
44.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "3.7 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 At
31 December 31 December
2024 2023
$m $m
Trade payables
0.1
0.3
Other taxation and social security
0.6
0.5
Accruals and other payables
6.3
7. 9
Joint operation payables
103.6
73.3
110.6
82.0
Joint operation payables include $13.7m (2023: $6.4m) and $89.9m (2023: $66.9m) relating to exploration/appraisal asset and development/producing asset costs respectively. $99.6m relates to the Group\u2019s operations in Egypt.
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing payables to operating cash flow movements: $m $m
Opening trade and other payables
(82.0)
(84.9)
Closing trade and other payables
110.6
82.0
Increase/(Decrease) in trade and other payables
28.6
(2.9)
Foreign exchange
(0.5)
1.6
Decrease in trade payables relating to investing activities
\u2013
0.7
Increase in joint operation payables relating to investing activities
(18.2)
(38.1)
Increase in accruals and other payables relating to investing activities
(0.7)
\u2013
(Increase)/Decrease in accruals and other payables relating to financing activities
(0.1)
0.1
Trade and other payables movement recorded in operating cash flows
9.1
(38.6)
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "3.7 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 At
31 December 31 December
2024 2023
$m $m
Trade payables
0.1
0.3
Other taxation and social security
0.6
0.5
Accruals and other payables
6.3
7. 9
Joint operation payables
103.6
73.3
110.6
82.0
Joint operation payables include $13.7m (2023: $6.4m) and $89.9m (2023: $66.9m) relating to exploration/appraisal asset and development/producing asset costs respectively. $99.6m relates to the Group\u2019s operations in Egypt.
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing payables to operating cash flow movements: $m $m
Opening trade and other payables
(82.0)
(84.9)
Closing trade and other payables
110.6
82.0
Increase/(Decrease) in trade and other payables
28.6
(2.9)
Foreign exchange
(0.5)
1.6
Decrease in trade payables relating to investing activities
\u2013
0.7
Increase in joint operation payables relating to investing activities
(18.2)
(38.1)
Increase in accruals and other payables relating to investing activities
(0.7)
\u2013
(Increase)/Decrease in accruals and other payables relating to financing activities
(0.1)
0.1
Trade and other payables movement recorded in operating cash flows
9.1
(38.6)
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "3.7 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 At
31 December 31 December
2024 2023
$m $m
Trade payables
0.1
0.3
Other taxation and social security
0.6
0.5
Accruals and other payables
6.3
7. 9
Joint operation payables
103.6
73.3
110.6
82.0
Joint operation payables include $13.7m (2023: $6.4m) and $89.9m (2023: $66.9m) relating to exploration/appraisal asset and development/producing asset costs respectively. $99.6m relates to the Group\u2019s operations in Egypt.
Year ended Year ended
31 December 31 December
2024 2023
Reconciliation of opening and closing payables to operating cash flow movements: $m $m
Opening trade and other payables
(82.0)
(84.9)
Closing trade and other payables
110.6
82.0
Increase/(Decrease) in trade and other payables
28.6
(2.9)
Foreign exchange
(0.5)
1.6
Decrease in trade payables relating to investing activities
\u2013
0.7
Increase in joint operation payables relating to investing activities
(18.2)
(38.1)
Increase in accruals and other payables relating to investing activities
(0.7)
\u2013
(Increase)/Decrease in accruals and other payables relating to financing activities
(0.1)
0.1
Trade and other payables movement recorded in operating cash flows
9.1
(38.6)
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "Financial assets
At At
31 December 31 December
2024 2023
Carrying amount and fair value $m $m
Financial assets at amortised cost
Other long-term receivable \u2013 deferred consideration
\u2013
20.6
Cash and cash equivalents
123.4
189.5
Trade receivables
175.4
168.5
Other receivables
54.1
11.0
Joint operation receivables (excluding VAT)
1.1
3.2
354.0
392.8
In 2023, the fair value of other long-term receivables held at amortised cost relating to deferred consideration does not materially differ from its carrying value. Due to the short-term nature of remaining 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 2024 or 2023 other than the impairment of other long-term receivables and other receivables relating to amounts due on the settlement agreement with Waldorf Production Limited (see note 6.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "Financial liabilities
At At
31 December 31 December
2024 2023
Carrying amount and fair value $m $m
Financial liabilities at amortised cost
Trade payables
0.1
0.3
Accruals and other payables
6.3
7. 9
Joint operation payables
103.6
73.3
Lease liabilities
6.1
7. 4
Loans and borrowings
99.3
111.8
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
44.8
240.4
245.5
The fair value of financial liabilities has been calculated by discounting the expected future cash flows at prevailing interest rates. Maturity analysis of financial liabilities The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2024 is as follows:
<1 year 1\u20132 years 2\u20135 years >5 years
$m $m $m $m
Financial liabilities at amortised cost
Trade payables
0.1
\u2013
\u2013
\u2013
Accruals and other payables
6.3
\u2013
\u2013
\u2013
Joint operation payables
103.6
\u2013
\u2013
\u2013
Lease liabilities
1.0
1.0
2.7
1.4
Loans and borrowings
33.9
47.0
40.1
\u2013
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
\u2013
\u2013
\u2013
169.9
48.0
42.8
1.4
The expected financial maturity of the Group\u2019s financial liabilities at 31 December 2023 was as follows:
<1 year 1\u20132 years 2\u20135 years >5 years
$m $m $m $m
Financial liabilities at amortised cost
Trade payables
0.3
\u2013
\u2013
\u2013
Accruals and other payables
7. 9
\u2013
\u2013
\u2013
Joint operation payables
73.3
\u2013
\u2013
\u2013
Lease liabilities
1.0
1.3
3.3
1.8
Loans and borrowings
27.1
33.9
84.9
\u2013
Financial liabilities at fair value
Deferred consideration on business combinations
25.0
19.8
\u2013
\u2013
134.6
55.0
88.2
1.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "
3.9 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, intra-group
loans and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy is to finance its operations through a
mixture of retained profits and bank borrowings. Other alternatives such as equity issues and other forms of non-investment-grade
debt finance will be 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. However, the Group did not
enter into any commodity price hedging arrangements during either year covered by this report.
Liquidity risk
The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, incorporating debt
financing plans and active portfolio management of investments. Cash forecasts are regularly produced and sensitivities run for different
scenarios including, but not limited to, further delays in the settlement of trade receivables in Egypt, changes in asset production profiles
and cost schedules as well as collection assumptions on receivables related to legacy items.
During the year, the Group\u2019s treasury function has actively managed the Group\u2019s US dollar and EGP position in Egypt. EGP has been
maintained at sufficient levels to meet upcoming local and joint operation payments falling due, but limiting holding significant funds
to avoid exposure to currency devaluation. US dollar payments have been carefully managed to match cash inflows on receivable
settlements preserving sufficient funds to meet upcoming debt repayments as and when they fall due.
The Group runs sensitivities on its liquidity position at various times throughout the year. This includes scenarios forecasting different levels of capital expenditure dependant on uncertain payment schedules from EGPC. Further details are noted in the Viability Statement provided on page 16. Details of the Group\u2019s debt facilities can be found in note 3.2. The Group is subject to biannual forecast liquidity tests as part of the facility agreements. Future liquidity of the Egypt business is dependent upon the timing of payments from EGPC to address the overdue receivables position. The Group preserve liquidity by committing only to further investment that can be funded through collections. Outside of Egypt the Group has sufficient funds to settle all other financial liabilities. 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, joint operation partners and other debtors 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, based on management\u2019s assessment of credit risk. Credit risk for investments with banks and other financial institutions is managed by the Group treasury function in accordance with Board-approved policies. 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. Capricorn\u2019s policy is 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 monitors the Group\u2019s policy and updates as required. At the year end, the Group does not have any significant concentrations of bad debt risk with financial institutions. As at 31 December 2024, the Group had investments with 10 counterparties (2023: 14) to ensure no concentration of counterparty investment risk. At 31 December 2023 and 2024, the Group\u2019s investments were a combination of instant access and term deposits. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date.
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 $: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, including EGP, is not material.
At 31 December 2024
At 31 December 2023
Effect Effect
on profit before Effect on on profit Effect on
tax equity before tax equity
$m $m $m $m
10% increase in GBP to $
(7.6)
(0.9)
(8.1)
(1.0)
10% decrease in GBP to $
7.6
0.9
8.1
1.0
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 biannual 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, other than a breach for the delayed payment of deferred consideration due on past business combinations which was settled in May 2024. The Board has made clear that no further investment will be made from the Group into the Egypt business, which must generate its own cash flows to fund future work programmes and debt repayments. 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 repurchase 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 2024, other than the funding of the Egypt business noted above. Capital and net funds, including lease liabilities, was as follows:
At At
31 December 31 December
2024 2023
$m $m
Loans and borrowings
99.3
111.8
Lease liabilities
6.1
7. 4
Less cash and cash equivalents
(123.4)
(189.5)
Net funds
(18.0)
(70.3)
Equity
349.3
406.5
Capital and net funds
331.3
336.2
Gearing ratio
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "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. However, the Group did not enter into any commodity price hedging arrangements during either year covered by this report. 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 $: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, including EGP, is not material.
At 31 December 2024
At 31 December 2023
Effect Effect
on profit before Effect on on profit Effect on
tax equity before tax equity
$m $m $m $m
10% increase in GBP to $
(7.6)
(0.9)
(8.1)
(1.0)
10% decrease in GBP to $
7.6
0.9
8.1
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "Liquidity risk The Group closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, incorporating debt financing plans and active portfolio management of investments. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, further delays in the settlement of trade receivables in Egypt, changes in asset production profiles and cost schedules as well as collection assumptions on receivables related to legacy items. During the year, the Group\u2019s treasury function has actively managed the Group\u2019s US dollar and EGP position in Egypt. EGP has been maintained at sufficient levels to meet upcoming local and joint operation payments falling due, but limiting holding significant funds to avoid exposure to currency devaluation. US dollar payments have been carefully managed to match cash inflows on receivable settlements preserving sufficient funds to meet upcoming debt repayments as and when they fall due. The Group runs sensitivities on its liquidity position at various times throughout the year. This includes scenarios forecasting different levels of capital expenditure dependant on uncertain payment schedules from EGPC. Further details are noted in the Viability Statement provided on page 16. Details of the Group\u2019s debt facilities can be found in note 3.2. The Group is subject to biannual forecast liquidity tests as part of the facility agreements. Future liquidity of the Egypt business is dependent upon the timing of payments from EGPC to address the overdue receivables position. The Group preserve liquidity by committing only to further investment that can be funded through collections. Outside of Egypt the Group has sufficient funds to settle all other financial liabilities. 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": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "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, joint operation partners and other debtors 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, based on management\u2019s assessment of credit risk. Credit risk for investments with banks and other financial institutions is managed by the Group treasury function in accordance with Board-approved policies. 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. Capricorn\u2019s policy is 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 monitors the Group\u2019s policy and updates as required. At the year end, the Group does not have any significant concentrations of bad debt risk with financial institutions. As at 31 December 2024, the Group had investments with 10 counterparties (2023: 14) to ensure no concentration of counterparty investment risk. At 31 December 2023 and 2024, the Group\u2019s investments were a combination of instant access and term deposits. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "
3.10 Asset held-for-sale
Previously, Capricorn invested INR508,089,142 ($6.9m) into a non-listed trust in India. The asset was recorded as a non-current financial
asset and measured at fair value. During 2023, an agreement to sell the investment resulted in reclassification of the asset from a financial
asset at fair value through profit or loss to an asset held-for-sale.
At 1 January 2023, the investment had a fair value of $6.5m, which subsequently increased to $7.2m at the date of reclassification
giving rise to a fair value gain in the year of $0.8m, offset by an exchange loss of $0.1m. On reclassification to an asset held-for-sale an
impairment of $4.0m was recorded.
In March 2024, the sale completed and Capricorn received \u00a32.4m ($3.1m) resulting a loss on sale of investment of $0.1m through the
Income Statement in 2024.
Total
$m
Cost as at 1 January 2023
6.5
Fair value gain
0.8
Exchange loss
(0.1)
Impairment
(4.0)
As at 31 December 2023
3.2
Cash received
(3.1)
Loss on sale of investment
(0.1)
At at 31 December 2024
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "3.10 Asset held-for-sale Previously, Capricorn invested INR508,089,142 ($6.9m) into a non-listed trust in India. The asset was recorded as a non-current financial asset and measured at fair value. During 2023, an agreement to sell the investment resulted in reclassification of the asset from a financial asset at fair value through profit or loss to an asset held-for-sale. At 1 January 2023, the investment had a fair value of $6.5m, which subsequently increased to $7.2m at the date of reclassification giving rise to a fair value gain in the year of $0.8m, offset by an exchange loss of $0.1m. On reclassification to an asset held-for-sale an impairment of $4.0m was recorded. In March 2024, the sale completed and Capricorn received \u00a32.4m ($3.1m) resulting a loss on sale of investment of $0.1m through the Income Statement in 2024.
Total
$m
Cost as at 1 January 2023
6.5
Fair value gain
0.8
Exchange loss
(0.1)
Impairment
(4.0)
As at 31 December 2023
3.2
Cash received
(3.1)
Loss on sale of investment
(0.1)
At at 31 December 2024
\u2013
6.1 Profit/(Loss) from discontinued operations Settlement of earnout consideration due On 2 November 2021, Capricorn completed the sale of its interests in the UK Catcher and Kraken producing assets to Waldorf Production Limited (\u201cWaldorf\u201d). Consideration under the agreement included contingent consideration (\u2018earnout consideration\u2019) dependent on oil prices from 2021 to the end of 2025 and minimum production levels being achieved. The first annual payment of earnout consideration of $75.8m due on 2021 production was received in 2022. The second annual payment of $134.4m due on 2022 production was settled in March 2023. On 18 December 2023, Capricorn entered into a settlement agreement with Waldorf for the full and final settlement of the remaining earnout consideration due. Under the agreement, Capricorn received an initial payment of $48.0m in December 2023, with a further $2.0m received at the end of Q1 2024. An additional payment of $22.5m was due in early January 2025 and Capricorn were also due to receive Waldorf\u2019s 25% non-operated WI in the Columbus gas field, subject to the necessary approvals. However, due to financial difficulties impacting Waldorf, the $22.5m has not been received and instead written down to an estimated recoverable value of only $1.5m. The transfer of the Columbus asset is also not expected to complete and the related long-term receivable fully impaired. At the date of the settlement agreement, the fair value of the earnout was $79.3m, a fall of $10.4m across the year, reflecting oil price movements. With combined proceeds from the settlement agreement of $77.6m, after adjusting for expected credit losses of $1.9m, the Group recorded a loss on the settlement of the earnout of $1.7m 2023 and $26.1m in 2024. A breakdown of the total profit from discontinued operations is as follows:
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Cost of sales
Cost of sales \u2013 recovery of production costs
\u2013
4.3
Operating profit
\u2013
4.3
Gain on disposal of oil and gas assets
50.0
\u2013
Loss on disposal of a subsidiary
(0.7)
\u2013
Loss on financial asset at fair value through profit or loss \u2013 earnout consideration
\u2013
(10.4)
Loss on disposal of a financial asset
(26.1)
(1.7)
Finance income
\u2013
2.3
Profit/(Loss) before tax from discontinued operations
23.2
(5.5)
Tax credit
\u2013
4.1
Profit/(Loss) after tax from discontinued operations
23.2
(1.4)
2024 2023
$ $
Earnings per share for profit/(loss) from discontinued operations
Profit/(Loss) per ordinary share \u2013 basic and diluted ($)
0.30
(0.01)
In January 2025, Capricorn received a further $50.0m consideration relating to the disposal of oil and gas assets in Senegal in 2021. This consideration was dependant on several conditions being met, including the date of first oil and an average oil price above set levels, and these were all achieved by the end 2024. An audit of the Kraken and Catcher joint operations for the period from January 2019 to December 2020 resulted in a refund of production costs from the operator of $4.3m, which was credited to discontinued operations in 2023. The fair value loss in 2023 was recognised on changes in the valuation of earnout consideration receivable prior to the December 2023 settlement agreement. 6.2 Cash flow information for discontinued operations
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Net cash flows from operating activities
\u2013
4.3
Net cash flows from investing activities
2.0
184.7
Net increase in cash and cash equivalents
2.0
189.0
The 2022 earnout of $134.4m and related interest payment of $2.3m were received in March 2023. In December 2023, a further settlement of $48.0m was received following the settlement with Waldorf. In 2024, a further $2.0m was received under the terms of the settlement agreement (see note 6.1). 6.3 Discontinued operations \u2013 Senegal contingent liability On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that: \u2012 Senegalese registration duty ($29.0m including interest and penalties) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and \u2012 Senegalese real estate capital gains tax ($14.5m including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests. Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests. Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "4.1 Segmental analysis Operating segments Capricorn had two reportable operating segments during 2024 relating to its operations in Egypt and Mexico. \u201cOther countries\u201d combine costs relating to legacy assets in Mauritania and Suriname and ongoing new venture activities in the UK. The \u201cOther Capricorn Energy Group\u201d 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.
At At
31 December 31 December
2024 2023
Geographical information: non-current assets $m $m
Egypt
221.8
232.0
Mexico
\u2013
0.2
Other countries
\u2013
27.6
Other Capricorn Energy Group
12.8
13.2
Total non-current assets
234.6
273.0
The segment results for the year ended 31 December 2024 are as follows:
Other
Capricorn
Other Energy
Egypt Mexico countries Group Total
$m $m $m $m $m
Revenue
146.8
\u2013
\u2013
1.0
147.8
Other income
30.1
\u2013
\u2013
\u2013
30.1
Cost of sales
(41.6)
\u2013
\u2013
\u2013
(41.6)
Depletion charges
(85.1)
\u2013
\u2013
\u2013
(85.1)
Gross profit
50.2
\u2013
\u2013
1.0
51.2
General exploration costs
(1.1)
\u2013
\u2013
\u2013
(1.1)
Unsuccessful exploration costs
(2.5)
(4.7)
(1.7)
\u2013
(8.9)
Impairment reversal of property, plant & equipment \u2013
development/producing assets
15.7
\u2013
\u2013
\u2013
15.7
Expected credit loss adjustment on revenue receivable
(3.9)
\u2013
\u2013
\u2013
(3.9)
Other operating income
\u2013
\u2013
\u2013
1.0
1.0
Depreciation \u2013 purchased assets
\u2013
\u2013
\u2013
(0.1)
(0.1)
Amortisation \u2013 right-of-use assets
(0.3)
\u2013
\u2013
(0.7)
(1.0)
Amortisation of other intangible assets
\u2013
(0.1)
\u2013
(0.5)
(0.6)
Other administrative expenses
(2.6)
(0.3)
(0.5)
(18.8)
(22.2)
Operating profit/(loss)
55.5
(5.1)
(2.2)
(18.1)
30.1
Fair value loss \u2013 deferred consideration
(5.2)
\u2013
\u2013
\u2013
(5.2)
Other (losses)/gains through profit or loss
\u2013
\u2013
\u2013
(0.1)
(0.1)
Interest income
1.8
0.1
\u2013
7.1
9.0
Interest expense
(13.7)
\u2013
\u2013
(0.4)
(14.1)
Other net finance (expense)/income
(5.6)
(1.1)
(0.2)
1.1
(5.8)
Profit/(Loss) before tax from continuing operations
32.8
(6.1)
(2.4)
(10.4)
13.9
Tax charge
(31.9)
\u2013
\u2013
5.4
(26.5)
Profit/(Loss) for the year from continuing operations
0.9
(6.1)
(2.4)
(5.0)
(12.6)
Profit from discontinued operations
\u2013
\u2013
\u2013
23.2
23.2
Profit/(Loss) attributable to equity holders of the Parent
0.9
(6.1)
(2.4)
18.2
10.6
Balances as at 31 December 2024:
Capital expenditure
62.6
\u2013
\u2013
0.9
63.5
Total assets
469.5
1.6
7.5
141.1
619.7
Total liabilities
246.9
4.3
7.5
11.7
270.4
Non-current assets
221.8
\u2013
\u2013
12.8
234.6
Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore the Arab Republic of Egypt. 94.0% ($138.0m) of revenue related to sales to a single customer. All transactions between segments are carried out on an arm\u2019s length basis.
The segment results for the year ended 31 December 2023 were as follows:
Other
Capricorn
Other Energy
Egypt Mexico countries Group Total
$m $m $m $m $m
Revenue
199.9
\u2013
\u2013
1.1
201.0
Other income
54.1
\u2013
\u2013
\u2013
54.1
Cost of sales
(59.6)
\u2013
\u2013
\u2013
(59.6)
Depletion charges
(120.4)
\u2013
\u2013
\u2013
(120.4)
Gross profit
74.0
\u2013
\u2013
1.1
75.1
Pre-award costs
(0.7)
\u2013
\u2013
(0.4)
(1.1)
General exploration costs
(10.4)
(10.3)
(6.2)
\u2013
(26.9)
Unsuccessful exploration costs
(2.6)
(16.0)
(1.9)
\u2013
(20.5)
Impairment of property, plant & equipment \u2013 development/producing assets
(29.1)
\u2013
\u2013
\u2013
(29.1)
Impairment of goodwill
(14.6)
\u2013
\u2013
\u2013
(14.6)
Expected credit loss adjustment on revenue receivable
(9.0)
\u2013
\u2013
\u2013
(9.0)
Other operating income
\u2013
\u2013
\u2013
0.6
0.6
Depreciation \u2013 purchased assets
\u2013
\u2013
\u2013
(0.2)
(0.2)
Amortisation \u2013 right-of-use assets
(0.3)
\u2013
\u2013
(2.3)
(2.6)
Amortisation of other intangible assets
\u2013
(0.3)
\u2013
(3.6)
(3.9)
Other administrative expenses
(1.9)
(2.9)
(0.1)
(50.3)
(55.2)
Operating profit/(loss)
5.4
(29.5)
(8.2)
(55.1)
(8 7.4)
Fair value loss \u2013 deferred consideration
(8.0)
\u2013
\u2013
\u2013
(8.0)
Gain on financial assets at fair value through profit or loss
\u2013
\u2013
\u2013
0.8
0.8
Impairment of an asset held-for-sale
\u2013
\u2013
\u2013
(4.0)
(4.0)
Interest income
0.4
\u2013
0.1
19.9
20.4
Interest expense
(15.0)
\u2013
\u2013
(0.5)
(15.5)
Other net finance (expense)/income
(2.7)
1.7
(0.5)
(6.9)
(8.4)
Loss before tax from continuing operations
(19.9)
(27. 8)
(8.6)
(45.8)
(102.1)
Tax charge
(40.5)
\u2013
\u2013
\u2013
(40.5)
Loss for the year from continuing operations
(60.4)
(27.8)
(8.6)
(45.8)
(142.6)
Loss from discontinued operations
\u2013
\u2013
\u2013
(1.4)
(1.4)
Loss attributable to equity holders of the Parent
(60.4)
(27. 8)
(8.6)
(47.2)
(144.0)
Balances as at 31 December 2023:
Capital expenditure
96.4
15.0
1.9
1.9
115.2
Total assets
426.8
8.6
29.8
202.4
667.6
Total liabilities
237. 2
5.2
5.9
12.8
261.1
Non-current assets
232.0
0.2
27.6
13.2
273.0
Revenue in the Egypt segment contains revenue generated from eight concessions in the Western Desert, onshore the Arab Republic of
Egypt. 93.1% ($187.1m) of revenue related to sales to a single customer.
All transactions between the segments were carried out on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "
At At
31 December 31 December
2024 2023
Geographical information: non-current assets $m $m
Egypt
221.8
232.0
Mexico
\u2013
0.2
Other countries
\u2013
27.6
Other Capricorn Energy Group
12.8
13.2
Total non-current assets
234.6
273.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "
4.2 Administrative and other expenses
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Administrative expenses
23.9
55.0
Other expenses \u2013 corporate transactions
\u2013
6.9
23.9
61.9
In 2023, the corporate transactions costs of $6.9m related to corporate transactions that were subsequently terminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "4.2 Administrative and other expenses
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Administrative expenses
23.9
55.0
Other expenses \u2013 corporate transactions
\u2013
6.9
23.9
61.9
In 2023, the corporate transactions costs of $6.9m related to corporate transactions that were subsequently terminated. 7.5 Auditors\u2019 remuneration
Year ended Year ended
31 December 31 December
2024 2023
$\u2019000 $\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
726
485
Auditing of the Financial Statements of subsidiaries
238
261
964
746
Non-audit fees:
Audit-related assurance services
134
141
Other assurance services relating to corporate finance transactions
\u2013
629
Other non-audit services not included above
6
\u2013
140
770
Total fees
1,104
1,516
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 44). Non-audit fees incurred in the year were permissible services under the Financial Reporting Council Ethical Standard, including services required by law and regulations. The split of audit fees to non-audit fees payable to the auditors is as follows: 2024 Fees to the auditors 2023 Fees to the auditors Non-audit fee $140,000 Audit fee $964,000 Non-audit fee $770,000 Audit fee $746,000", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "4.3 Employee benefits: staff costs, share-based payments and Directors\u2019 emoluments a) Staff costs
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Wages and salaries
9.6
18.4
Social security costs
1.9
0.5
Redundancy costs
0.3
16.5
Other pension costs
0.4
1.9
Share-based payments
1.9
2.5
14.1
39.8
Staff costs are shown gross before amounts recharged to joint operations. The share-based payments charge represents amounts in respect of equity-settled options. Social security costs include pro-rata accruals for NIC expected to be due on share-based payments forecast to vest in future years. 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 Monthly
average average
Continuing operations: 2024 2023
UK
28
90
Egypt
16
22
Mexico
1
5
45
117
b) Share-based payments
Income Statement charge
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Included within gross staff costs (continuing operations):
SIP
0.4
2.1
LTIP
1.4
(0.1)
Employee share scheme
0.1
0.5
1.9
2.5
In 2023, a reversal of prior year charges of $2.4m was recorded against LTIP share-based payment charges, relating to two former
Directors who left the business in 2023, forfeiting their awards.
Details of 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 2024
Year ended 31 December 2023
WAGP/ WAGP/
WAFV WAEP Number WAFV WAEP Number
\u00a3 \u00a3 of shares \u00a3 \u00a3 of shares
SIP \u2013 free shares
1.69
1.69
59,696
1.72
1.72
87,99
0
SIP \u2013 matching shares
2.07
2.07
30,786
2.11
2.11
190,212
LTIP
0.78
1.75
2,412,942
0.99
1.86
1,483,771
Deferred bonus
1.75
1.75
37,164
\u2013
\u2013
\u2013
Employee share scheme
\u2013
\u2013
\u2013
2.48
1.87
228,175
2,540,588
1,990,148
The awards existing under the LTIP with the WAGP are as follows:
2024
2023
Number WAGP Number WAGP
of shares \u00a3 of shares \u00a3
At 1 January
11,784,135
1.79
27,
38 6,242
1.72
Granted during the year
2,412,942
1.75
1,483,771
1.86
Exercised during the year
(3,043,566)
1.64
(4,734,541)
1.84
Lapsed during the year
(4,523,413)
1.81
(12,351,337)
1.61
At 31 December
6,630,098
1.82
11,784,135
1.79
The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2024 was 1.2 years (2023: 0.6 year).
Included in the above are 210,303 of exercisable LTIP awards (2023: 757,365). 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:
2024
2023
Number WAGP/WAEP Number WAGP/WAEP
of shares \u00a3 of shares \u00a3
At 1 January
2,037,947
1.90
7,423,24
8
1.79
Consolidation of shares
(37,191)
1.84
(912,177)
1.82
Granted during the year
127,646
1.74
506,377
2.21
Exercised during the year
(385,689)
1.69
(3,853,745)
1.75
Lapsed during the year
(1,032,085)
1.82
(1,125,756)
1.88
At 31 December
710,628
1.90
2,037,947
1.90
The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2024 was 7.2 years
(2023: 6.6 years). Included in the above are 14,552 of exercisable employee share awards (ESAS) (2023: 278,927) and exercisable share
options of nil (2023: 197,122). No exercise price is payable in respect of ESAS.
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.
Capricorn Energy PLC share awards normally have a 10-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 \u00a31.90 (2023: \u00a32.10).
For awards issued prior to 2023, 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 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.
In 2023, following the Company\u2019s restructure, it was recognised that relative TSR is a more common measure in the market, however,
it was considered at that time not to be an appropriate measure of success. The Company awarded two types of LTIP shares to all
employees and senior executives and no ESAS shares were awarded in 2023 and 2024. It was determined that the vesting of the 2023
and 2024 LTIP award would be linked to absolute shareholder returns.
Vesting percentages that will be delivered for their achievement, are as follows:
LTIP \u2013 Senior Executive award
Share price at the end of the three-year measurement period
Percentage of ordinary shares comprised in award that vest
Less than or equal to $2.56 (2023: $2.56)
0%
$3.70 or higher (2023: $3.68)
100%
Between $2.56 and $3.70 (2023: $2.56 and $3.68)
0%\u2013100% on a straight-line basis
Senior Executive award vesting may be scaled back by up to 40% if the Committee determines that insufficient shareholder value has
been generated during the first two years of the performance period.
LTIP \u2013 Staff award
Share price at the end of the three-year measurement period
Percentage of ordinary shares comprised in award that vest
Less than or equal to $2.22 (2023: $2.23)
0%
$2.56 or higher (2023: $2.56)
100%
Between $2.22 and $2.56 (2023: $2.23 and $2.56)
0%\u2013100% on a straight-line basis
2024 2023
Fair value of the awards using Monte Carlo simulation model $ $
Senior Executive award
0.77
1.05
Staff award
1.32
1.50
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 53 to 66. 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 senior management who are identified as the key management personnel of the
Group is set out below in aggregate.
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Short-term employee benefits
5.6
6.0
Post-employment benefits
0.1
2.7
Share-based payments
0.6
0.5
6.3
9.2
In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were
$0.5m (2023: $0.2m).
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 2024, none (2023: 1,244,941) of the shares awarded to key management personnel vested under the LTIP. In February 2023,
228,175 shares were awarded under the ESAS to an individual within key management personnel under a stand-alone agreement;
153,159 shares lapsed in July 2023; the remaining of 75,016 shares were exercised at \u00a31.87 in July 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "b) Share-based payments Income Statement charge
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Included within gross staff costs (continuing operations):
SIP
0.4
2.1
LTIP
1.4
(0.1)
Employee share scheme
0.1
0.5
1.9
2.5
In 2023, a reversal of prior year charges of $2.4m was recorded against LTIP share-based payment charges, relating to two former Directors who left the business in 2023, forfeiting their awards. Details of 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 2024
Year ended 31 December 2023
WAGP/ WAGP/
WAFV WAEP Number WAFV WAEP Number
\u00a3 \u00a3 of shares \u00a3 \u00a3 of shares
SIP \u2013 free shares
1.69
1.69
59,696
1.72
1.72
87,99
0
SIP \u2013 matching shares
2.07
2.07
30,786
2.11
2.11
190,212
LTIP
0.78
1.75
2,412,942
0.99
1.86
1,483,771
Deferred bonus
1.75
1.75
37,164
\u2013
\u2013
\u2013
Employee share scheme
\u2013
\u2013
\u2013
2.48
1.87
228,175
2,540,588
1,990,148
The awards existing under the LTIP with the WAGP are as follows:
2024
2023
Number WAGP Number WAGP
of shares \u00a3 of shares \u00a3
At 1 January
11,784,135
1.79
27,
38 6,242
1.72
Granted during the year
2,412,942
1.75
1,483,771
1.86
Exercised during the year
(3,043,566)
1.64
(4,734,541)
1.84
Lapsed during the year
(4,523,413)
1.81
(12,351,337)
1.61
At 31 December
6,630,098
1.82
11,784,135
1.79
The weighted average remaining contractual life of outstanding awards under the LTIP at 31 December 2024 was 1.2 years (2023: 0.6 year). Included in the above are 210,303 of exercisable LTIP awards (2023: 757,365). 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:
2024
2023
Number WAGP/WAEP Number WAGP/WAEP
of shares \u00a3 of shares \u00a3
At 1 January
2,037,947
1.90
7,423,24
8
1.79
Consolidation of shares
(37,191)
1.84
(912,177)
1.82
Granted during the year
127,646
1.74
506,377
2.21
Exercised during the year
(385,689)
1.69
(3,853,745)
1.75
Lapsed during the year
(1,032,085)
1.82
(1,125,756)
1.88
At 31 December
710,628
1.90
2,037,947
1.90
The weighted average remaining contractual life of outstanding awards under all other schemes at 31 December 2024 was 7.2 years (2023: 6.6 years). Included in the above are 14,552 of exercisable employee share awards (ESAS) (2023: 278,927) and exercisable share options of nil (2023: 197,122). No exercise price is payable in respect of ESAS. 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. Capricorn Energy PLC share awards normally have a 10-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 \u00a31.90 (2023: \u00a32.10). For awards issued prior to 2023, 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 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. In 2023, following the Company\u2019s restructure, it was recognised that relative TSR is a more common measure in the market, however, it was considered at that time not to be an appropriate measure of success. The Company awarded two types of LTIP shares to all employees and senior executives and no ESAS shares were awarded in 2023 and 2024. It was determined that the vesting of the 2023 and 2024 LTIP award would be linked to absolute shareholder returns. Vesting percentages that will be delivered for their achievement, are as follows: LTIP \u2013 Senior Executive award
Share price at the end of the three-year measurement period
Percentage of ordinary shares comprised in award that vest
Less than or equal to $2.56 (2023: $2.56)
0%
$3.70 or higher (2023: $3.68)
100%
Between $2.56 and $3.70 (2023: $2.56 and $3.68)
0%\u2013100% on a straight-line basis
Senior Executive award vesting may be scaled back by up to 40% if the Committee determines that insufficient shareholder value has been generated during the first two years of the performance period. LTIP \u2013 Staff award
Share price at the end of the three-year measurement period
Percentage of ordinary shares comprised in award that vest
Less than or equal to $2.22 (2023: $2.23)
0%
$2.56 or higher (2023: $2.56)
100%
Between $2.22 and $2.56 (2023: $2.23 and $2.56)
0%\u2013100% on a straight-line basis
2024 2023
Fair value of the awards using Monte Carlo simulation model $ $
Senior Executive award
0.77
1.05
Staff award
1.32
1.50
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "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 53 to 66. 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 senior management who are identified as the key management personnel of the Group is set out below in aggregate.
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Short-term employee benefits
5.6
6.0
Post-employment benefits
0.1
2.7
Share-based payments
0.6
0.5
6.3
9.2
In addition, employer\u2019s National Insurance Contributions for key management personnel in respect of short-term employee benefits were $0.5m (2023: $0.2m). 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 2024, none (2023: 1,244,941) of the shares awarded to key management personnel vested under the LTIP. In February 2023, 228,175 shares were awarded under the ESAS to an individual within key management personnel under a stand-alone agreement; 153,159 shares lapsed in July 2023; the remaining of 75,016 shares were exercised at \u00a31.87 in July 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "
4.4 Finance income
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Bank and other interest receivable
8.5
21.8
Other finance income
0.6
\u2013
Exchange gain recycled from Other Comprehensive Income
0.4
\u2013
9.5
21.8
4.5 Finance costs
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Loan interest
12.8
15.0
Facility fees amortisation
0.9
0.9
Other interest and finance charges and unwind of discount
2.8
1.7
Exchange loss
3.9
7.7
20.4
25.3
Loan interest of $12.8m (2023: $15.0m) was charged on the Egypt Junior and Senior Debt Facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "4.4 Finance income
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Bank and other interest receivable
8.5
21.8
Other finance income
0.6
\u2013
Exchange gain recycled from Other Comprehensive Income
0.4
\u2013
9.5
21.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "4.4 Finance income
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Bank and other interest receivable
8.5
21.8
Other finance income
0.6
\u2013
Exchange gain recycled from Other Comprehensive Income
0.4
\u2013
9.5
21.8
4.5 Finance costs
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Loan interest
12.8
15.0
Facility fees amortisation
0.9
0.9
Other interest and finance charges and unwind of discount
2.8
1.7
Exchange loss
3.9
7.7
20.4
25.3
Loan interest of $12.8m (2023: $15.0m) was charged on the Egypt Junior and Senior Debt Facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "4.4 Finance income
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Bank and other interest receivable
8.5
21.8
Other finance income
0.6
\u2013
Exchange gain recycled from Other Comprehensive Income
0.4
\u2013
9.5
21.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "4.5 Finance costs
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Loan interest
12.8
15.0
Facility fees amortisation
0.9
0.9
Other interest and finance charges and unwind of discount
2.8
1.7
Exchange loss
3.9
7.7
20.4
25.3
Loan interest of $12.8m (2023: $15.0m) was charged on the Egypt Junior and Senior Debt Facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "4.5 Finance costs
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Loan interest
12.8
15.0
Facility fees amortisation
0.9
0.9
Other interest and finance charges and unwind of discount
2.8
1.7
Exchange loss
3.9
7.7
20.4
25.3
Loan interest of $12.8m (2023: $15.0m) was charged on the Egypt Junior and Senior Debt Facilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "
4.6 Earnings per ordinary share
Basic and diluted earnings per share are calculated using the following measures of (loss)/profit:
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Loss and diluted loss after taxation from continuing operations
(12.6)
(142.6)
Profit/(Loss) and diluted profit/(loss) attributable to equity holders of the Parent
10.6
(144.0)
The following reflects the share data used in the basic and diluted earnings per share computations:
Number Number
of shares of shares
2024 2023
\u2019000 \u2019000
Weighted average number of shares
79,557
196,128
Less weighted average shares held by ESOP and SIP Trusts
(1,310)
(2,777)
Basic and diluted weighted average number of shares
78,247
193,351
The share repurchase programme and share consolidation reduced the weighted average number of shares in 2024 (see note 7.1). 2023
weighted average number of shares have not been adjusted, on the basis that the share consolidation is considered to be in substance a share
repurchase at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "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 profit/(loss) for the year
Analysis of tax charge on profit/(loss) for the year
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Current tax charge:
Overseas corporation tax charge \u2013 Egypt
30.1
54.1
Overseas corporation tax credit \u2013 India
(5.4)
\u2013
Total current tax charge on profit/(loss) from continuing operations
24.7
54.1
Deferred tax charge/(credit):
Deferred tax charge/(credit) on intangible/tangible assets \u2013 Egypt
1.8
(12.3)
Deferred tax credit on non-current assets \u2013 Egypt \u2013 adjustment
\u2013
(1.4)
Deferred tax charge/(credit) from continuing operations
1.8
(13.7)
Total tax charge on profit/(loss) from continuing operations
26.5
40.5
UK deferred tax credit
\u2013
(4.1)
Total deferred tax credit on loss from discontinued operations
\u2013
(4.1)
The current tax charge in Egypt of $30.1m (2023: $54.1m) 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 profit/(loss) before income tax to the UK statutory rate of income tax is as follows:
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Profit/(Loss) before tax from continuing operations
13.9
(102.1)
Profit/(Loss) before tax multiplied by the UK statutory rate of corporation tax of 25% (2023: 23.52%)
3.5
(20.7)
Effect of:
Special tax rates and reliefs applying to oil and gas activities in the UK
(2.1)
(1.1)
Special tax rates and reliefs applying to oil and gas activities in Egypt
5.1
13.4
Temporary differences not recognised
7.1
23.5
Permanent items non-deductible
18.3
14.3
India tax refund not subject to tax
(5.4)
\u2013
Group relief surrendered against profits/gains arising in discontinued operations
\u2013
11.1
Total tax charge on profit/(loss) from continuing operations
26.5
40.5
The reconciliation shown above has been based on the average UK statutory rate of corporation tax for 2024 of 25% (2023: 23.52%). The
Finance Act 2023 was enacted on 11 July 2023 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% (2023: 40%). The temporary
Energy (Oil and Gas) Profits Levy was increased to 35% from 1 January 2023 (substantively enacted in November 2022) and further
increased to 38% on profits arising after 1 November 2024 (substantively enacted November 2024).
The applicable statutory tax rate applying to oil and gas activities in Egypt is currently 40.55% (2023: 40.55%). The applicable rates have been reflected in these financial statements as appropriate. The effect of temporary differences not recognised of $7.1m (2023: $23.5m) includes: \u2013 a $2.1m (2023: $0.7m) 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 $(0.1)m (2023: $17.6m) movement in the year in respect of unrecognised deferred tax assets on Egypt oil and gas assets and tax losses; \u2013 a $4.7m (2023: $(0.2)m) 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 $0.4m (2023: $4.9m) 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 $18.3m (2023: $14.3m) includes: \u2013 $2.2m (2023: $2.2m) in respect of share-based payment charges; \u2013 $(4.7)m (2023: $(3.5)m) predominantly in respect on non-taxable adjustments related to foreign exchange and tax relief on exercised share options; \u2013 $17.9m (2023: $10.8m) in respect of costs in Egypt considered non-deductible for tax purposes; \u2013 $1.1m (2023: $(1.7)m) in respect of overseas costs considered non-deductible/taxable; and \u2013 $1.8m (2023: $6.4m) in respect of other permanent items considered non-deductible. 5.3 Current tax receivable Capricorn are due a refund of tax previously withheld in India on dividends due to the Group from its past shareholding in Vedanta Limited. The total refund due to the Group is $5.4m, with $1.4m received during the year and $4.0m outstanding at the year end. Recovery is expected within the next 12 months. 5.4 Deferred tax assets and liabilities Reconciliation of movement in deferred tax assets/(liabilities):
Temporary
difference in
respect of non- Other
current assets Losses temporary
(restated) (restated) differences Total
$m $m $m $m
Deferred tax assets
At 1 January 2023
8.7
\u2013
\u2013
8.7
Deferred tax charge through the Income Statement \u2013 continuing operations
(4.4)
3.3
\u2013
(1.1)
At 31 December 2023
4.3
3.3
\u2013
7.6
Deferred tax credit through the Income Statement \u2013 continuing operations
13.2
(2.5)
\u2013
10.7
At 31 December 2024
17. 5
0.8
\u2013
18.3
Deferred tax liabilities
At 1 January 2023
(24.3)
9.1
(13.2)
(28.4)
Deferred tax credit through the Income Statement \u2013 continuing operations
14.8
\u2013
\u2013
14.8
Deferred tax (charge)/credit through the Income Statement \u2013 discontinued
operations
\u2013
(9.1)
13.2
4.1
At 31 December 2023
(9.6)
\u2013
\u2013
(9.6)
Deferred tax charge through the Income Statement \u2013 continuing operations
(12.5)
\u2013
\u2013
(12.5)
At 31 December 2024
(22.1)
\u2013
\u2013
(22.1)
Prior year comparatives have been restated to correctly disclose the deferred tax impact of temporary differences in respect of non-current assets from the deferred tax impact of tax losses within Egypt deferred tax assets. There is no change to the net deferred tax asset or liability recognised at 31 December 2023. Deferred tax assets/(liabilities) in Egypt:
As at As at
31 December 31 December
2024 2023
$m $m
Assets
18.3
7.6
Liabilities
(22.1)
(9.6)
(3.8)
(2.0)
Recognised deferred tax assets
Egypt
Deferred tax assets of $18.3m (2023: $7.6m) are recognised in respect of Egypt oil and gas non-current assets temporary differences
of $43.2m (2023 restated: $10.6m) and Egypt tax losses of $2.0m (2023 restated: $8.1m) on four concessions where future profits are
expected to be available to recover the value of the assets.
At the balance sheet date the Group has $69.5m (2023: $33.0m) of temporary differences in respect of Egypt non-current assets and
$38.9m (2023: $38.6m) of Egypt tax losses, which can be offset against future oil and gas profits in Egypt. No deferred tax asset is
recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods.
Deferred tax liabilities
Egypt
Deferred tax liabilities of $22.1m (2023: $9.6m) are recognised across five concessions in respect of taxable temporary differences of
$54.5m (2023: $23.6m) related to Egypt oil and gas non-current assets. No tax losses are available to offset these taxable temporary
differences.
UK
Previously a deferred tax liability of $4.1m was recognised in respect of earnout consideration due in relation to the disposal of UK oil
and gas producing assets. Following settlement of the earnout in 2023 (see note 6.1) the chargeable gain arising was fully sheltered by
available tax losses and no tax charge arose. The deferred tax liability therefore reversed in full.
Unrecognised deferred tax assets
No deferred tax asset is recognised on the following as it is not considered probable that it will be utilised in future periods:
At At
31 December 31 December
2024 2023
$m $m
UK RFCT trading losses
254.7
244.6
UK SCT loss
250.8
253.1
UK other ring fence temporary differences
629.3
626.4
UK excess management expenses
450.9
414.6
UK non-trade deficits
93.2
79.6
UK temporary differences on share-based payments
34.0
34.0
UK disallowed tax interest expenses
\u2013
11.3
Egypt fixed asset temporary differences
11.8
20.9
Egypt ring fence corporation tax trading losses
35.6
29.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "
5.4 Deferred tax assets and liabilities
Reconciliation of movement in deferred tax assets/(liabilities):
Temporary
difference in
respect of non- Other
current assets Losses temporary
(restated) (restated) differences Total
$m $m $m $m
Deferred tax assets
At 1 January 2023
8.7
\u2013
\u2013
8.7
Deferred tax charge through the Income Statement \u2013 continuing operations
(4.4)
3.3
\u2013
(1.1)
At 31 December 2023
4.3
3.3
\u2013
7.6
Deferred tax credit through the Income Statement \u2013 continuing operations
13.2
(2.5)
\u2013
10.7
At 31 December 2024
17. 5
0.8
\u2013
18.3
Deferred tax liabilities
At 1 January 2023
(24.3)
9.1
(13.2)
(28.4)
Deferred tax credit through the Income Statement \u2013 continuing operations
14.8
\u2013
\u2013
14.8
Deferred tax (charge)/credit through the Income Statement \u2013 discontinued
operations
\u2013
(9.1)
13.2
4.1
At 31 December 2023
(9.6)
\u2013
\u2013
(9.6)
Deferred tax charge through the Income Statement \u2013 continuing operations
(12.5)
\u2013
\u2013
(12.5)
At 31 December 2024
(22.1)
\u2013
\u2013
(22.1)
Prior year comparatives have been restated to correctly disclose the deferred tax impact of temporary differences in respect of non-current
assets from the deferred tax impact of tax losses within Egypt deferred tax assets. There is no change to the net deferred tax asset or
liability recognised at 31 December 2023.
Deferred tax assets/(liabilities) in Egypt:
As at As at
31 December 31 December
2024 2023
$m $m
Assets
18.3
7.6
Liabilities
(22.1)
(9.6)
(3.8)
(2.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "5.4 Deferred tax assets and liabilities Reconciliation of movement in deferred tax assets/(liabilities):
Temporary
difference in
respect of non- Other
current assets Losses temporary
(restated) (restated) differences Total
$m $m $m $m
Deferred tax assets
At 1 January 2023
8.7
\u2013
\u2013
8.7
Deferred tax charge through the Income Statement \u2013 continuing operations
(4.4)
3.3
\u2013
(1.1)
At 31 December 2023
4.3
3.3
\u2013
7.6
Deferred tax credit through the Income Statement \u2013 continuing operations
13.2
(2.5)
\u2013
10.7
At 31 December 2024
17. 5
0.8
\u2013
18.3
Deferred tax liabilities
At 1 January 2023
(24.3)
9.1
(13.2)
(28.4)
Deferred tax credit through the Income Statement \u2013 continuing operations
14.8
\u2013
\u2013
14.8
Deferred tax (charge)/credit through the Income Statement \u2013 discontinued
operations
\u2013
(9.1)
13.2
4.1
At 31 December 2023
(9.6)
\u2013
\u2013
(9.6)
Deferred tax charge through the Income Statement \u2013 continuing operations
(12.5)
\u2013
\u2013
(12.5)
At 31 December 2024
(22.1)
\u2013
\u2013
(22.1)
Prior year comparatives have been restated to correctly disclose the deferred tax impact of temporary differences in respect of non-current assets from the deferred tax impact of tax losses within Egypt deferred tax assets. There is no change to the net deferred tax asset or liability recognised at 31 December 2023. Deferred tax assets/(liabilities) in Egypt:
As at As at
31 December 31 December
2024 2023
$m $m
Assets
18.3
7.6
Liabilities
(22.1)
(9.6)
(3.8)
(2.0)
Recognised deferred tax assets Egypt Deferred tax assets of $18.3m (2023: $7.6m) are recognised in respect of Egypt oil and gas non-current assets temporary differences of $43.2m (2023 restated: $10.6m) and Egypt tax losses of $2.0m (2023 restated: $8.1m) on four concessions where future profits are expected to be available to recover the value of the assets. At the balance sheet date the Group has $69.5m (2023: $33.0m) of temporary differences in respect of Egypt non-current assets and $38.9m (2023: $38.6m) of Egypt tax losses, which can be offset against future oil and gas profits in Egypt. No deferred tax asset is recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods. Deferred tax liabilities Egypt Deferred tax liabilities of $22.1m (2023: $9.6m) are recognised across five concessions in respect of taxable temporary differences of $54.5m (2023: $23.6m) related to Egypt oil and gas non-current assets. No tax losses are available to offset these taxable temporary differences. UK Previously a deferred tax liability of $4.1m was recognised in respect of earnout consideration due in relation to the disposal of UK oil and gas producing assets. Following settlement of the earnout in 2023 (see note 6.1) the chargeable gain arising was fully sheltered by available tax losses and no tax charge arose. The deferred tax liability therefore reversed in full. Unrecognised deferred tax assets No deferred tax asset is recognised on the following as it is not considered probable that it will be utilised in future periods:
At At
31 December 31 December
2024 2023
$m $m
UK RFCT trading losses
254.7
244.6
UK SCT loss
250.8
253.1
UK other ring fence temporary differences
629.3
626.4
UK excess management expenses
450.9
414.6
UK non-trade deficits
93.2
79.6
UK temporary differences on share-based payments
34.0
34.0
UK disallowed tax interest expenses
\u2013
11.3
Egypt fixed asset temporary differences
11.8
20.9
Egypt ring fence corporation tax trading losses
35.6
29.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "Recognised deferred tax assets Egypt Deferred tax assets of $18.3m (2023: $7.6m) are recognised in respect of Egypt oil and gas non-current assets temporary differences of $43.2m (2023 restated: $10.6m) and Egypt tax losses of $2.0m (2023 restated: $8.1m) on four concessions where future profits are expected to be available to recover the value of the assets. At the balance sheet date the Group has $69.5m (2023: $33.0m) of temporary differences in respect of Egypt non-current assets and $38.9m (2023: $38.6m) of Egypt tax losses, which can be offset against future oil and gas profits in Egypt. No deferred tax asset is recognised in respect of these temporary differences as it is not considered probable that these amounts will be utilised in future periods. Deferred tax liabilities Egypt Deferred tax liabilities of $22.1m (2023: $9.6m) are recognised across five concessions in respect of taxable temporary differences of $54.5m (2023: $23.6m) related to Egypt oil and gas non-current assets. No tax losses are available to offset these taxable temporary differences. UK Previously a deferred tax liability of $4.1m was recognised in respect of earnout consideration due in relation to the disposal of UK oil and gas producing assets. Following settlement of the earnout in 2023 (see note 6.1) the chargeable gain arising was fully sheltered by available tax losses and no tax charge arose. The deferred tax liability therefore reversed in full. Unrecognised deferred tax assets No deferred tax asset is recognised on the following as it is not considered probable that it will be utilised in future periods:
At At
31 December 31 December
2024 2023
$m $m
UK RFCT trading losses
254.7
244.6
UK SCT loss
250.8
253.1
UK other ring fence temporary differences
629.3
626.4
UK excess management expenses
450.9
414.6
UK non-trade deficits
93.2
79.6
UK temporary differences on share-based payments
34.0
34.0
UK disallowed tax interest expenses
\u2013
11.3
Egypt fixed asset temporary differences
11.8
20.9
Egypt ring fence corporation tax trading losses
35.6
29.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "
6.1 Profit/(Loss) from discontinued operations
Settlement of earnout consideration due
On 2 November 2021, Capricorn completed the sale of its interests in the UK Catcher and Kraken producing assets to Waldorf
Production Limited (\u201cWaldorf\u201d).
Consideration under the agreement included contingent consideration (\u2018earnout consideration\u2019) dependent on oil prices from 2021 to
the end of 2025 and minimum production levels being achieved. The first annual payment of earnout consideration of $75.8m due on
2021 production was received in 2022. The second annual payment of $134.4m due on 2022 production was settled in March 2023.
On 18 December 2023, Capricorn entered into a settlement agreement with Waldorf for the full and final settlement of the remaining
earnout consideration due. Under the agreement, Capricorn received an initial payment of $48.0m in December 2023, with a further
$2.0m received at the end of Q1 2024. An additional payment of $22.5m was due in early January 2025 and Capricorn were also due
to receive Waldorf\u2019s 25% non-operated WI in the Columbus gas field, subject to the necessary approvals. However, due to financial
difficulties impacting Waldorf, the $22.5m has not been received and instead written down to an estimated recoverable value of only
$1.5m. The transfer of the Columbus asset is also not expected to complete and the related long-term receivable fully impaired.
At the date of the settlement agreement, the fair value of the earnout was $79.3m, a fall of $10.4m across the year, reflecting oil price
movements. With combined proceeds from the settlement agreement of $77.6m, after adjusting for expected credit losses of $1.9m,
the Group recorded a loss on the settlement of the earnout of $1.7m 2023 and $26.1m in 2024.
A breakdown of the total profit from discontinued operations is as follows:
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Cost of sales
Cost of sales \u2013 recovery of production costs
\u2013
4.3
Operating profit
\u2013
4.3
Gain on disposal of oil and gas assets
50.0
\u2013
Loss on disposal of a subsidiary
(0.7)
\u2013
Loss on financial asset at fair value through profit or loss \u2013 earnout consideration
\u2013
(10.4)
Loss on disposal of a financial asset
(26.1)
(1.7)
Finance income
\u2013
2.3
Profit/(Loss) before tax from discontinued operations
23.2
(5.5)
Tax credit
\u2013
4.1
Profit/(Loss) after tax from discontinued operations
23.2
(1.4)
2024 2023
$ $
Earnings per share for profit/(loss) from discontinued operations
Profit/(Loss) per ordinary share \u2013 basic and diluted ($)
0.30
(0.01)
In January 2025, Capricorn received a further $50.0m consideration relating to the disposal of oil and gas assets in Senegal in 2021. This
consideration was dependant on several conditions being met, including the date of first oil and an average oil price above set levels, and
these were all achieved by the end 2024.
An audit of the Kraken and Catcher joint operations for the period from January 2019 to December 2020 resulted in a refund of production
costs from the operator of $4.3m, which was credited to discontinued operations in 2023.
The fair value loss in 2023 was recognised on changes in the valuation of earnout consideration receivable prior to the December 2023
settlement agreement.
6.2 Cash flow information for discontinued operations
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Net cash flows from operating activities
\u2013
4.3
Net cash flows from investing activities
2.0
184.7
Net increase in cash and cash equivalents
2.0
189.0
The 2022 earnout of $134.4m and related interest payment of $2.3m were received in March 2023. In December 2023, a further
settlement of $48.0m was received following the settlement with Waldorf. In 2024, a further $2.0m was received under the terms of the
settlement agreement (see note 6.1).
6.3 Discontinued operations \u2013 Senegal contingent liability
On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The
notice from the Senegalese Tax Authority states that:
\u2012 Senegalese registration duty ($29.0m including interest and penalties) should have been paid on the transfer (in December 2020) by
Capricorn to Woodside of its PSC interests offshore Senegal; and
\u2012 Senegalese real estate capital gains tax ($14.5m including interest and penalties) should have been withheld by Woodside from the
price paid to Capricorn in respect of the sale of those PSC interests.
Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any
capital gains tax arising in connection with the sale of the PSC interests.
Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the
transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement
to participate in the defence of any such claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "6.2 Cash flow information for discontinued operations
Year ended Year ended
31 December 31 December
2024 2023
$m $m
Net cash flows from operating activities
\u2013
4.3
Net cash flows from investing activities
2.0
184.7
Net increase in cash and cash equivalents
2.0
189.0
The 2022 earnout of $134.4m and related interest payment of $2.3m were received in March 2023. In December 2023, a further settlement of $48.0m was received following the settlement with Waldorf. In 2024, a further $2.0m was received under the terms of the settlement agreement (see note 6.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "6.3 Discontinued operations \u2013 Senegal contingent liability On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that: \u2012 Senegalese registration duty ($29.0m including interest and penalties) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and \u2012 Senegalese real estate capital gains tax ($14.5m including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests. Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests. Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "6.3 Discontinued operations \u2013 Senegal contingent liability On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that: \u2012 Senegalese registration duty ($29.0m including interest and penalties) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and \u2012 Senegalese real estate capital gains tax ($14.5m including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests. Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests. Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "6.3 Discontinued operations \u2013 Senegal contingent liability On 14 November 2023, Capricorn received notification that Woodside had received a notice from the Senegalese Tax Authority. The notice from the Senegalese Tax Authority states that: \u2012 Senegalese registration duty ($29.0m including interest and penalties) should have been paid on the transfer (in December 2020) by Capricorn to Woodside of its PSC interests offshore Senegal; and \u2012 Senegalese real estate capital gains tax ($14.5m including interest and penalties) should have been withheld by Woodside from the price paid to Capricorn in respect of the sale of those PSC interests. Under the terms of the sale agreement between Capricorn and Woodside, Capricorn is responsible for any registration duty and for any capital gains tax arising in connection with the sale of the PSC interests. Capricorn\u2019s analysis remains that no Senegalese registration duty or capital gains tax is payable, based on analysis at the time of the transaction. Capricorn will continue to vigorously defend its position on this matter, including exercising rights under the sale agreement to participate in the defence of any such claim.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "
7.1 Issued capital and reserves
Called-up share capital
Number Number Number
21/13p 490/143p 735/143p 799/122p 21/13p 490/143p 735/143p 799/122p
ordinary ordinary ordinary ordinary ordinary ordinary ordinary ordinary
\u2019000 \u2019000 \u2019000 \u2018000 $m $m $m $m
Allotted, issued and fully paid ordinary shares
At 1 January 2023
315,072
\u2013
\u2013
\u2013
8.0
\u2013
\u2013
\u2013
Share consolidation \u2013 15 May 2023
(315,072)
148,534
\u2013
\u2013
(8.0)
8.0
\u2013
\u2013
Share repurchase
\u2013
(5,697)
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
Share consolidation \u2013 5 October 2023
\u2013
(142,837)
95,225
\u2013
\u2013
(7.7)
7.7
\u2013
Share repurchase
\u2013
\u2013
(1,447)
\u2013
\u2013
\u2013
(0.1)
\u2013
At 31 December 2023
\u2013
\u2013
93,778
\u2013
\u2013
\u2013
7.6
\u2013
Share repurchase
\u2013
\u2013
(1,840)
\u2013
\u2013
\u2013
(0.2)
\u2013
Share consolidation \u2013 24 May 2024
\u2013
\u2013
(91,938)
72,153
\u2013
\u2013
(7.4)
7.4
Share repurchase
\u2013
\u2013
\u2013
(1,595)
\u2013
\u2013
\u2013
(0.1)
At 31 December 2024
\u2013
\u2013
\u2013
70,558
\u2013
\u2013
\u2013
7.3
2024
Share premium $m
At 1 January 2023
495.4
Share premium cancellation
(495.4)
Arising on shares issued for employee share options
0.8
At 31 December 2023
0.8
Arising on shares issued for employee share options
0.1
At 31 December 2024
0.9
The Company does not have a limited amount of authorised share capital.
On 27 April 2023, the Company announced a share buyback programme of up to $25m, which commenced in May 2023. A total of
3,435,774 shares were repurchased throughout 2024 (2023: 7,143,720). The total value of the ordinary shares purchased was \u00a35.6m
($7.2m) (2023: \u00a314.2m ($16.9m)), with a $0.3m (2023: $0.4m) reduction in share capital and a reduction of $0.1m (2023: $1.0m) to
retained earnings after stamp duty and costs.
On 28 March 2024, Capricorn announced the proposal to return approximately $50m to shareholders via a special dividend.
The return was paid to shareholders on 7 June 2024. The return of cash to shareholders of 43 pence per eligible ordinary share totalled
\u00a339.3m. The total return to shareholders, after exchange differences from the date of conversion from US dollar to GBP and associated
costs, was $50.1m. Accompanying the return, the Company undertook a share consolidation which, together with the share repurchases
reduced the number of ordinary shares issued to 70.6m at 31 December 2024.
During 2023, the Company paid dividends to shareholders of approximately $450m and $100m to shareholders in May and October
respectively (see note 7.2). The US dollar amounts were converted into GBP ahead of each dividend. Exchange movements from the
date of conversion to the date of payment reduced the US dollar equivalent of the dividends to $541.1m. Accompanying each return, the
Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to
93.8m at 31 December 2023.
The share premium cancellation of $495.4m was confirmed by the Court of Session on 27 January 2023 and consequently registered
with the Registrar of Companies on 31 January 2023.
a) Shares held by ESOP Trust
The cost of shares held by the ESOP Trust at 31 December 2024 was $5.0m (2023: $5.1m). The number of shares held by the Trust at
31 December 2024 was 1,829,160 (2023: 1,008,584) and the market value of these shares was \u00a35.4m ($6.7m) (2023: \u00a31.7m ($2.2m)).
During 2024, the Group purchased 4,339,148 (2023: 7,364,197) shares at a cost of $10.3m (2023: $20.4m). During 2024, 125,743 shares
were created on share consolidation (2023: 1,856,663).
During 2023, the Group sold 404,973 shares at price of $0.9m; 4,159,174 shares vested and 25,000 shares were transferred from the
ESOP Trust to the SIP Trust.
b) Shares held by SIP Trust
The cost of shares held by the SIP Trust at 31 December 2024 was $1.7m (2023: $1.2m). The number of shares held by the Trust at
31 December 2024 was 141,047 (2023: 124,693) and the market value of these shares was \u00a30.4m ($0.5m) (2023: \u00a30.2m ($0.3m)).
In 2024, the cost of SIP shares purchased was $0.6m (2023: $nil).
c) Foreign currency translation
Unrealised foreign exchange gains and losses arising on consolidation of non-US dollar 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 $46.2m (2023: $45.9m) include amounts arising on various Group acquisitions and transactions and the capital redemption
reserve arising from the 2013-2014 share repurchase programme. Capital reserves of $4.6m, $0.4m and $0.3m arose on the share repurchase
programme which ran from April to July 2022, May to December 2023 and from January to November 2024 respectively. $6.1m of capital
reserves relates directly to Capricorn Energy PLC, the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "7.1 Issued capital and reserves Called-up share capital
Number Number Number
21/13p 490/143p 735/143p 799/122p 21/13p 490/143p 735/143p 799/122p
ordinary ordinary ordinary ordinary ordinary ordinary ordinary ordinary
\u2019000 \u2019000 \u2019000 \u2018000 $m $m $m $m
Allotted, issued and fully paid ordinary shares
At 1 January 2023
315,072
\u2013
\u2013
\u2013
8.0
\u2013
\u2013
\u2013
Share consolidation \u2013 15 May 2023
(315,072)
148,534
\u2013
\u2013
(8.0)
8.0
\u2013
\u2013
Share repurchase
\u2013
(5,697)
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
Share consolidation \u2013 5 October 2023
\u2013
(142,837)
95,225
\u2013
\u2013
(7.7)
7.7
\u2013
Share repurchase
\u2013
\u2013
(1,447)
\u2013
\u2013
\u2013
(0.1)
\u2013
At 31 December 2023
\u2013
\u2013
93,778
\u2013
\u2013
\u2013
7.6
\u2013
Share repurchase
\u2013
\u2013
(1,840)
\u2013
\u2013
\u2013
(0.2)
\u2013
Share consolidation \u2013 24 May 2024
\u2013
\u2013
(91,938)
72,153
\u2013
\u2013
(7.4)
7.4
Share repurchase
\u2013
\u2013
\u2013
(1,595)
\u2013
\u2013
\u2013
(0.1)
At 31 December 2024
\u2013
\u2013
\u2013
70,558
\u2013
\u2013
\u2013
7.3
2024
Share premium $m
At 1 January 2023
495.4
Share premium cancellation
(495.4)
Arising on shares issued for employee share options
0.8
At 31 December 2023
0.8
Arising on shares issued for employee share options
0.1
At 31 December 2024
0.9
The Company does not have a limited amount of authorised share capital. On 27 April 2023, the Company announced a share buyback programme of up to $25m, which commenced in May 2023. A total of 3,435,774 shares were repurchased throughout 2024 (2023: 7,143,720). The total value of the ordinary shares purchased was \u00a35.6m ($7.2m) (2023: \u00a314.2m ($16.9m)), with a $0.3m (2023: $0.4m) reduction in share capital and a reduction of $0.1m (2023: $1.0m) to retained earnings after stamp duty and costs. On 28 March 2024, Capricorn announced the proposal to return approximately $50m to shareholders via a special dividend. The return was paid to shareholders on 7 June 2024. The return of cash to shareholders of 43 pence per eligible ordinary share totalled \u00a339.3m. The total return to shareholders, after exchange differences from the date of conversion from US dollar to GBP and associated costs, was $50.1m. Accompanying the return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 70.6m at 31 December 2024. During 2023, the Company paid dividends to shareholders of approximately $450m and $100m to shareholders in May and October respectively (see note 7.2). The US dollar amounts were converted into GBP ahead of each dividend. Exchange movements from the date of conversion to the date of payment reduced the US dollar equivalent of the dividends to $541.1m. Accompanying each return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 93.8m at 31 December 2023. The share premium cancellation of $495.4m was confirmed by the Court of Session on 27 January 2023 and consequently registered with the Registrar of Companies on 31 January 2023. a) Shares held by ESOP Trust The cost of shares held by the ESOP Trust at 31 December 2024 was $5.0m (2023: $5.1m). The number of shares held by the Trust at 31 December 2024 was 1,829,160 (2023: 1,008,584) and the market value of these shares was \u00a35.4m ($6.7m) (2023: \u00a31.7m ($2.2m)). During 2024, the Group purchased 4,339,148 (2023: 7,364,197) shares at a cost of $10.3m (2023: $20.4m). During 2024, 125,743 shares were created on share consolidation (2023: 1,856,663). During 2023, the Group sold 404,973 shares at price of $0.9m; 4,159,174 shares vested and 25,000 shares were transferred from the ESOP Trust to the SIP Trust. b) Shares held by SIP Trust The cost of shares held by the SIP Trust at 31 December 2024 was $1.7m (2023: $1.2m). The number of shares held by the Trust at 31 December 2024 was 141,047 (2023: 124,693) and the market value of these shares was \u00a30.4m ($0.5m) (2023: \u00a30.2m ($0.3m)). In 2024, the cost of SIP shares purchased was $0.6m (2023: $nil). c) Foreign currency translation Unrealised foreign exchange gains and losses arising on consolidation of non-US dollar 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 $46.2m (2023: $45.9m) include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share repurchase programme. Capital reserves of $4.6m, $0.4m and $0.3m arose on the share repurchase programme which ran from April to July 2022, May to December 2023 and from January to November 2024 respectively. $6.1m of capital reserves relates directly to Capricorn Energy PLC, the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "7.1 Issued capital and reserves Called-up share capital
Number Number Number
21/13p 490/143p 735/143p 799/122p 21/13p 490/143p 735/143p 799/122p
ordinary ordinary ordinary ordinary ordinary ordinary ordinary ordinary
\u2019000 \u2019000 \u2019000 \u2018000 $m $m $m $m
Allotted, issued and fully paid ordinary shares
At 1 January 2023
315,072
\u2013
\u2013
\u2013
8.0
\u2013
\u2013
\u2013
Share consolidation \u2013 15 May 2023
(315,072)
148,534
\u2013
\u2013
(8.0)
8.0
\u2013
\u2013
Share repurchase
\u2013
(5,697)
\u2013
\u2013
\u2013
(0.3)
\u2013
\u2013
Share consolidation \u2013 5 October 2023
\u2013
(142,837)
95,225
\u2013
\u2013
(7.7)
7.7
\u2013
Share repurchase
\u2013
\u2013
(1,447)
\u2013
\u2013
\u2013
(0.1)
\u2013
At 31 December 2023
\u2013
\u2013
93,778
\u2013
\u2013
\u2013
7.6
\u2013
Share repurchase
\u2013
\u2013
(1,840)
\u2013
\u2013
\u2013
(0.2)
\u2013
Share consolidation \u2013 24 May 2024
\u2013
\u2013
(91,938)
72,153
\u2013
\u2013
(7.4)
7.4
Share repurchase
\u2013
\u2013
\u2013
(1,595)
\u2013
\u2013
\u2013
(0.1)
At 31 December 2024
\u2013
\u2013
\u2013
70,558
\u2013
\u2013
\u2013
7.3
2024
Share premium $m
At 1 January 2023
495.4
Share premium cancellation
(495.4)
Arising on shares issued for employee share options
0.8
At 31 December 2023
0.8
Arising on shares issued for employee share options
0.1
At 31 December 2024
0.9
The Company does not have a limited amount of authorised share capital. On 27 April 2023, the Company announced a share buyback programme of up to $25m, which commenced in May 2023. A total of 3,435,774 shares were repurchased throughout 2024 (2023: 7,143,720). The total value of the ordinary shares purchased was \u00a35.6m ($7.2m) (2023: \u00a314.2m ($16.9m)), with a $0.3m (2023: $0.4m) reduction in share capital and a reduction of $0.1m (2023: $1.0m) to retained earnings after stamp duty and costs. On 28 March 2024, Capricorn announced the proposal to return approximately $50m to shareholders via a special dividend. The return was paid to shareholders on 7 June 2024. The return of cash to shareholders of 43 pence per eligible ordinary share totalled \u00a339.3m. The total return to shareholders, after exchange differences from the date of conversion from US dollar to GBP and associated costs, was $50.1m. Accompanying the return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 70.6m at 31 December 2024. During 2023, the Company paid dividends to shareholders of approximately $450m and $100m to shareholders in May and October respectively (see note 7.2). The US dollar amounts were converted into GBP ahead of each dividend. Exchange movements from the date of conversion to the date of payment reduced the US dollar equivalent of the dividends to $541.1m. Accompanying each return, the Company undertook a share consolidation which, together with the share repurchases reduced the number of ordinary shares issued to 93.8m at 31 December 2023. The share premium cancellation of $495.4m was confirmed by the Court of Session on 27 January 2023 and consequently registered with the Registrar of Companies on 31 January 2023. a) Shares held by ESOP Trust The cost of shares held by the ESOP Trust at 31 December 2024 was $5.0m (2023: $5.1m). The number of shares held by the Trust at 31 December 2024 was 1,829,160 (2023: 1,008,584) and the market value of these shares was \u00a35.4m ($6.7m) (2023: \u00a31.7m ($2.2m)). During 2024, the Group purchased 4,339,148 (2023: 7,364,197) shares at a cost of $10.3m (2023: $20.4m). During 2024, 125,743 shares were created on share consolidation (2023: 1,856,663). During 2023, the Group sold 404,973 shares at price of $0.9m; 4,159,174 shares vested and 25,000 shares were transferred from the ESOP Trust to the SIP Trust. b) Shares held by SIP Trust The cost of shares held by the SIP Trust at 31 December 2024 was $1.7m (2023: $1.2m). The number of shares held by the Trust at 31 December 2024 was 141,047 (2023: 124,693) and the market value of these shares was \u00a30.4m ($0.5m) (2023: \u00a30.2m ($0.3m)). In 2024, the cost of SIP shares purchased was $0.6m (2023: $nil). c) Foreign currency translation Unrealised foreign exchange gains and losses arising on consolidation of non-US dollar 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 $46.2m (2023: $45.9m) include amounts arising on various Group acquisitions and transactions and the capital redemption reserve arising from the 2013-2014 share repurchase programme. Capital reserves of $4.6m, $0.4m and $0.3m arose on the share repurchase programme which ran from April to July 2022, May to December 2023 and from January to November 2024 respectively. $6.1m of capital reserves relates directly to Capricorn Energy PLC, the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "a) Shares held by ESOP Trust The cost of shares held by the ESOP Trust at 31 December 2024 was $5.0m (2023: $5.1m). The number of shares held by the Trust at 31 December 2024 was 1,829,160 (2023: 1,008,584) and the market value of these shares was \u00a35.4m ($6.7m) (2023: \u00a31.7m ($2.2m)). During 2024, the Group purchased 4,339,148 (2023: 7,364,197) shares at a cost of $10.3m (2023: $20.4m). During 2024, 125,743 shares were created on share consolidation (2023: 1,856,663). During 2023, the Group sold 404,973 shares at price of $0.9m; 4,159,174 shares vested and 25,000 shares were transferred from the ESOP Trust to the SIP Trust. b) Shares held by SIP Trust The cost of shares held by the SIP Trust at 31 December 2024 was $1.7m (2023: $1.2m). The number of shares held by the Trust at 31 December 2024 was 141,047 (2023: 124,693) and the market value of these shares was \u00a30.4m ($0.5m) (2023: \u00a30.2m ($0.3m)). In 2024, the cost of SIP shares purchased was $0.6m (2023: $nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "7.2 Return of cash to shareholders In 2024, Capricorn announced the proposed return of approximately $50m (2023: $568m) to shareholders via a special dividend. The 2024 return of 4 3 pence per eligible ordinary share totalled \u00a33 9 .3m and was paid to shareholders on 7 June 2024. After exchange differences and associated costs, the total return was $50.1m. In 2023, a first return of cash to shareholders of 115 pence per eligible ordinary share totalling \u00a3359.1m was paid to shareholders on 15 May 2023. A second return of cash to shareholders of 56 pence per eligible ordinary share totalling \u00a379.3m was paid to shareholders on 20 October 2023. The total return to shareholders, after exchange differences and associated costs, was $560.0m", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "0.43", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-7": { "value": "39300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-450": { "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 biannual 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, other than a breach for the delayed payment of deferred consideration due on past business combinations which was settled in May 2024. The Board has made clear that no further investment will be made from the Group into the Egypt business, which must generate its own cash flows to fund future work programmes and debt repayments. 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 repurchase 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 2024, other than the funding of the Egypt business noted above. Capital and net funds, including lease liabilities, was as follows:
At At
31 December 31 December
2024 2023
$m $m
Loans and borrowings
99.3
111.8
Lease liabilities
6.1
7. 4
Less cash and cash equivalents
(123.4)
(189.5)
Net funds
(18.0)
(70.3)
Equity
349.3
406.5
Capital and net funds
331.3
336.2
Gearing ratio
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "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 2024: \u2013 various guarantees for the Group\u2019s operational commitments for the current year of $19.8m (2023: $27.6m); 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. A similar joint and several arrangement covers the deferred consideration due to Shell.", "dimensions": { "concept": "capricornenergyplc:DisclosureOfGuarantees", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "
7.5 Auditors\u2019 remuneration
Year ended Year ended
31 December 31 December
2024 2023
$\u2019000 $\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
726
485
Auditing of the Financial Statements of subsidiaries
238
261
964
746
Non-audit fees:
Audit-related assurance services
134
141
Other assurance services relating to corporate finance transactions
\u2013
629
Other non-audit services not included above
6
\u2013
140
770
Total fees
1,104
1,516
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 44). Non-audit fees incurred in the year were permissible services under the Financial Reporting Council
Ethical Standard, including services required by law and regulations.
The split of audit fees to non-audit fees payable to the auditors is as follows:
2024 Fees to the auditors 2023 Fees to the auditors
Non-audit fee
$140,000
Audit fee
$964,000
Non-audit fee
$770,000
Audit fee
$746,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZJEUQ8ZOC9AL24", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }