Capricorn Energy PLC

Good morning and welcome to the Capricorn Energy Half Year Results presentation. I'll now hand over to Randy Neely, Chief Executive Officer. Please go ahead.

Good morning and thank you for attending our mid-year 2025 results call. I am joined today by Eddie Oak, our CFO, who will walk through the financial and operations highlights, as well as Jeff Probert, our COO, who will provide a review of ongoing operations and provide more detail on the progress made to improve our production sharing contracts in Egypt. In addition, Nathan Piper, Director of Commercials, is also available for the Q&A session. Since myself, the new management team, Jeff, Eddie, Nathan, and our entire board joined the company beginning in 2023, we've made it very clear what our goals were. We intended to improve upon the base business in Egypt, reduce overhead and scale down, or eliminate all non-viable activities of the company. To do that, we set out with our JV partner in Egypt, Chiron, to negotiate a new consolidated production sharing contract for the eight 50-50 jointly held contracts. That has been a major undertaking, and we announced earlier this year that we had achieved a major milestone with the government approval of those terms. Jeff will provide more detail on this process and outcome shortly. For those of you that perhaps have not been paying attention to our journey over the past two years, I remind you that we have exited all non-core activities and we reduced our G&A burden by approximately 80%, including our staffing contingent, effectively right-sized the organization. As well, the company returned over $600 million to investors through dividends and share buybacks. Operationally, we have worked very hard to achieve technical alignment with our partner in Egypt, and we are very pleased with how that has progressed. Today, I can confidently state that Capricorn and Chiron are working synergistically to improve the technical and financial results of the joint venture. When this team, Capricorn 2.0, joined, we all recognized that the company needed to instill financial discipline, which included a measured approach to funding investments in Egypt, effectively a self-funding model. Although with the improved fiscal terms and payment schedules, this approach may not appear as relevant today as it was two years ago, we do not intend to deviate from this mindset. With our initial goals principally achieved, we are turning our attention to increasing value for our shareholders. Our intent is to do that through three principal activities. First, realizing on the improvement of the base business in Egypt, improvements to fiscal terms and lengthening of contract life will open up significantly new resource for the joint venture to pursue and exploit. Effectively, the amended contractual terms will allow the joint venture to pursue a very large existing resource base to add both reserves and production. Second, we, led by Nathan, our director of commercial, will continue to search for opportunities in the UK North Sea to realize on our historic position there. We have a strict set of criteria we measure every North Sea opportunity against. And although we have been deep into several processes, we have been unable to successfully conclude any of them. That's been either due to being outbid or the seller just effectively electing to retain the asset. And the third activity we'll look to add value is looking for synergistic asset deals or business to add to the portfolio. Ultimately, all of these will lead the company to return in value to the shareholders. Building business of scale and longevity. Over the past two years, the new board, myself, and the rest of the team have made a major effort to transform the culture, priorities, and focus of Capricorn. This wheel is meant to capture very simply how we are approaching this. We focus on the small details. We finance the business and any new ventures conservatively. We approach every project with technical rigor and apply strict capital discipline and demand the same of our partners. We approach the business strictly through a self-funding business model and new ventures initiated will require the application of a prudent approach to risk management. I'll let Jeff take the next slide.

Thanks, Randy, and good morning. You can see here on the graphic that we're on the last step of our journey to completing the consolidation of our eight 50-50 concession agreements into a single extended and improved agreement. Improvements in concession longevity and fiscal terms are a catalyst to increase Capricorn's reserves and production, with value and cash flow enhanced by increased investment, self-funded from Egypt. The EGPC This increased and, more importantly, sustained investment delivers greater production over the long term for Egypt and has the potential to be a true win-win for all stakeholders. We continue to expect customary ratification in the near future, commencing investment consistent with the new terms in the second half of 2025 and expecting new terms and commitments to apply to that investment. Back to you, Randy.