Deal Insight
Take two for Capricorn
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Capricorn Energy has withdrawn its intention to merge with Tullow Oil and has entered into a new agreement with NewMed Energy. The merger will create an East Mediterranean gas-focused business, combining NewMed's portfolio in Israel and Cyprus, with Capricorn's Egyptian Western Desert assets. The immediate focus will be commercialising Leviathan Phase 1B and Aphrodite, which will be the growth engines in the combined portfolio. NewMed expects Leviathan development concept selection in H1 2023, which we think could lead to FID next year. Aphrodite FID could also be taken next year. By 2027, when both reach plateau, we expect company production will be over 200 kboe/d, up from around 135 kboe/d in 2023.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Egypt
- Mexico
- Exploration assets
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- NewMed Energy
- Capricorn Energy
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2
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Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Capricorn EgyptUpstream assets: Table 1Combined production and cash flow
What's included
This report contains:
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