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Take two for Capricorn

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11 October 2022

Take two for Capricorn

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Capricorn Energy has withdrawn its intention to merge with Tullow Oil and has entered into a new agreement with NewMed Energy.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

Tables and charts

This report includes 8 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Capricorn Egypt
  • Upstream assets: Table 1
  • Combined production and cash flow

What's included

This report contains:

  • Document

    Take two for Capricorn

    PDF 1.37 MB