Annual Report & Accounts 2013



Our strategy is to discover and acquire assets with material hydrocarbon resource potential and to exploit these assets to deliver superior shareholder value. We focus on developing material asset positions in attractive fiscal regimes with strong partners that can add complementary skills as well as financial strength. Our geographical focus is Middle East-North Africa (MENA), the Mediterranean basin and the Black Sea.







High impact exploration in Kurdistan Region of Iraq, Romania, Egypt, Italy and Greece

Active exploration programme over the next 18 months, 6 firm wells and 4 contingent wells

2P Reserves of 361MMboe, 2C Resources of 52MMboe and unrisked prospective resources of 2,591MMboe

Algeria project supports long term perspective

Core development and production assets in Algeria, Egypt and Bulgaria with production of 25.2 Mboepd

Maximise the efficient management of our producing wells and reserves

Develop opportunities arising from the existing asset base

Ensure the correct mix of skills, experience and knowledge, focused on developing the asset portfolio


Joint venture partnerships to mitigate risk, share costs and gain external knowledge and experience

Targeting onshore and offshore concessions where the Company has a competitive advantage and entry costs are low

Effective portfolio management, second phase Algerian asset farm-out to generate a minimum $160m

Ensure stable financing structure to support development of our asset base

Strong cashflow generation from producing assets

Low operating costs, stable mix of liquids and gas, predictable gas prices on long-term contracts

2013 refinancing provides financial support for long term strategy

Strong in-house technical capabilities to evaluate new venture opportunities in a cost effective way