Business model

Our business model is focused on finding resources efficiently and monetising them smartly. The spread between the two is where we create value.

Being a sustainable explorer means having enough capital to drill two to three play opening wells per annum, regardless of where we are in the commodity cycle. This capital will come from one of two forms of monetisation: either cash flow from our production assets or cash on the balance sheet from assets that we have sold.

1 A reconciliation of net funds flow from production is presented within the table on page 37 of the 2017 Annual Report and Accounts.
2 Refer to footnote on page 2 of the 2017 Annual Report and Accounts.

Find low

Consistent portfolio high-grading, maintaining discretion over which prospects we drill and keeping costs under control. We are moving towards predominantly infrastructure led exploration.

Monetise smartly

Monetising our discovered resource is key if we are to create long-term value. At times we will need to be commercially innovative in order to find ways of monetising contingent resource and we are building a track record in this area.


Our aim is to generate sufficient cash flow from production that we can sustain both reinvestment into our asset portfolio and offer capital returns. We can maximise the margin through operating safely, reducing operating costs and maximising uptime.