Our Business Model
Our Business Model
We review our portfolio regularly and our assets are monetised at different stages of oil and gas exploration, development and production to optimise the portfolio and value creation.
What we need to execute our business model
Our people, our strengths and capabilities
- Business ethics and integrity
- Highly skilled subsurface, commercial, finance and investor relations teams who have considerable experience with capital markets and in supporting local management
- A track record of delivery
- Strong industry relationships
Our assets & portfolio
- In Egypt we have production and organic growth potential through discovered reserves and resources and existing field exploration options 2P numbers are 13.3 mmboe gross, 3.0 mmboe net and United estimate net unrisked summed mean recoverable resources of 10.4 mmboe contained within over 30 identified prospects and leads
- In Jamaica, we have an estimated 2.4 billion barrels unrisked mean prospective resources across the basin
- We actively manage our portfolio to achieve best commercialisation opportunities at the right time of our current portfolio
- We look to also grow by pursuing new venture opportunities that meet our investment criteria
- We commit to working responsibly across all our activities. This means working in a safe, secure, environmentally, and socially responsible manner
Financial flexibility
- We have a capital allocation policy of 90:10, with 90% of our capital focussed on growing our producing business and 10% on high impact exploration assets
- Our producing asset has a very low operating cost by industry standards
- Work programmes for our current portfolio are funded by cash generated from our producing assets
- We have access to capital markets and have established relationships with debt and equity providers
What we do
Produce, develop and explore
We drill wells with our Joint Venture Partners on existing discovered reserves and resources to produce oil and gas. We maximise returns through our low-operating costs and optimising production. We explore for oil and gas in our existing licences. We conduct operations responsibly and safely.
Grow
Organic growth through disciplined and careful reinvestment into existing assets that will generate value (drilling, work programmes, workovers, operational efficiencies)
Inorganic growth via acquisitions with a focus on production and a small proportion of high impact exploration.
We have a track record of creating significant growth and value demonstrated through our acquisition of the Abu Sennan, Egypt licence.
We have the ability to move quickly to pursue opportunities.
Monetise
Responsible value creation
We are committed to making a positive contribution, wherever we do business by delivering tangible benefits to our stakeholders. This includes the value distributed through salaries, taxes, payments to authorities, contractors and suppliers, capital spending and social investment.
Shareholders and financing partners
Oil and Gas revenue and cashflows
Employees
Zero incidents recorded for LTI’s
Salaries and benefits
Business partners and suppliers
Joint operating company has contributed to national economic growth through local sourcing , employment and using local suppliers.
Governments and regulators
Payments to Governments via royalties, taxes and levy’s
100% of oil/gas produced is sold domestically
Local community investment
Social Investment into capacity building
Joint operating companies, have contributed to national economic growth through local employment , training and industry upskilling
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