Our primary focus is on the assets that we have, where our team has years of experience managing exploration, development and production projects. We concentrate on areas that are prospective for oil, in proven hydrocarbon regions and where we believe we have a competitive advantage.
Our team has the technical knowledge and experience to find oil and gas fields, properly appraise them so STOIIP and GIIP are correctly estimated production platforms are correctly located and so that the fields are produced and operated efficiently across the full life cycle of exploration, development and production.
A pivotal cornerstone to our company will be a new ethos. There will be geoscience and subsurface excellence at all levels of the company throughout staff, management and up to board level. This will be a strong success theme in the company and will lead to successful drilling outcomes.
The company targets for Exploration drilling will be 50% success ratio, Appraisal Drilling will be 60% success ratio and Development drilling will be 80% success ratio.
This new ethos is not entirely new of course. It has already been trailblazed by other well managed and successful IOC’s such as Kosmos Energy, Far Limited, Encore Oil and Revus/Agora/Origo for example. The difference for NSNR is we plan to keep interest in our exploration successes and appraise and develop them.
We will seek multiple oil and gas field assets to spread risk exposure, improve efficiency and achieve liquidity and cash flow for shareholders.