2014 Annual Highlights 

The 2014 KPIs related to delivering a sustainable business, maintaining a balanced portfolio and achieving operational excellence.

The Group’s 2014 KPIs were reflective of the early stage in the value creation cycle, unlike the more traditional KPIs for oil and gas exploration and production companies (such as production or operating cost targets), which the Board currently considers are not relevant as a measure of the Group’s performance.

Good progress has been made across the 2014 KPIs and a brief update on progress is presented in the table on the KPIs page.

The final decision on the overall achievement of the KPIs was made at the Remuneration Committee meeting in December 2014.

Maintaining a balanced portfolio

Purpose

Grow the reserves and resources base to provide a basis for future growth

2014 KPI

  • Achieve exploration and appraisal success through the discovery of commercial hydrocarbons
  • Mature high impact exploration prospects ready for drilling in 2015 or 2016

Seeking operational excellence

Purpose

Deliver operational excellence in all 2014 activities and maintain licence to operate

2014 KPI

  • Successfully complete operated and non-operated 2014 work programmes
  • Deliver our activities with a strong focus on not harming people or damaging the environment
  • Continue to enhance the Group’s HSE culture, behaviours and approach

Delivering a sustainable business

Purpose

Maintain a self funding business plan

2014 KPI

  • Retain balance sheet strength