2015 Annual Highlights 

The 2015 KPIs related to delivering a sustainable business, maintaining a balanced portfolio and achieving operational excellence.

The Group’s 2015 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 2015 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 2015.

Maintaining a balanced portfolio

Purpose

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

2015 KPI

  • Achieve exploration and appraisal success through discovery or addition of commercial hydrocarbons in 2015
  • Mature high impact exploration prospects ready for drilling in 2016 or 2017
  • Active portfolio optimisation and acreage protection

Seeking operational excellence

Purpose

Deliver operational excellence in all 2015 activities and maintain licence to operate

2015 KPI

  • Successfully complete operated and non-operated 2015 work programmes
  • Deliver activities with a focus on the safety of people and the environment
  • Continue to enhance the Group’s HSE culture, behaviours and approach

Delivering a sustainable business

Purpose

Maintain a self funding business plan

2015 KPI

  • Retain balance sheet strength