| Risk |
Mitigants |
| Drilling operations risk |
- The Group maintains clearly defined operational procedures that
should always be followed.
- The contracting and procurement process ensures suitably
qualified contractors are employed.
- Regular training in the processes and continual monitoring of
adherence are undertaken.
|
| HSE incident risk |
- The Group maintains a comprehensive system of HSE procedures
that should always be followed. The systems are overseen by the HSE
committee who regularly meets to review and monitor
compliance.
- Comprehensive Environmental Impact Assessments are performed.
Oil spill and emergency response plans are in place
and regular training in the procedures occurs.
|
| Discovery risk and success rate |
- The Group has a technically and regionally experienced
management and geoscience team who have a proven track record of
success. To reduce risk, substantial technical analysis is
undertaken to evaluate and manage opportunities.
- All exploration and appraisal programmes are consistently
reviewed and monitored before being recommended to the Board for
approval.
|
| Insurable risks |
- Comprehensive insurance programmes are maintained in accordance
with industry standards.
|
| Availability of rigs and services |
- Regular market review of services and rig availability occurs.
Experienced advisors are used to ensure a rapid response to
opportunities and an ability to close binding agreements
quickly.
- A dedicated drilling project manager and C&P manager ensure
a clear contracting strategy and project plan are produced early in
the procurement planning stage.
|