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Technology
The Group undertakes the selective application of proven technologies in an integrated manner to implement its
exploration, appraisal and development strategies. The Group’s production strategy considers risks and opportunities
analyses, data gathering campaigns and advanced seismic and sequence stratigraphic interpretation including noise
elimination as well as borehole seismic techniques. On the operational side, the Group pursues the optimal artificial lift
selection and flow assurance, and verifies that workover plans are in place for maintaining and increasing production.
The Group implements water injection and gas recycling in order to increase hydrocarbon productivity and to add
reserves. The Group utilises advanced static and dynamic models on all major assets to better predict and enhance asset
performance and aid in understanding and booking of reserves and resources.
The Group intends to utilize smart well completions and state-of-the-art simulation techniques and is also evaluating data
acquisition and automated telemetry systems that will provide real time operations data through remote monitoring of
well pressure and pump performance. Where appropriate and cost-effective, the Group seeks to leverage the
technological expertise of leading international service providers and academic institutions, as well as the experience and
expertise of its JV partners, to improve and increase asset performance.
The Group continuously pioneers newly developed drilling technology applications in order to enhance drilling
performance in all assets, particularly in Egypt and Iraq. Examples include casing while drilling and implementation of
cutting-edge directional drilling technologies to maximise well bore efficiency and hydrocarbon delivery.
Insurance
The Group’s operations are subject to numerous operating risks normally associated with oil and gas exploration
activities. The Group insures against these risks through insurance contracts with a number of reinsurers from Europe
and the Middle East, all of whom possess a minimum credit/financial strength rating of A- (S&P or equivalent). The
programme lead by Beazley Syndicate 2623 (Lloyds syndicate), through its corporate broker Aon UK Limited, in all
Lloyds syndicates account for around 60% of the capacity provided to the Group. The Directors believe that its existing
insurance coverage is reasonable and meets international oil industry practice and standards, and the limits and
deductibles are more than adequate for the operations it undertakes (and those of the operators of assets in which it has
an interest).
The Group’s insurance coverage includes the following under an Energy package policy:
Property Damage insurance, including coverage for facility assets, inventory and Oil in Store and/or Transit,
with coverage provided on an “All Risks” basis, including but not limited to fire, lightning, explosion and
earthquake;
Operators Extra Expense insurance including coverage for wells out of control, redrilling of blown out wells
and any seepage and pollution, cleanup and contamination that may arise as a result of a blowout; and
general third party liability insurance in respect of the Group’s legal and contractual liabilities arising out of its
operations.
The above coverage is specific to the locations declared in the policy, however the policy does allow coverage for
additional operations around the world as and when required.
In addition to the Group’s own operational insurance, all contractors and suppliers are required under contract to
purchase relevant insurance for the activities they carry out and to indemnify the Group where necessary as agreed under
the contract.
In addition to its operational insurance the Group also purchases other forms of insurance covering its corporate
activities, including Directors and Officers insurance.
The Group may also arrange such further insurance from time to time in respect of its other operations as required and in
accordance with industry practice.
Anti Corruption
The business principles of the Group require the highest level of personal and professional conduct by all employees and
third party contractors and suppliers. The Group has rigorous due diligence procedures in place to ensure compliance
with applicable anti-fraud, anti-bribery and other anti-corruption laws and regulations in all jurisdictions in which the
