Ophir Energy Plc Annual Financial Report -2-
16 April 2015 - 1:23PM
UK Regulatory
* All material information is released to the market on
a timely basis and in accordance with all applicable
regulations.
* There is ongoing monitoring of public sentiment
towards the Company and its operations.
* Ophir places great importance on values they expect
staff to demonstrate in order to be respected by its
stakeholders.
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Political Director NO
risk * Ophir regularly monitors and seeks to understand Corporate CHANGE
changes taking place in political and regulatory Services
environments and the potential for shocks to make
recommendations to the Board.
* Ophir maintains a balanced asset portfolio across
different jurisdictions.
* The Company strives to maintain positive
relationships in host countries and work to the
highest industry standards with regulators, closely
monitoring compliance with the Company's licence and
PSC obligations.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Strategic Investment Director NO
decisions * Focus on growing a revenue generating business to Portfolio CHANGE
fund exploration activities and minimise the overall & Strategy
cost of capital.
* Only allocate capital to highest return opportunities
following rigorous risk reward analysis.
* The Company and its advisors are experienced within
the industry, and complete a proper review of the
Company's strategy and investment criteria.
* The current portfolio is closely monitored and new
market opportunities continually reviewed.
* A robust risk assessment and due diligence process is
undertaken on all potential new entries.
* Ophir endeavours to transact at the most appropriate
time to create value for shareholders.
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Inadequate Director Human DOWN
resource * The Company regularly reviews the organization to Resources
and reliance ensure it is appropriately resourced to deliver its
on key objectives.
personnel
* Ophir relies on the excellence of a team of
experienced Oil and Gas professionals for its
operational success. In order to retain, motivate and
recruit suitably qualified employees it ensures its
remuneration packages are competitive.
* It has established a Long-Term Incentive Plan (LTIP)
for Executives and a Deferred Share Plan for staff.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Operational Health Director UP
Safety * Ophir is committed to maintaining robust health, Corporate
and safety, security and environmental management and Services
Environment procedures in place in order to respond to unexpected
(HSE) and events that have a direct impact on the Company and
Security the communities it works alongside.
incident
risk
* Thorough risk assessments to develop robust
mitigation and response measures are designed and
overseen by management and the Corporate
Responsibility Committee which meets regularly to
review and monitor compliance.
* Comprehensive oil spill and emergency response plans
are always in place with regular training in the
procedures taking place with specialist service
providers.
* The Company has clear in-country control measures.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Drilling Director of DOWN
operations * Ophir maintains clearly defined operational Drilling
procedures.
* The contracting and procurement process ensures
suitably qualified contractors are employed and
trained in Ophir's best practices.
* Regular training and continued monitoring of staff
adherence to HSE procedures.
* The Company frequently reviews project management
techniques.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Discovery Head of NO
risk and * To achieve value creation through exploration the Exploration CHANGE
success rate Company has technically and regionally experienced Africa and
management and geoscience teams with a proven record Head of
of success. Exploration
Asia
* To reduce risk, substantial technical analysis is
undertaken to evaluate and manage opportunities.
* During 2014 Ophir has significantly rebuilt its
exploration footprint in order to have access to a
high-graded exploration portfolio of world class
potential.
* Exit licences where the Company do not believe the
model of finding and then monetising resource exists.
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IT risk Head of IT NO
* Regular monitoring and review of IT security CHANGE
vulnerabilities that could lead to information
security breaches.
* Various standard industry systems and processes in
place to manage security, power outages and network
disruptions, thereby minimising downtime to
operations and corporate offices.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Availability Director of DOWN
of rigs * Regular market review of services and rig Drilling
and services availability occurs. Engagement of experienced
advisors to ensure a rapid response to opportunities
and an ability to close binding agreements quickly.
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