At its founding, the Company adopted a longer-term international growth strategy with the following key elements:
I. Target creation of large global E&P company in five to seven years
II. Build an E&P portfolio in one or two regions of the world
- Mediterranean Basin / Central Europe / MENA regions are of prime interest currently, but may pursue opportunities in other regions that meet screening criteria
- Focus on countries with world-class hydrocarbon basins, attractive fiscal regimes, limited political and contract risk, established infrastructure and significant deal flow
- Target under-explored and under-exploited assets, and under-capitalized companies
- High-grade portfolio with operated, high working interest, onshore producing assets with material exploitation, development, and step-out exploration upside
- Establish critical mass by acquiring large reservoirs or large land positions with a high density of repeatable opportunities (conventional and unconventional oil and premium gas)
- Apply modern technologies and strong execution oversight
III. In the near-term, the Company is focused on the following key objectives in Turkey:
- Develop the tight gas play in the Thrace Basin with modern frac technology;
- Optimize the conventional shallow gas business in the Thrace Basin;
- Deploy horizontal drilling and frac technology to exploit oil plays in the Anatolian Basin; and
- Fulfill exploration-focussed commitment programs on high potential licences.