We actively seek out opportunities. We develop mutually beneficial relationships with key stakeholders and partners. We develop and utilise our technical competencies.

We have worked hard over 2016 and 2017 to deliver positive commercial returns in a constrained environment for our industry.

We have maintained tight control on costs, and executing commercial transactions at value, including the sale to Genesis Energy of our 15% holding in Kupe, and subsequent acquisition of 4% of Kupe at value. We have significantly reduced our operating costs, and have applied a similar lens to Cue Energy Limited, in which we hold a controlling share.

How we could do better - 2016

We can continue to keep a tight control on costs, particularly as  we adjust to a new strategic focus  on extracting more value from our existing assets and looking for opportunities to acquire new assets at value.

How we could do better – 2017

We aim to make new investments that create shareholder value by acquiring assets, with a preference for gas assets in markets we understand, at a scale and investment risk profile suitable for us. Our priority is to find commercial partners who have the scale and expertise to drill a well in the exciting Barque prospect east of the South Island.