A New Method for Strategic Asset Characterisation & Risk Mitigation in Exploration

To conduct a relativesemi-quantitative assessment of subsurface Exploration projects through analysis, at multiple scales, of four key criteria - technical Risk, Difficulty, Effort and Uncertainty in order to provide a clear: (i) Management-level overview through a graphical representation of relative technical risk between projects and degree of mitigation required (ii) Breakdown of component technical risk, by function (e.g. workflow-discipline-asset team-company) or object (e.g. reservoir-well-field-asset-company) (iii) Basis for selection of software, people and other resources that willmaximise technical evaluation of the Exploration asset and thereby drive down risk, difficulty and uncertainty with minimum possible effort.