ABOUT CANON OFFSHORE COMPANY

OVERVIEW

Canon Offshore is an independent oil and gas exploration and production company founded in 2001. Canon Offshore is dedicated to creating and increasing value with highly experienced team with excellent technical, commercial and financial skills.

MISSION STATEMENT

The mission of Canon Offshore Company is to be a growth-oriented industry leader respected throughout the world for the quality and competency of its people, the efficiency and scope of its operations and its rich heritage of honesty and integrity.

CORE VALUES

• Commitment to quality
• Honesty
• Integrity
• Respect for the individual
• Teamwork
• Creativity

STRATEGY AND PERFORMANCE

BUSINESS MODEL

Canon Offshore vision is to be a foremost exploration and production corporation. The business model creates the basis upon which the corporation can attain this through its strategy.

The corporation possesses certain key attributes that provide it with a competitive advantage. Key Performance Indicators (“KPIs”) are used by the Company as one measure of performance and relate to both the underlying business model and the delivery of strategy.
Canon Offshore’s business model balances the exploration and appraisal process with cash generating production assets which is supported through high standards of governance, regional knowledge and contacts and an effective Corporate Social Responsibility (“CSR”) policy framework.

EXPLORATION AND APPRAISAL

Our technical team is responsible for assessing new areas for exploration campaigns. The team will identify core plays and prioritise exploration options. After reviewing the initial exploration programme, the team will propose an appraisal campaign to prove up the size of the discovery and whether it is deemed commercial.

PRODUCTION AND DEVELOPMENT

Once the area has been proven, appraised and confirmed commercially viable, the development team is responsible for providing information to enable the Company to best achieve revenue generation and cash flow by moving the hydrocarbons into production. A strong regard for the environment and respect for local communities is important.

CAPITAL DISCIPLINE

An appropriate capital structure balancing the exploration and operational demands of the portfolio with financing requirements is required to ensure appropriate funding for long-term sustainable growth. This can include the monetisation of assets or accessing capital markets and is an ongoing process to ensure efficient allocation of capital.

STRATEGIC PRIORITIES

Canon Offshore’s vision is to be a leading exploration and production company and the Company aims to generate long-term shareholder value.

Canon Offshore sets out to achieve its aim of sustainable long-term value through a strategy that focuses on:

• high-impact international plays with the potential to discover significant hydrocarbon reserves;
• Generating cash flow through production; and
• Managing the portfolio effectively, this can include the acquisition of value creating opportunities.

This is done against the background of:

• ensuring potential operations are safe and minimising Lost Time Injuries (“LTIs”) for staff and contractors;
• engagement with local communities who may be affected by our work;
• building successful long-term relationships with local governments, communities and stakeholders in the areas of operation; and
• high standards of corporate governance.

Canon Offshore ensures this is done through:

• employing and retaining a strong team across all departments.
• A diversified management team