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Performance Excellence

....remains a challenge in our industry
Christopher Wheaton
» Director & Fund Manager
» Allianz Global Investors Europe GmbH
Peter Parry
» Partner; Leader, Oil & Gas Division
» Bain & Co

Full Agenda

Thursday, June 12, 2014
The Geological Society

Performance in the oil & gas industry continue to present major challenges.

In Exploration, the last 18 months to two years have revealed abject performance, with poor success rates, whether in Mature areas such as NW Europe or in the Frontiers.

Developments are habitually late, or way over budget, or fail to deliver their production promises.

Production shortfalls are all too common.

What is going on? Does anybody know!

We invite insightful contributions on these topics – please contact David Bamford directly.


8:45 Arrivals and Registration. Tea & Coffee
9:30 David Bamford - Director
Finding Petroleum

Welcome & Introduction

David Bamford is well known around the oil & gas industry both as an explorer and a geophysicist. He holds a Physics degree from the University of Bristol and a Ph.D in Geological Sciences from the University of Birmingham.

Since 2004, he has been a non-executive director at Tullow Oil plc, being recruited for this position especially for his exploration knowledge. He serves on the Nominations and Remuneration Committees, and was chairman of the latter, and Senior Independent Director, for 3 years prior to his retire from the board at the end of April 2014.

He was on the board of Premier Oil from May 2014 to May 2016.

He retired from BP plc in 2003, his last four positions being Chief Geophysicist (1990-1995), Business Unit Leader (General Manager) for first West Africa and then Norway (1995-1999), and finally Head of Exploration until 2003.

He has served on the boards of Paras Ltd, a small exploration and IS/IT consulting company in which he held 22% equity, until its sale to RPS Energy in 2008 and Welltec a/s, a Danish well engineering company, as the nominee of the private equity investor Riverside.

From 2012 to 201 he was on the board of ASX-quoted Australia Oriental Energy as a non-executive director.

He was a founder of Richmond Energy Partners, a small oil & gas research house, and several media companies that focus on the oil & gas sector, and has served as an advisor to Alliance Bernstein, Opus Executive, the Parkmead Group plc, and Kimmeridge Energy LLP. Since retiring from BP, he has undertaken asset and company valuation projects for investment banks, hedge funds and small oil companies.

Finding Petroleum
Finding Petroleum was established to help the oil and gas industry network, and stay up to date on t
9:40 Christopher Wheaton - Director & Fund Manager
Allianz Global Investors Europe GmbH

Excellence and equity- an investors’s view of the energy industry

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Talk Description
An oil and gas industry investor looks back in anger: Why the industry is underachieving, and offers a prescription to make it improve
At Allianz Global Investors, we follow a two-word philosophy:
Understand. Act. It describes how
10:15 Alastair Bee -
Richmond Energy Partners

Exploration Performance- The good, the bad and the unfortunate

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After completing a Ph. D. in geochemistry at Imperial College Alastair joined BP in 1973 as a geologist. In a 30 year career with BP, he held a number of posts in technical and team leadership, and held senior managerial positions in the UK, Middle East, South East Asia and Australasia. Alastair also held several business management positions including a period in Strategic Planning in BP’s Head Office and leadership of BP’s Middle East Business Development activities. He has specialist knowledge of exploration, field development, business development and global oil and gas supply issues.

Richmond Energy Partners
Richmond Energy Partners was founded in 2006 and provides independent advice to investors in smaller
10:50 Coffee & Tea; Exhibits
11:15 Peter Parry - Partner; Leader, Oil & Gas Division
Bain & Co

Operational Excellence Delivery: The projects and mature asset challenge

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Talk Description
Operational and performance excellence has belatedly risen to the top of IOC agendas. The increase in capital spending to sustain production and mature asset performance below expectation have combined to squeeze performance to levels where both management teams and shareholders are concerned enough to move into action.

Changing performance brings two new concepts to life, 'affordability' for projects and 'predictability' for production assets.

What does or will operational excellence look like?
What analysis and intervention is appropriate?
What actions are yielding success?
Peter Parry is a partner in Bain & Company’s London office and a leader in the firm's Global Oil & Gas practice. He has extensive experience in strategy development, technology management, operations and commercial negotiation. He has worked extensively with the energy industry’s leading players over the past 28 years, including international majors, national oil companies, independent oil, and oilfield and engineering service companies.

Peter has a particular interest in strategies for corporate growth and shareholder return performance. He has extensive experience working alongside executive management in the oil majors and national oil companies, developing and implementing growth strategies.

He has assisted companies to develop technology portfolio management strategies and long-term technology investment plans, and to more closely integrate technical service activities, R&D, and field operations.

He has also played high-profile roles in the World Economic Forum and with the Global Business Coalition on HIV/AIDS, TB and Malaria. He has written and published a number of articles and papers on the oil and gas sector, on the low carbon agenda and on the effectiveness of public/private partnerships.

Prior to joining Bain & Company, Peter worked for Booz Allen Hamilton where he led the global upstream oil and gas consulting business. Previous roles have included managing director of Arthur D Little’s UK consulting and R&D business, manager in the Energy Corporate Finance team of a UK merchant bank and a technical specialist for the geophysical consultancy Scott Pickford and Associates.

Peter is a member of the Association of International Petroleum Negotiators and the Petroleum Exploration Society of Great Britain.

Bain & Co
Bain & Company is the consulting firm the world's business leaders come to when they want enduring r
11:50 Robert Waterhouse - Managing Director
Rosha Resources Ltd

Why is everyone, other than the shareholders, doing very nicely?

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Talk Description
There are numerous 'winners' in E&P: the
governments, the local communities and companies, the company boards, geologists, Nomads, accountants, seismic contractors, drilling contractors etc etc etc.

And only one 'loser'. The poor old shareholder.
Robert has previously been involved in marketing non-seismic exploration technology to international E&Ps, and he is currently focused upon executive search and executive coaching for senior management at natural resources and other companies. His career spans the private, public and civil service sectors. He studied the History of Science in his degree.

Rosha Resources Ltd

12:10 Dr. Marcus T Richards - Formerly Group CEO of Dana Petroleum plc
Finding Petroleum

The need for change!

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After three very successful years leading Dana Petroleum plc., Marcus Richards stepped down as Group Chief Executive at the end of 2013. Marcus joined the company following its takeover by the Korea National Oil Corporation in late 2010, transforming it from an investor-led business into a fully-fledged exploration, development and production company. Dana now operates in Europe, Africa and the Middle East. The growth strategy launched in 2011 led to exploration and appraisal successes in the UK, Netherlands and Egypt, creating opportunities for future developments. Production grew to 55,000 barrels per day, and Dana shifted its focus from a largely non-operated portfolio towards more operated positions. Dana’s $1.6 billion Western Isles development project approved by the UK Government in late 2012 will provide an additional 40,000 barrels of daily production when it comes on stream in 2015.

Prior to joining Dana, Marcus spent much of his early career with BP. Over a period of 27 years he held a number of business leadership, functional and technical roles within Exploration & Production and BP Group culminating in the role of Senior Vice President corporate headquarters in London. The role covered Upstream E&P and Downstream Refining businesses. Prior to this appointment he held the position of Director and Business Unit Leader, BP Exploration Operating Company Limited for BPs North Sea businesses dealing with the UK, Norway and the Netherlands. His experience includes managing large-scale multi-disciplinary and international teams in operational, major project, research & development arenas. He is a founding shareholder and advisor to Tier One Capital Ltd, Independent Wealth Management and advisory to the financial sector. He holds a BSc (Hons) and PhD, and is an alumnus of Harvard University.

Finding Petroleum
Finding Petroleum was established to help the oil and gas industry network, and stay up to date on t
12:30 Multiple -
Panel Discussion
PetroMall Panel Discussion: "What is to Be Done?"

Talk Description
The core discussion point is: How might we restore belief in E&P companies?

We have looked at the facts, E&P companies are performing poorly and shareholders are losing out!

But moaning about the past and the present doesn't help us too much.....................

How can companies perform better, deliver enhanced shareholder returns, come back into favour?

Panel by:

- Stuart Amor, Head of Oil & Gas Research at RFC Ambrian Ltd

- Robert Waterhouse , Managing Director at Rosha Resources Ltd

- Marcus Richards, Former CEO of Dana Petroleum plc

- Chairman, David Bamford, will lead a Q&A session between the audience and our panellists.

13:00 Raffle Prize draw, followed by Lunch and refreshments

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