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Performance

Performance

We are immensely proud that, from a standing start, the Eland team's expertise, focus and tenacity throughout 2017 has propelled the company's productivity to levels that position Eland as the second highest oil & gas producer on AIM

Leadership

Our 2017 KPIs focused on the fundamentals of operational success and our team delivered impressive results.

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Corporate and Finance

Measure of cash generation of business compared to targets including ability to manage working capital balances

Definition: EBITDA adjusted for working capital movements

Measure of Company’s ability to optimise portfolio value by exploiting available resources at competitive cost compared to target.

Definition: Direct field operating, tariff and transportation costs per bbl sold

Measure of corporate and executive cost base required to support the business who are not directly attributable to delivering operational programme

Definition: Average cost per month for support personnel (Executive, Finance, Commercial, HR & CR). Excludes direct project personnel such as technical and operation departments

Operations

Measure of production delivery compared to target by delivery of production targets entailing regular assessment of well delivery

Definition: PD metered production in calendar year on a gross OML 40 basis divided by days in year

Measure of Group’s effectiveness of maintenance, surveillance, and security programme to maximise uptime availability and cash generation

Definition: Available uptime from owned infrastructure

Health, Safety and Environment

Grow our reserves base through continued drilling programme to measure delivery of ability of business to grow in the longer term

Definition: Additional 2P reserve added in calendar year as validated by external auditor compared to annual production

Assessment of health and safety procedures and practices are effective in protecting the health and safety of those personnel and other stakeholders we owe a duty of care

Definition: Total Recordable incidents * 200,000 / Total man hours