The Terms of Reference of the Board Strategy and Finance Committee include the following:
1. Review proposals for:
i. Long Term Strategic Vision and Plan.
ii. Annual Strategy Plan and its alignment with the Long Term Strategic Plan.
iii. Updates on the execution of the Annual Strategy Plan by reporting on the Annual Operations Work Programme in respect of all the Company operated and non-operated areas, on a quarterly basis including:
(a) the status of implementation of the work programme;
(b) the progress of implementation of projects; and
(c) the progress of drilling of wells and seismic surveys.
iv. The Company’s Petroleum exploration operations in respect of:
(a) the selection of new areas;
(b) farm-ins and farm-outs; and
(c) the surrender of licences and areas.
v. Development of the existing as well new petroleum discoveries and reporting of progress.
2. Review of the Company’s overall performance on the Annual Strategy Plan by monitoring the Key Performance Indicators (KPIs) on a quarterly basis.
3. Review of data, benchmarking the Company’s operational performance and costs against competitors on a bi-annual basis.
4. Review and evaluation of propositions relating to investments in operational assets and businesses or the entering into partnerships or joint ventures with any parties for the purpose.