Business Model

Agora’s business model is to create returns by exploration and appraisal drilling in mature parts of the North Sea. In such areas, geological and operational risks are generally well understood and the presence of existing infrastructure allows profitable development of even relatively small accumulations. Further, Agora is of the view that imaginative exploration can still yield more significant discoveries in the basin, a contention attested to by several large discoveries made in recent years. Accordingly, a portfolio is being built that allows for the drilling of at least 5 exploration or appraisal wells per year through focused licence round applications, farm-in transactions and larger portfolio/corporate acquisitions. The company retains the capacity to realise value from discoveries at any point in the value chain through divestment, swap or development.