Delivering resultsIsland now has a recognised and respected reputation on four continents with a proven and successful operating capability in harsh geological environments. This allows us to secure access to future international opportunities at a potentially low entry price by providing its operating capability to other joint venture partners. Our senior management has demonstrated early identification of the potential to spot opportunities and realisation of cash-in opportunities, thereby creating strategic value. Access to cash in difficult market conditions through rationalisation of Island’s asset portfolio has been critical to maintaining the growth potential of the company.
Project case study: Seven Heads Gas Production Acquired in 2005 for a very low entry cost, its cash flow was enhanced in 2006 with Ramco’s interest in the field being acquired by Marathon leading to an increase in production from the field. The strategic value of the infrastructure was increased in 2007 with the successful appraisal of Island’s Schull gas field. This created the potential to extend the life of Seven Heads and to create gas storage opportunities in line with the beginning of a national debate on the Security of Supply issue. Seven Heads gas production
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