Island is an approved operator in Ireland, The Netherlands, Morocco and Albania – this gives us an access route into new projects denied to many of our peers. We are the only Company in the last decade to have announced three successfully tested gas exploration and appraisal wells in offshore Ireland.
Island’s experienced management team seeks to identify opportunities with potential for value enhancement before industry competitors do so.
Our focused technical, operations, commercial and legal team have considerable international experience in upstream projects involving proven hydrocarbon resources.
Island has an excellent health, safety and environmental record.
Island’s decision-making process is streamlined, politically unaligned, and is based on fair and transparent business practice.
The approved operator status was required to expedite a licence award. We applied technical expertise to improve the understanding of the reservoir architecture and likely recoverable oil. We acquired the interest before a significant rise in oil prices. Through our top quality technical, operational and corporate expertise, Island was able to enter, add value to the project and exit at a considerable profit in a classic example of a strategy that the Board hopes to be able to repeat.
This transaction delivered Island’s stated business model. We acquired the asset for minimal cost, enhanced the asset by applying our specific technical expertise and our ability to operate. We realised the value of the asset within 18 months of acquisition, through an early sale at a time of favourable market conditions.
Geological setting of Amstel field
(Please click on image above to view a larger version)
