What we own and operate
Working interests in producing and development assets. Production and reserves are stated net to our interest, on the basis reported to the board, and are updated from the operating record rather than restated for presentation.
No assets are held yet
AEC is in its acquisition phase. Assets appear here from the operating record as transactions complete — this page reports the portfolio, it does not describe an intention.
What will appear here
Each holding is listed with its country and basin, the block or licence it sits under, our working interest, whether we operate it, current net production and remaining net reserves. Aggregates are the sum of those positions and nothing else — there is no netting, no gross-up and no pro-forma.
Reserves are reported on a 2P basis unless stated otherwise. Gas is converted at the factor recorded against the asset for reporting purposes only; revenue is always calculated on the physical stream at its own price.
What we look for
We screen against a written set of thresholds rather than case by case, so that a marginal opportunity is declined for the same reason today as it was last quarter.
- Producing or near-production assets where the production history supports the forecast
- A working interest large enough to influence the development plan
- Fiscal terms we can model from the executed contract, not from a summary
- A jurisdiction whose country risk we can price and whose sanctions position is unambiguous
- Decommissioning liability that is quantified and provided for, not deferred
- A route to market for every stream we would be taking title to
Opportunities that fail on subsurface can sometimes be repriced. Opportunities that fail on jurisdiction or on decommissioning exposure are declined.