Executive Q&A – Independent Oil & Gas Focus
Staying true to our business model, Azimuth will predominantly target areas of the world where PGS’ multi-client seismic library is at its most dense. North Sea, Mediterranean and Africa are our highest priorities, but we are also looking to expand into South America, Gulf of Mexico and Asia Pacific over time.
Success in certain regions requires a local presence and a level of understanding that few small companies can achieve. To help unlock value we have entered into strategic partnerships with Sahara Energy in Africa and Edgo in the Mediterranean. Both are leading indigenous companies with exceptional capabilities and relationships. With the right technical insight and the right partnerships, we believe that small E&P firms can get traction across the globe.
Can you talk a bit more about the importance you place on possessing quality seismic to your company and to the exploration industry as a whole?
Acquiring high-quality 3D seismic over a discrete prospect or block is essential for illuminating and understanding the reservoir(s) beneath. Utilisation of 3D seismic has grown year-on-year and it is now viewed as a pre-requisite to drilling by many oil companies. Access to high-quality regional seismic is arguably even more valuable for explorers. Interpreting a regional database helps identify trends and play types, it facilitates the latest reservoir characterization techniques, and helps explorers put discrete blocks into perspective. Acquiring oil acreage without regional seismic is like hiking in a minefield without a map.
What are the company’s goals over the next 2-5 years – both financial and in exploration?
Azimuth acquires exploration assets and then drives the de-risking program required to produce drillable prospects. Our goal for the next two years is to develop a robust portfolio of acreage packed with well-defined, exciting targets, ready for drilling in 2013-2014. Further funding and rapid growth to follow…
Which other E&P companies do you admire and why?
I admire Cove Energy. From zero to hero in just over two years is a fantastic result. They eschewed the traditional model and immediately took a stake in frontier exploration assets where drilling was imminent.
Eco Atlantic is another interesting company. They won Namibian assets in the middle of 2011 and have already taken material steps towards advancing their acreage. Their dynamism and ability to overcome market hesitation is impressive.
San Leon Energy is another one to watch. The optionality in their portfolio is immense and their team had the insight to commit to several of the industry trends (oil shale, shale gas, etc) that have captivated the oil majors.
I also admire the firm Cenkos. Their ability to understand E&P companies and ability to raise funds is unparallel in the UK market. Jon Fitzpatrick runs an excellent ship.
Finally, three questions we always ask: First, when you’re away from work, how do you enjoy spending your spare time?
I enjoy driving – any available vehicle over any and all available terrain. Trying new activities – from sushi making to fencing to bootcamps, it’s all good. And writing novels (under a pseudonym…).
Second, what do you enjoy most about working in the oil and gas industry? The oil industry, quite literally, underpins the world’s economy. Why work anywhere else?
Finally, I can’t let you go without asking our standard question. You’re on a desert island – what three luxuries have you chosen to bring? (N.B. ‘Raft Building for Dummies’, satellite phone, teleportation device etc., not allowed)
A Trident missile, the relevant arming codes, and a map pointing to the bloke who left me there…
Before Azimuth, Aaron was a Managing Director of PGS Ventures; Segment President in Schlumberger; a Senior Manager in Booz Allen Hamilton and Co-Founder of the Simmons & Company PE Fund.
Drillers and Dealers :::
::: February 2012 Edition
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