Managing exploration risk or planning for success

Developing an exploration plan that minimizes risk may be the most important step an organization takes toward a financially strong exploration program.The development of such a plan requires an understanding of your organization's strengths and weaknesses. It requires an assessment of the distinctive competencies of both your organization and competitors' organizations.It also demands that you assess where you want to take your company. You must assess whether that direction is in phase with your company's strengths. Corporate objectives must be fully understood and realistically attainable. Exploration economics of the plays that you work needs to be firmly evaluated.Althoug...

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