Prior to co-founding Encore Oil (LON:EO.), Alan Booth was Chairman and Managing Director of EnCana (U.K.) Limited (now Nexen Petroleum U.K. Limited), and a member of EnCana Corporation's executive management team. He was instrumental in building EnCana UK from a new UK entrant in late 1996 with a $55 million exploration funding obligation into a significant UK production operator and the discoverer and development operator for the Buzzard field. In late 2004 Alan lead the UK team which sold EnCana (U.K.) Limited to Nexen Corporation for $2.1 billion. Prior to EnCana, Alan worked in a number of positions of increasing seniority for Amerada Hess and Oryx Energy both in the UK and overseas. He has particular experience in new ventures acquisitions and exploration in the UK, Scandinavia, Australasia as well as the Middle East and Africa.
Drake Lawhead (Oil Council): In our 2011 global oil and gas survey, management strength was cited as the number one determinant of a company’s success. What leadership qualities do you think are most important?
AB: A clear and simple strategy that everyone understands and the part they need to play in helping deliver it.
DL: In the independent sector there are recognised thought leaders, held in high regard because of their reputation, track record, innovation, and leadership skills. Whom of your fellow peers do you admire most?
AB: Tullow Oil (LON:TLW) and Agora.
DL: The number of independents operating in the North Sea has dropped dramatically in recent times, although 2010 saw something of a renaissance. Why is EnCore sticking around when others have left? And how much life is left in the North Sea, in your opinion?
AB: Exploring with Equity Capital is not always easy, being listed is less so. You really only get one, perhaps two chances to deliver, hence many smaller companies have not made it. EnCore continue to believe that there are significant discoveries still to be made in the UKCS if you stick to a strategy, be honest and upfront about the risks and drill enough wells. The only danger to continued investment by small and mid caps in the UKCS is infrastructure access and, post Macondo, a regulatory environment that discourages or prejudices smaller players from participation in exploration and appraisal in the non deep water, non HPHT areas.
DL:…
