In Features: Update from the Chief Executive Officer of the WGP Group June 2010

Exploration & Beyond - What does it mean? It's to do with our geophysical data acquisition services aimed at exploring for new hydrocarbon reserves. And beyond? Well beyond exploration, and into the production sector, providing services expected to increasing the value and output of active reservoirs. But more than that, it describes the whole culture of the company: going the extra mile, creating a meaningful workplace, putting something back into the local and international community, enhancing the reputation of an stigmatised industry, looking to develop solutions and services past the discovery of 'easy oil' and towards next generation energy supplies beyond hydrocarbon reliance.

Exploration and Beyond – also means forward looking and whilst it is important to learn historical lessons, equally critical is not dwell on the past but look to the horizon.

2009 was a year in which to redress and rationalise the business for the sake of both being able to survive the global downturn, and also maximise potential for the inevitable upward swing in demand; which is exactly how WGP has positioned itself. At the beginning of 2010 we hired a new Business Development Executive to bolster the management team, whilst simultaneously performing a complete strategic development review which will lead to the overall business plan for WGP for the next 5 years to provide direction and focus for the company and its staff. To facilitate this process, WGP took advantage of the European Convergence Funding program in Cornwall providing business coaches to high growth potential companies; delivered through Oxford Innovation, which has chaired a number of workshops, which quite simply looked at "where are we now", "where do we want to get to" and "how do we get there".

One of the key deliverables from the strategic review workshops identified the segments of the upstream sector that we will continue to focus and evolve:

• Ocean Bottom Seismic: For both exploration and production sectors, Ocean Bottom Cable / Ocean Bottom Node, 4D Life of Field Seismic
• Long Offset 2D: Building on our experience for working in challenging and frontier areas such as Greenland, Somalia, etc.
• Marine Geophysical Project Management: Bespoke projects for both oil company and geophysical contractor clients
• Magnetic & Gravity data acquisition and equipment

During the first half of 2010 we have continued to seek out and develop new opportunities and have witnessed a gradual increase in demand for services; corporate and development highlights include:

• Additional 12 month contract extension to the Chirag Azeri Reservoir Seismic Project (CARSP) with BP Exploration (Caspian Sea) Ltd. Plus completion of the outfit and mobilisation of the PSV Citadel as a combined Ocean Bottom Cable / Seismic Source / ROV support vessel – an ambitious and challenging element of the project which was accomplished through the professionalism, determination and spirit of all those involved at the site; a great achievement that all involved must feel proud and satisfied to have played their part. This was followed immediately by the first redeployment of the 132km of OBC spread and data acquisition program for Phase 2 of the project. - More information
• At the beginning of June, following a competitive Tender process, BP Norge AS awarded WGP a 4 year contract for the provision of seismic data acquisition services for the Valhall 'Life of Field Seismic' (LoFS) project. The project will be performed in unison with our financial partners, Thalassa Energy Services, which will purchase and supply the BP Containerised Source System. – More information
• Continuing with the BP theme, as en endorsement to the WGP QHSSE Management Systems, WGP Head Office had an external audit performed in March 2010, the outcome of which concluded that "...(WGP) have (sp) been allocated a HSE Management System Objective Assessment Score of 80%, well above the average of seismic companies audited by BP". This outcome helped in no uncertain terms by the ISO 14001 (Environment), 18001 (Health & Safety) and 9001 (Quality) accreditation that the company has achieved. - More information
• In line with the corporate objective to develop new geophysical project management opportunities, WGP has recently forged a relationship with Surestream Petroleum to provide support and services associated with data acquisition projects in central Africa; initially focusing on converting a fisheries survey vessel to be cable of performing towed streamer 2D data acquisition on Lake Tanganyika. A fantastic project for WGP to become involved with, which demonstrates the skill set and capability to develop solutions in frontier locations. - More information

And what else for the future? Discussions are well advanced for WGP to introduce 2D marine towed streamer vessel(s) back to the market. At the end of 2008 we made the decision to temporarily suspend activity in this segment of the market, following the collapse in exploration budgets as a result of the combined crash of energy prices and global credit markets. The market for 2D data acquisition is showing signs of recovery, but is coupled with fierce competition whilst demand catches up with supply. We shall therefore continue to focus, as our niche status demands, in exploring opportunities in challenging and frontier locations.

And finally, whilst it remains imperative that as a company we remain focused on achieving corporate objectives, summarised, not necessarily in order of priority or importance as:

• Increasing Shareholder value in the company
• Developing and maintaining profitable activity to create a sustainability and growth
• Ensure all activities, throughout the company, whether offshore or onshore, are undertaken in a safe, considered and professional manner with no harm to persons or the environment
• Compliance with Client, regulatory, national and international governance requirements

It is also true that WGP endures to create a holistic workplace, for all stakeholders; to create an ethos of engagement and purpose. So whilst it remains the case that all staff are motivated towards achieving common corporate goals, we have also created the opportunities to have more meaningful employment. A case on point is illustrated by the formation of an 'allotment' in the WGP Head Office grounds; providing the opportunity for staff to grow their own vegetables, with the traditional lunch break being replaced by a planting or weeding session. Exploration and Beyond – most certainly. Staff utilising the 'Green Gym' not only relieve the stresses and strains of the hectic office working environment, but also benefit from 'non-activity exercise' coupled with producing low-carbon footprint fruit and veg. Notwithstanding the sense of achievement from harvesting your first lettuce and the great taste.