Strategy 
The objective of MPX Energy Limited (“MPX”) and its subsidiary companies is to build shareholder value through exploration and development of commercially viable hydrocarbons, in particular by building a portfolio of exploration prospects and assets by concentrating on missed pay identified by the re-evaluation of previously drilled wells. The Company has a current focus on the UK offshore.
It is the aim of Sorgenia E&P S.p.A that MPX should become the vehicle by which the global Sorgenia E&P Group operates and expands within the UK and, as such, the medium term goal is to rationalise the combined assets of Sorgenia E&P (UK) Ltd (“SORUK”) and MPX (together referred to as the “UK Group”) such that the two entities can either be merged, or alternatively that SORUK can be operated as an investment vehicle managed by MPX. In the short term, MPX have taken on the management and agreed rationalisation plan for all the UK Group’s assets.
To achieve the objective of building shareholder value, MPX aims to implement the exploration programme on the UK Group’s existing licences and, through a proactive approach to new ventures, identify and acquire additional “drill ready” petroleum assets, with a focus on the UK’s Central and Northern North Sea sectors. Over the medium and longer term (from 2011 onwards) the UK Group aims to participate in the drilling of two or three exploration or appraisal wells per year.
The UK Group’s current portfolio contains two near-term developments, on one of which there is a firm well in 2011, and interests in eleven other exploration licences on which there are existing commitments for one firm well and two contingent wells before February 2013. A smaller SORUK commitment also remains on P001 to abandon existing suspended wells.
Through the drilling and further evaluation of this portfolio and with the addition of further new venture opportunities, the UK Group is looking to significantly increase the current value of its assets within a two to three year time frame.