OUR NICHE: EXPLORATION IN MATURE AREAS In today's environment, where competition in most Resource Plays has driven lease costs to record levels, Avocet has taken a contrarian approach. The company has  demonstrated that sizable reservoirs can be defined in certain mature areas by utilizing new exploration techniques and geologic concepts.  The success of resource plays is due to advances in drilling and completion technology (and product prices) that make these plays economically viable.  Similarly, many advances in seismic imaging techniques and geological models have been made in recent years.  By studying the seismic response of many potential reservoirs, and integrating newly geologic models of depositional systems, Avocet has identified mature plays that warrent another look. It is important to distinguish between the exploration of mature trends and the redevelopment of a producing field.  While a number of companies have acquired "postage stamp" 3D seismic surveys over old fields in mature areas to redevelop a field,  the track record of this strategy has not been encouraging.  At Avocet we take a broader approach and study exploration trends from a regional perspective, seeking plays where new exploration techniques and models are particulaly effective.  When a potential candidate is identified, additional control is often acquired to allow specific low-risk prospects to be identified. (Please click on Example: Mature Play to the left for an example of Avocet's work.)  The concept is simple, but effective:  Explore only plays where recently developed technolgy and understanding can lower risk significantly, relative to when these plays were explored in the past.