Cairn Energy's strategy is to create value through an exploration-led investment cycle. It aims to commercialise and return this value to shareholders rather than necessarily follow long-term development-led growth. A decade ago, with cashflow from South Asia, this approach led to spectacular success in India and top-quartile value creation. Replicating this business model of discover, and develop with the potential to dispose, has been a challenge. Exploration in Greenland did not produce any commercial success. However the company has worked hard to develop a more balanced, self-funding portfolio across the asset lifecycle. It has been substantially rewarded with key discoveries in Norway (Skarfjell) and most notably Senegal (SNE and FAN), which contributed to the company adding 360 million boe of new resource over 2007 to 2016. Cairn has an active ongoing programme of appraisal and development work in Senegal which has seen it return to creating positive value from exploration.