Once an area of interest has been identified, Kosmos targets licenses over the particular basin or fairway to achieve an early-mover or in many cases a first-mover advantage. In terms of license selection, Kosmos targets specific regions that have sufficient size to manage exploration risks and provide scale should the exploration concept prove successful. Kosmos also looks for long-term contract duration to enable the ‘‘right’’ exploration program to be executed, play type diversity to provide multiple exploration concept options, prospect dependency to enhance the chance of replicating success and sufficiently attractive fiscal terms to maximize the commercial viability of discovered hydrocarbons. Apply our entrepreneurial culture, which fosters innovation and creativity, to continue our successful exploration and development program Our employees are critical to the success of our business strategy and we have created an environment that enables them to focus their knowledge, skills and experience on finding and developing new fields. Culturally, we have an open, team-oriented work environment that fosters entrepreneurial, creative and contrarian thinking. This approach enables us to fully consider and understand both risk and reward, as well as deliberately and collectively pursue strategies that create and maximize value. This philosophy and approach was successfully utilized offshore Ghana, Mauritania and Senegal, resulting in the discovery of significant new petroleum systems, which the industry previously did not consider either prospective or commercially viable. Build the right strategic partnerships with complementary capabilities We look to partner with high quality industry players with world-class complementary capabilities early in our exploration projects. This strategy is designed to ensure that upon successful exploration and appraisal activities, the project can benefit from specific expertise provided by these partners, including exploration, development, production and above-ground capabilities. We have proven we can execute this strategy by partnering with supermajors including BP PLC (‘‘BP’’), Chevron Corporation (‘‘Chevron’’) and Total S.A. (‘‘Total’’) across our exploration portfolio. In addition, bringing in the right strategic partners early in our projects often comes with a financial carry on future expenditures, allowing us to reduce our cost basis and increase return on investment. During the second quarter of 2017, we formed the Kosmos-BP Strategic Exploration Alliance (‘‘Alliance’’). This Alliance broadens the relationship that previously covered new venture opportunities in Mauritania, Senegal and The Gambia to create an Atlantic Margin explorer-developer partnership. The Alliance leverages our regional exploration knowledge and capability together with BP’s deepwater development expertise to execute a selective, joint frontier and emerging basin exploration strategy in the Atlantic Margin. Maintain Financial Discipline We strive to maintain a conservative financial profile and strong balance sheet with ample liquidity. Typically, we fund exploration and development activities from a combination of operating cash flows, debt and partner carries. As of December 31, 2017, after consideration of the refinancing of our RBL Facility in February 2018 which increased our availability to $1.5 billion, we had approximately $1.3 billion of liquidity available to fund our opportunities. During 2017, Kosmos generated approximately $236.6 million of cash flow from operations. Additionally, we use derivative instruments to partially limit our exposure to fluctuations in oil prices and interest rates. We have an active commodity hedging program where we aim to hedge a portion of our anticipated sales volumes on a two-to-three year rolling basis. As of December 31, 2017, we have hedged positions covering 19.4 million barrels of oil from 2018 through 2019 oil production, which provide partial downside protection should Dated Brent oil prices fall below our floor prices. We 12