existing production with potential to increase existing production and also provides step-out exploration opportunities with potential low cost tie-back through existing infrastructure. Our business strategy focuses on achieving three key objectives: (1) maximize the value of our producing assets; (2) appraise and develop our discovered resources offshore Mauritania and Senegal; and (3) increase value further through a high-impact exploration program which is designed to unlock new petroleum systems. We are focused on increasing production, cash flows and reserves from the Jubilee and TEN fields as well as our recently acquired Ceiba and Okume fields. In Mauritania and Senegal, we expect to fully appraise our Greater Tortue discovery with the objective of making a final investment decision around the end of 2018 and producing first gas in late 2021, as well as advance our other discoveries to development. We also have a large inventory of leads and prospects in our exploration portfolio which we plan to continue to mature for future drilling. We plan to test the prospectivity of high impact opportunities in the coming years along the Atlantic Margins. Our Business Strategy Grow proved reserves and production through exploration, appraisal and development In the near-term, we plan to grow proved reserves and production by further developing our fields offshore Ghana and Equatorial Guinea. In Ghana, we plan to resume drilling at both the Jubilee Field, which now includes our Mahogany and Teak discoveries, pursuant to the Greater Jubilee Full Field Development Plan (‘‘GJFFDP’’), and at TEN through the drilling of additional development and production wells in 2018. In Equatorial Guinea, through our joint venture with Trident, we plan to maximize reserves and production through production optimization and in-fill drilling. In addition, we plan to sanction the first phase of the Greater Tortue development offshore Mauritania and Senegal which will define the path to first gas. Growth could also be realized through the development of all or a portion of our other discoveries in Mauritania and Senegal. Focus on optimally developing our discoveries to initial production Our development focus is designed to accelerate production, deliver early learnings and maximize returns. In certain circumstances, we believe a phased approach can be employed to optimize full-field development through a better understanding of dynamic reservoir behavior and enable activities to be performed in a parallel rather than a sequential manner. A phased approach also facilitates refinement of the development plans based on experience gained in initial phases of production and by leveraging existing infrastructure as subsequent phases of development are implemented. Production and reservoir performance from the initial phases are monitored closely to determine the most efficient and effective techniques to maximize the recovery of reserves and returns. Other benefits include minimizing upfront capital costs, reducing execution risks through smaller initial infrastructure requirements, and enabling cash flow from the initial phases of production to fund a portion of capital costs for subsequent phases. In contrast, a traditional development approach consists of full appraisal, conceptual engineering, preliminary engineering, detailed engineering, procurement and fabrication of facilities, development drilling and installation of facilities for the full-field development, all performed sequentially, before first production is achieved. This traditional approach can considerably lengthen the time from discovery to first production. For example, post-discovery in 2007, first oil production from the Jubilee Field commenced in November 2010. This development timeline from discovery to first oil was significantly less than the seven to ten year industry average and set a record for a deepwater development of this size and scale at this water depth in West Africa. This condensed timeline reflects the lessons learned by our experienced team while leading other large scale deepwater developments. The Greater Tortue development is also expected to be developed in an accelerated, phased approach consistent with our business strategy. 10