Annual Report 2007 - Global Energy Development

16 Independent Auditors’ reportGlobal Energy Development PLCAnnual report 2007Independent Auditors’ reportTo the shareholders of Global Energy Development PLCWe have audited the Group financial statements (the “financialstatements”) of Global Energy Developments PLC for the yearended 31 December 2007 which comprise the ConsolidatedIncome Statement, the Consolidated Balance Sheet, theConsolidated Cash Flow Statement, the Consolidated Statementof Changes in Shareholders’ Equity and related notes. Thesefinancial statements have been prepared under the accountingpolicies set out therein.We have reported separately on the parent Company financialstatements of Global Energy Developments PLC for the yearended 31 December 2007 and on the information in theDirectors’ Report that is described as having been audited.Respective responsibilities of Directors and auditorsThe Directors’ responsibilities for preparing the Annual Reportand the financial statements in accordance with applicable lawand International Financial Reporting Standards as adopted by theEuropean Union are set out in the Statement of Directors’Responsibilities.Our responsibility is to audit the financial statements inaccordance with relevant legal and regulatory requirements andInternational Standards on Auditing (UK and Ireland).We report to you our opinion as to whether the financialstatements give a true and fair view and have been properlyprepared in accordance with the Companies Act 1985 andwhether the information given in the Directors’ Report isconsistent with those financial statements. We also report to youif, in our opinion, the Company has not kept proper accountingrecords, if we have not received all the information andexplanations we require for our audit, or if information specifiedby law regarding Directors’ remuneration and other transactions isnot disclosed.We read other information contained in the Annual Report andconsider whether it is consistent with the audited financialstatements. The other information comprises only the ExecutiveChairman’s Statement, the Vice Chairman and ManagingDirector’s Review, the Oil and Gas Reserves Information as at31 December 2007 (unaudited), the Directors’ Biographies, theCorporate Governance Statement and the Directors’ Report. Weconsider the implications for our report if we become aware ofany apparent misstatements or material inconsistencies with thefinancial statements. Our responsibilities do not extend to anyother information.Our report has been prepared pursuant to the requirements ofthe Companies Act 1985 and for no other purpose. No person isentitled to rely on this report unless such a person is a personentitled to rely upon this report by virtue of and for the purposeof the Companies Act 1985 or has been expressly authorised todo so by our prior written consent. Save as above, we do notaccept responsibility for this report to any other person or for anyother purpose and we hereby expressly disclaim any and all suchliability.Basis of audit opinionWe conducted our audit in accordance with InternationalStandards on Auditing (UK and Ireland) issued by the AuditingPractices Board. An audit includes examination, on a test basis, ofevidence relevant to the amounts and disclosures in the financialstatements. It also includes an assessment of the significantestimates and judgments made by the Directors in thepreparation of the financial statements, and of whether theaccounting policies are appropriate to the Group’s circumstances,consistently applied and adequately disclosed.We planned and performed our audit so as to obtain all theinformation and explanations which we considered necessary inorder to provide us with sufficient evidence to give reasonableassurance that the financial statements are free from materialmisstatement, whether caused by fraud or other irregularity orerror. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the financialstatements.OpinionIn our opinion the Group financial statements:• give a true and fair view, in accordance with IFRS as adoptedby the European Union, of the state of the Group’s affairs asat 31 December 2007 and of its profit for the year thenended; and• have been properly prepared in accordance with theCompanies Act 1985.In our opinion, the information given in the Directors’ Report isconsistent with the financial statements.BDO Stoy Hayward LLPChartered Accountants and Registered AuditorsLondon8 May 2008