Tullow Oil plc Annual Report 2011 - The Group

Independent Auditor’s Reportto the members of Tullow Oil plcWe have audited the Parent Company financial statementsof Tullow Oil plc for the year ended 31 December 2011 whichcomprise the balance sheet, the accounting policies and therelated notes 1 to 13. The financial reporting framework thathas been applied in their preparation is applicable law andUnited Kingdom Accounting Standards (United KingdomGenerally Accepted Accounting Practice).This report is made solely to the Company’s members,as a body, in accordance with Chapter 3 of Part 16 of theCompanies Act 2006. Our audit work has been undertaken sothat we might state to the Company’s members those matterswe are required to state to them in an auditor’s report and forno other purpose. To the fullest extent permitted by law, we donot accept or assume responsibility to anyone other than theCompany and the Company’s members as a body, for our auditwork, for this report, or for the opinions we have formed.Respective responsibilities of Directors and AuditorAs explained more fully in the Directors’ responsibilitiesstatement, the Directors are responsible for the preparationof the Parent Company financial statements and for beingsatisfied that they give a true and fair view. Our responsibilityis to audit and express an opinion on the Parent Companyfinancial statements in accordance with applicable law andInternational Standards on Auditing (UK and Ireland). Thosestandards require us to comply with the Auditing PracticesBoard’s Ethical Standards for Auditors.Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts anddisclosures in the financial statements sufficient to givereasonable assurance that the financial statements are freefrom material misstatement, whether caused by fraud orerror. This includes an assessment of: whether the accountingpolicies are appropriate to the Parent Company’scircumstances and have been consistently applied andadequately disclosed; the reasonableness of significantaccounting estimates made by the Directors; and the overallpresentation of the financial statements. In addition, we readall the financial and non-financial information in the annualreport to identify material inconsistencies with the auditedfinancial statements. If we become aware of any apparentmaterial misstatements or inconsistencies we consider theimplications for our report.Opinion on other matters prescribed by the CompaniesAct 2006In our opinion:The part of the Directors’ remuneration report to be auditedhas been properly prepared in accordance with theCompanies Act 2006; andThe information given in the Directors’ report for the financialyear for which the financial statements are prepared isconsistent with the Parent Company financial statements.Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matterswhere the Companies Act 2006 requires us to report to you if,in our opinion:Adequate accounting records have not been kept by theParent Company, or returns adequate for our audit havenot been received from branches not visited by us; orThe Parent Company financial statements and the part ofthe Directors’ remuneration report to be audited are notin agreement with the accounting records and returns; orCertain disclosures of Directors’ remuneration specifiedby law are not made; orWe have not received all the information and explanationswe require for our audit.Other matterWe have reported separately on the Group financial statementsof Tullow Oil plc for the year ended 31 December 2011.Matthew Donaldson (Senior Statutory Auditor)for and on behalf of Deloitte LLPChartered Accountants and Statutory AuditorLondon, UK13 March 20125FINANCIAL STATEMENTSOpinion on financial statementsIn our opinion the Parent Company financial statements:Give a true and fair view of the state of the Company’s affairsas at 31 December 2011;Have been properly prepared in accordance with UnitedKingdom Generally Accepted Accounting Practice; andHave been prepared in accordance with the requirementsof the Companies Act 2006.155www.tullowoil.com