Annual Report 2007 in PDF - Cairn Energy PLC

More documents

Recommendations

Info

NOTES TO THE ACCOUNTS CONTINUED 26. Provisions Decommissioning Other provisions Total Group $’000 $’000 $’000 At 1 January 2006 15,730 1,726 17,456 Change in decommissioning estimate 7,184 – 7,184 Increase of provision – 9,171 9,171 Provision utilised – (3,409) (3,409) Discount unwound in the year 1,183 – 1,183 ––––––––––– ––––––––––– ––––––––––– At 1 January 2007 24,097 7,488 31,585 Change in decommissioning estimate 8,929 – 8,929 Increase of provision – 4,604 4,604 Additions on acquisition of subsidiaries – 13,015 13,015 Provision utilised – (1,993) (1,993) Discount unwound in the year 1,687 – 1,687 ––––––––––– ––––––––––– ––––––––––– At 31 December 2007 34,713 23,114 57,827 ––––––––––– ––––––––––– ––––––––––– At 31 December 2007 Current 279 17,487 17,766 Non-current 34,434 5,627 40,061 ––––––––––– ––––––––––– ––––––––––– 116 CAIRN ENERGY PLC ANNUAL REPORT 2007 34,713 23,114 57,827 ––––––––––– ––––––––––– ––––––––––– At 31 December 2006 Current – 6,845 6,845 Non-current 24,097 643 24,740 ––––––––––– ––––––––––– ––––––––––– 24,097 7,488 31,585 ––––––––––– ––––––––––– ––––––––––– Decommissioning costs are expected to be incurred between 2008 and 2020 (2006: 2008 and 2020). The provision has been estimated using existing technology at current prices and discounted using a real discount rate of 7% p.a. (2006: 7%). The change in decommissioning estimate in 2007 arose as a result of an increase in the estimated costs of decommissioning for the Ravva, Lakshmi and Gauri fields and additional wells drilled in Rajasthan. The change in decommissioning estimate in 2006 arose primarily as a result of the recognition of a decommissioning provision for the Rajasthan fields. Other provisions are production related payments payable to the GoI specified within the respective PSCs and provisions for committed spend recognised on the acquisition of Plectrum and medOil (see Note 3). A contingent liability has been disclosed within these financial statements in respect of additional payments that may fall due with regard to the Ravva arbitration proceedings; see Note 35 for details. 27. Share Capital Number Number Number 5p 10p 62 /13p B Shares Ordinary Ordinary Group and Company ’000 ’000 ’000 Authorised ordinary shares At 1 January 2006 and 1 January 2007 – 225,000 – Consolidation of Shares 160,468 (225,000) 365,625 B Shares repurchased and cancelled (160,468) – – ––––––––––– ––––––––––– ––––––––––– At 31 December 2007 – – 365,625 ––––––––––– ––––––––––– –––––––––––
NOTES TO THE ACCOUNTS CONTINUED Number Number Number 5p 10p 6 2 /13p 10p 6 2 /13p B Shares Ordinary Ordinary Ordinary Ordinary ’000 ’000 ’000 $’000 $’000 Allotted, issued and fully paid ordinary shares At 1 January 2006 – 159,767 – 25,775 – Issued and allotted for employee share options – 520 – 95 – ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– At 1 January 2007 – 160,287 – 25,870 – Issued and allotted for employee share options pre-consolidation – 181 – 36 – Consolidation of shares 160,468 (160,468) 130,380 (25,906) 15,795 B Shares repurchased and cancelled (160,468) – – – – Issued and allotted for employee share options post-consolidation – – 183 – 50 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– At 31 December 2007 – – 130,563 – 15,845 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– At an extraordinary general meeting held on 22 March 2007, it was resolved that the 160,467,920 existing ordinary shares of 10 pence each be replaced by 130,380,185 new ordinary shares of 6 2 /13 pence each and 160,467,920 B shares of 5 pence each. The effective date of this transaction was 23 March 2007. The B share scheme allowed Cairn to return to shareholders $936m (including expenses) of the proceeds from the flotation of its Indian business, Cairn India. The B shares were not listed on the Official List nor admitted to trading on the London Stock Exchange. As at the Balance Sheet date, all B shares had been fully converted to cash. In order to make the market price of a Cairn share comparable before and after the return of cash to shareholders, a share consolidation was carried out to convert 16 existing ordinary shares of 10 pence each to 13 new ordinary shares of 6 2 /13 pence each. Following the share capital consolidation, Cairn’s authorised equity share capital was 365,625,000 shares of 6 2 /13 pence each. 28. Share Premium 2007 2006 Group and Company $’000 $’000 At 1 January 201,019 197,895 Arising on shares issued for employee share options 9,882 3,124 ––––––––––– ––––––––––– At 31 December 210,901 201,019 ––––––––––– ––––––––––– CAIRN ENERGY PLC ANNUAL REPORT 2007 117
Page 1 and 2:
ANNUAL REPORT & ACCOUNTS 2007 CAIRN
Page 3 and 4:
CAIRN is an edinburgh based oil and
Page 5 and 6:
CAIRN INDIA performance First comme
Page 7 and 8:
2000 lakshmi disCovery 2001 sarasWa
Page 9 and 10:
THE RESTRUCTURING OF THE GROUP INTO
Page 11 and 12:
ajasthan midstream the government o
Page 13 and 14:
Cambay Basin, India CAIRN ENERGY PL
Page 15 and 16:
Cairn india assets 30% 30% 49% 40%
Page 17 and 18:
Rajasthan, India the increased reso
Page 19 and 20:
Detail heading here relore min ullu
Page 21 and 22:
uk (West Of shetland) Block 214/19
Page 23 and 24:
nePal the security situation in nep
Page 25 and 26:
angladesh reserves sangu gross 2p r
Page 27 and 28:
activities in all operated blocks.
Page 29 and 30:
2007 marked the beginning of a new
Page 31 and 32:
key financial performance indicator
Page 33 and 34:
CAIRN INDIA CAPITAL EXPENDITURE FOR
Page 35 and 36:
3 9 12 4 8 1 Sir Bill Gammell, Chie
Page 37 and 38:
2007 ACCOUNTS Risk Factors 36 Corpo
Page 39 and 40:
RISk FACTORS CONTINUED The developm
Page 41 and 42:
RISk FACTORS CONTINUED Corporate Re
Page 43 and 44:
CORPORATE GOVERNANCE STATEMENT CONT
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
DIRECTORS’ REPORT CONTINUED At 31
Page 55 and 56:
DIRECTORS’ REPORT CONTINUED Elect
Page 57 and 58:
DIRECTORS’ REPORT CONTINUED Age o
Page 59 and 60:
DIRECTORS’ REMUNERATION REPORT Re
Page 61 and 62:
DIRECTORS’ REMUNERATION REPORT CO
Page 63 and 64:
Page 65 and 66:
Page 67 and 68: DIRECTORS’ REMUNERATION REPORT CO
Page 69 and 70: DIRECTORS’ REMUNERATION REPORT CO
Page 71 and 72: INDEPENDENT AUDITOR’S REPORT TO T
Page 73 and 74: PRINCIPAL LICENCE INTERESTS ASIA In
Page 75 and 76: GROUP INCOME STATEMENT For the year
Page 77 and 78: BALANCE SHEETS As at 31 December 20
Page 79 and 80: NOTES TO THE ACCOUNTS For the year
Page 81 and 82: NOTES TO THE ACCOUNTS CONTINUED Net
Page 83 and 84: NOTES TO THE ACCOUNTS CONTINUED Cas
Page 85 and 86: NOTES TO THE ACCOUNTS CONTINUED No
Page 87 and 88: NOTES TO THE ACCOUNTS CONTINUED 2.
Page 89 and 90: NOTES TO THE ACCOUNTS CONTINUED Cas
Page 91 and 92: NOTES TO THE ACCOUNTS CONTINUED The
Page 93 and 94: NOTES TO THE ACCOUNTS CONTINUED (b)
Page 95 and 96: NOTES TO THE ACCOUNTS CONTINUED Und
Page 97 and 98: NOTES TO THE ACCOUNTS CONTINUED 200
Page 99 and 100: NOTES TO THE ACCOUNTS CONTINUED Emp
Page 103 and 104: NOTES TO THE ACCOUNTS CONTINUED (b)
Page 105 and 106: NOTES TO THE ACCOUNTS CONTINUED All
Page 107 and 108: NOTES TO THE ACCOUNTS CONTINUED Ten
Page 109 and 110: NOTES TO THE ACCOUNTS CONTINUED Sof
Page 113 and 114: NOTES TO THE ACCOUNTS CONTINUED Gro
Page 115 and 116: NOTES TO THE ACCOUNTS CONTINUED As
Page 117: NOTES TO THE ACCOUNTS CONTINUED At
Page 121 and 122: NOTES TO THE ACCOUNTS CONTINUED Oth
Page 123 and 124: NOTES TO THE ACCOUNTS CONTINUED Cai
Page 127 and 128: NOTES TO THE ACCOUNTS CONTINUED 34.
Page 131 and 132: RESERVES Direct Direct working enti
Page 133 and 134: NOTICE OF ANNUAL GENERAL MEETING No
Page 135 and 136: NOTICE OF ANNUAL GENERAL MEETING CO
Page 137 and 138: GLOSSARY OF TERMS CONTINUED TECHNIC
Page 139 and 140: The cover and text pages 1-36 of th
show all

Annual Report 2007 in PDF - Cairn Energy PLC

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?