Annual Report 2007 in PDF - Cairn Energy PLC

More documents

Recommendations

Info

NOTES TO THE ACCOUNTS CONTINUED 31. Financial Instruments (continued) Financial liabilities Carrying amount Fair value 2007 2006 2007 2006 Company $’000 $’000 $’000 $’000 Bank loans – 47,000 – 47,000 Trade payables 606 2,760 606 2,760 ––––––––––– ––––––––––– ––––––––––– ––––––––––– The following table sets out the amount, by maturity, of the Company’s financial liabilities: 124 CAIRN ENERGY PLC ANNUAL REPORT 2007 606 49,760 606 49,760 ––––––––––– ––––––––––– ––––––––––– ––––––––––– At 31 December 2007 Less than One to Two to Three to Four to More than one year two years three years four years five years five years Total Company $’000 $’000 $’000 $’000 $’000 $’000 $’000 Trade payables (606) – – – – – (606) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– At 31 December 2006 Less than One to Two to Three to Four to More than one year two years three years four years five years five years Total Company $’000 $’000 $’000 $’000 $’000 $’000 $’000 Bank loans* (2,991) (2,991) (2,991) (2,991) (41,672) (8,704) (62,340) Trade payables (2,760) – – – – – (2,760) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– * Bank loans include interest for the purposes of the maturity analysis. 32. Capital Commitments Oil and gas expenditure (5,751) (2,991) (2,991) (2,991) (41,672) (8,704) (65,100) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Group Group Company Company 2007 2006 2007 2006 $’000 $’000 $’000 $’000 Intangible exploration/appraisal assets 698,084 208,724 – – Property, plant & equipment – development/producing assets 88,567 44,811 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– Contracted for 786,651 253,535 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– The above capital commitments represent Cairn’s share of obligations in relation to its interests in Joint Ventures. As all Cairn Joint Ventures are jointly controlled assets, these commitments represent Cairn’s share of the capital commitment of the Joint Ventures themselves. 33. Pension Commitments The Group and Company have no pension commitments as at the Balance Sheet date (2006: nil).
NOTES TO THE ACCOUNTS CONTINUED 34. Other Financial Commitments Group Operating leases – as lessee Group entities have entered into commercial leases for certain land and buildings and for plant, machinery and office equipment. The leases have an average life of between one and six years. There are no restrictions placed on the lessee by entering into these leases. Total future minimum lease payments under non-cancellable operating leases are as follows: Minimum lease Minimum lease payments payments 2007 2006 $’000 $’000 Land and buildings, within: One year 5,384 3,427 Two to five years 16,316 12,958 After five years 200 2,538 ––––––––––– ––––––––––– 21,900 18,923 ––––––––––– ––––––––––– Other, within: One year 15,080 5,970 Two to five years 54,200 21 ––––––––––– ––––––––––– 69,280 5,991 ––––––––––– ––––––––––– Included within other operating lease commitments is Cairn’s share of operating leases entered into by Joint Ventures of $15,074,000 due within one year and $54,200,000 due between two and five years. These are also included in ‘Capital Commitments’ disclosed in Note 32 where appropriate. Company Operating leases – as lessee The Company has entered into commercial leases for certain land and buildings and for office equipment. The leases have an average life of between one and six years. There are no restrictions placed on the lessee by entering into these leases. Total future minimum lease payments under non-cancellable operating leases are as follows: Minimum lease Minimum lease payments payments 2007 2006 $’000 $’000 Land and buildings, within: One year 2,399 2,337 Two to five years 9,595 9,346 After five years 200 2,531 ––––––––––– ––––––––––– 12,194 14,214 ––––––––––– ––––––––––– Other, within: One year 6 47 Two to five years – 20 ––––––––––– ––––––––––– 6 67 ––––––––––– ––––––––––– CAIRN ENERGY PLC ANNUAL REPORT 2007 125
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:
Page 69 and 70:
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 and 118: NOTES TO THE ACCOUNTS CONTINUED At
Page 119 and 120: NOTES TO THE ACCOUNTS CONTINUED Num
Page 121 and 122: NOTES TO THE ACCOUNTS CONTINUED Oth
Page 123 and 124: NOTES TO THE ACCOUNTS CONTINUED Cai
Page 125: NOTES TO THE ACCOUNTS CONTINUED The
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?