Annual Report 2007 in PDF - Cairn Energy PLC

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GLOSSARY OF TERMS The following are the main terms and abbreviations used in this annual report. CORPORATE AGM Annual General Meeting Board the Board of Directors of Cairn Energy PLC BSE Bombay Stock Exchange Cairn / Cairn Energy PLC and/or its subsidiaries as Cairn Energy appropriate Cairn India / Cairn India Limited and/or its subsidiaries CIL as appropriate Cairn India Cairn India and/or its previously named Group subsidiaries as appropriate Capricorn / Capricorn Oil Limited (previously named Capricorn Group Capricorn Energy Limited) and/or its subsidiaries as appropriate Combined Code The Combined Code dated June 2006 appended to the Listing Rules Companies Act The Companies Act 1985 (as amended) and/or the Companies Act 2006 (as amended), as appropriate the Company Cairn Energy PLC DGH Director General of Hydrocarbons Dyas Dyas BV EGM Extraordinary General Meeting EU European Union FSA Financial Services Authority GMB Group Management Board GoI Government of India Group the Company and its subsidiaries 134 CAIRN ENERGY PLC ANNUAL REPORT 2007 GSCs gas sales contracts IFC International Finance Corporation IPO Initial public offering of shares in Cairn India Limited JV joint venture kPI key performance indicator Listing Rules The Listing Rules of the United kingdom Listing Authority LSE London Stock Exchange LTIP Long Term Incentive Plan medOil medOil plc and/or its subsidiaries as appropriate NELP VI Sixth New Exploration Licencing Policy round NELP VII Seventh New Exploration Licencing Policy round NSE National Stock Exchange of India Limited OGP International Association of Oil and Gas Producers OIDA cess Indian Oil Industry (Development) Act 1974 ONGC Oil and Natural Gas Corporation Ltd Orient Global Orient Global Tamarind Fund Pte Limited Petronas Petroliam Nasional Berhad Plectrum Plectrum Petroleum Plc and/or its subsidiaries as appropriate PIRC Pensions Investment Research Consultants Limited PSC Production Sharing Contract RMC Risk Management Committee Santos Santos International Holdings Pty Limited SEBI Securities and Exchange Board of India
GLOSSARY OF TERMS CONTINUED TECHNICAL 2C best estimate contingent resources 2P proven plus probable 2D/3D two dimensional/three dimensional ASP alkaline-surfactant-polymer boe barrels of oil equivalent boepd barrels of oil equivalent per day bopd barrels of oil per day bscf billion standard cubic feet of gas DoC Declaration of Commerciality EOR enhanced oil recovery EPC Engineering Procurement Contract FDP field development plan FEED front end engineering and design MBA fields Mangala, Bhagyam and Aishwariya mmbbls million barrels of oil mmboe million barrels of oil equivalent mmscf million standard cubic feet of gas mmscfd million standard cubic feet of gas per day NAA Northern Appraisal Area RoU Rights of Use STOIIP stock tank oil initially in place ACCOUNTING $ United States Dollars bn billion CIESOP Cairn India Employee Stock Option Plan CIPOP Cairn India Employee Performance Option Plan CISMP Cairn India Senior Management Plan ESOP Employee Share Ownership Plan IAS International Accounting Standard IFRIC International Financial Reporting Interpretations Committee IFRS International Financial Reporting Standards IAS 36 International Accounting Standard 36 ‘Impairment of Assets’ LIBOR London Inter-Bank Offered Rate m million PTRR post-tax rate of return TSR total share return WAEP weighted average excercise price CORPORATE RESPONSIBILITY BRMG Business Risk Management Guidelines CAB Cairn Advisory Board CH 4 Methane CR Corporate Responsibility CRMS Corporate Responsibility Management System ERM Environmental Resource Management ESIA Environmental and Social Impact Assessment GHG green house gas HSE Health, Safety and Environment ISO 14001 International Standard for Environmental Management Systems LTI lost time incident LTIFR lost time incident frequency rate PCDP Public Consultation and Disclosure Plan TRIF total recordable incident frequancy CAIRN ENERGY PLC ANNUAL REPORT 2007 135
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ANNUAL REPORT & ACCOUNTS 2007 CAIRN
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CAIRN is an edinburgh based oil and
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CAIRN INDIA performance First comme
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2000 lakshmi disCovery 2001 sarasWa
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THE RESTRUCTURING OF THE GROUP INTO
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ajasthan midstream the government o
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Cambay Basin, India CAIRN ENERGY PL
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Cairn india assets 30% 30% 49% 40%
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Rajasthan, India the increased reso
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Detail heading here relore min ullu
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uk (West Of shetland) Block 214/19
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nePal the security situation in nep
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angladesh reserves sangu gross 2p r
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activities in all operated blocks.
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2007 marked the beginning of a new
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key financial performance indicator
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CAIRN INDIA CAPITAL EXPENDITURE FOR
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3 9 12 4 8 1 Sir Bill Gammell, Chie
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2007 ACCOUNTS Risk Factors 36 Corpo
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RISk FACTORS CONTINUED The developm
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RISk FACTORS CONTINUED Corporate Re
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CORPORATE GOVERNANCE STATEMENT CONT
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DIRECTORS’ REPORT CONTINUED At 31
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DIRECTORS’ REPORT CONTINUED Elect
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DIRECTORS’ REPORT CONTINUED Age o
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DIRECTORS’ REMUNERATION REPORT Re
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DIRECTORS’ REMUNERATION REPORT CO
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INDEPENDENT AUDITOR’S REPORT TO T
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PRINCIPAL LICENCE INTERESTS ASIA In
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GROUP INCOME STATEMENT For the year
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BALANCE SHEETS As at 31 December 20
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NOTES TO THE ACCOUNTS For the year
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NOTES TO THE ACCOUNTS CONTINUED Net
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NOTES TO THE ACCOUNTS CONTINUED Cas
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Page 131 and 132: RESERVES Direct Direct working enti
Page 133 and 134: NOTICE OF ANNUAL GENERAL MEETING No
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