Annual Report 2007 in PDF - Cairn Energy PLC

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COMPANY INFORMATION Financial Advisers N M Rothschild & Sons Limited New Court St Swithin’s Lane London EC4P 4DU Secretary Duncan Wood LLB Solicitors Shepherd and Wedderburn LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2ET Auditor Ernst & Young LLP 1 More London Place London SE1 2AF Stockbrokers Hoare Govett Limited 250 Bishopsgate London EC2M 4AA Merrill Lynch International 2 king Edward Street London EC1A 1HQ 136 CAIRN ENERGY PLC ANNUAL REPORT 2007 Registrars Equiniti Aspect House Spencer Road Lancing West Sussex BN99 6DA T 0871 384 2660 www.shareview.co.uk Bankers Bank of Scotland plc The Mound Edinburgh EH1 1YZ Citigroup 33 Canada Square Canary Wharf London E14 5LB International Finance Corporation (IFC) 2121 Pennsylvania Avenue, NW Washington DC 20433 United States of America The Royal Bank of Scotland plc (RBS) 24/25 St Andrew Square Edinburgh EH2 1AF Note Cairn India has an $850m syndicated revolving credit facility with 12 international banks, including International Finance Corporation. These materials contain forward-looking statements regarding Cairn, our corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward-looking statements are based on our management’s assumptions and beliefs in the light of information available to them at this time. These forward-looking statements are, by their nature, subject to significant risks and uncertainties and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions. Cairn undertakes no obligation to revise any such forward-looking statements to reflect any changes in Cairn’s expectations with regard thereto or any change in circumstances or events after the date hereof.
The cover and text pages 1-36 of this report are printed on Hello Matt, a material that is produced at a mill that holds ISO 14001 certification. Cert no. TT-COC-002242 Pages 37–136 of this report are printed on Naturalis Smooth Recycled a material produced at a mill that holds ISO 14001 certification. 50%
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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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NOTES TO THE ACCOUNTS CONTINUED No
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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: GLOSSARY OF TERMS CONTINUED TECHNIC
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