Annual Report 2007 in PDF - Cairn Energy PLC

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BUSINESS REVIEW 2007 Highlights 2 20 Years of Growth 4 Chairman’s Statement 6 Chief Executive’s Review 8 Cairn India Assets 12 Operating and Exploration Review 14 Capricorn Assets 18 Group Productions and Reserves 22 Corporate Responsibility 24 Financial Review 28 Board of Directors 32 GOVERNANCE AND ACCOUNTS Risk Factors 36 Corporate Governance Statement 40 Directors’ Report 50 Directors’ Remuneration Report 57 Independent Auditor’s Report to the Members of Cairn Energy PLC 69 Principal Licence Interests 71 Group Income Statement 73 Statements of Recognised Income and Expense 74 Balance Sheets 75 Statements of Cash Flows 76 Notes to the Accounts 77 Reserves 129 Notice of Annual General Meeting 131 Glossary of Terms 134 Company Information 136
CAIRN is an edinburgh based oil and gas exploration and production company listed on the london stock exchange since 1988. there are two separate arms to the business: cairn india and capricorn. CAIRN INDIA is now firmly established as an autonomous business listed on the bombay stock exchange and the national stock exchange of india and has interests in a total of 14 indian acreage blocks. on approval of the private placement announced on 17 march 2008, cairn will have a 65% interest in cairn india. cairn india is a listed subsidiary of cairn. CAPRICORN is an exploration led business with a strategy of organic growth and value enhancing acquisition. capricorn’s core assets are in south asia, the mediterranean and greenland and it has licence awards pending for blocks in spain and siciliy. capricorn is a non-listed 90% subsidiary of cairn. CAIRN ENERGY PLC ANNUAL REPORT 2007 1
Page 1: ANNUAL REPORT & ACCOUNTS 2007 CAIRN
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
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Page 43 and 44: 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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NOTES TO THE ACCOUNTS CONTINUED (b)
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NOTES TO THE ACCOUNTS CONTINUED 34.
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RESERVES Direct Direct working enti
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NOTICE OF ANNUAL GENERAL MEETING No
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NOTICE OF ANNUAL GENERAL MEETING CO
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GLOSSARY OF TERMS CONTINUED TECHNIC
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The cover and text pages 1-36 of th
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