Annual Report 2007 in PDF - Cairn Energy PLC

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CAIRN ENERGY PLC CONTINUED Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (Uk and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the part of the Directors’ Remuneration Report to be audited. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the group’s and company’s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements and the part of the Directors’ Remuneration Report to be audited are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements and the part of the Directors’ Remuneration Report to be audited. Opinion In our opinion: • the group financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the group’s affairs as at 31 December 2007 and of its profit for the year then ended; • the parent company financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union as applied in accordance with the provisions of the Companies Act 1985, of the state of the parent company’s affairs as at 31 December 2007; • the financial statements and the part of the Directors’ Remuneration Report to be audited have been properly prepared in accordance with the Companies Act 1985 and, as regards the group financial statements, Article 4 of the IAS Regulation; and • the information given in the directors’ report is consistent with the financial statements. Ernst & Young LLP Registered auditor London 11 April 2008 70 CAIRN ENERGY PLC ANNUAL REPORT 2007
PRINCIPAL LICENCE INTERESTS ASIA India Working interest % Block PkGM-1 (Ravva) 22.50 Block kG-DWN-98/2 10.00 Block kG-ONN-2003/1 49.00 Block CB/OS-2 Development Areas 40.00 Block RJ-ON-90/1 Development Areas 70.00 Block RJ-ON-90/1 Exploration 100.00 Block RJ-ONN-2003/1 30.00 Block CB-ONN-2002/1 30.00 Block GV-ONN-97/1 30.00 Block GV-ONN-2002/1 100.00 Block GV-ONN-2003/1 49.00 Block VN-ONN-2003/1 49.00 Block GS-OSN-2003/1 49.00 Block kk-DWN-2004/1 40.00 Block PR-OSN-2004/1 35.00 Bangladesh Block 5* 45.00 Block 7 45.00 Block 10* 45.00 Block 16 – Development Area 37.50 Block 16 – Exploration 37.50 Nepal Blocks 1 & 2 100.00 Blocks 3 & 5** 100.00 Blocks 4, 6 & 7 100.00 * These PSCs were due to terminate on 4 July 2006 if the parties did not agree that a viable market existed in Bangladesh for any gas discovered in those blocks. Although this long stop date has passed, the parties have agreed in principle to amend the work commitments in the PSCs and also that a viable market exists in Bangladesh; however, these amendments still require to be formalised in writing by the parties. ** Awaiting Government approval. CAIRN ENERGY PLC ANNUAL REPORT 2007 71
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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
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.
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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
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Page 43 and 44: CORPORATE GOVERNANCE STATEMENT CONT
Page 53 and 54: DIRECTORS’ REPORT CONTINUED At 31
Page 55 and 56: DIRECTORS’ REPORT CONTINUED Elect
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Page 59 and 60: DIRECTORS’ REMUNERATION REPORT Re
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Page 71: INDEPENDENT AUDITOR’S REPORT TO T
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
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NOTES TO THE ACCOUNTS CONTINUED Cai
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NOTES TO THE ACCOUNTS CONTINUED The
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NOTES TO THE ACCOUNTS CONTINUED 34.
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NOTES TO THE ACCOUNTS CONTINUED The
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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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