Annual Report 2007 in PDF - Cairn Energy PLC

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PRINCIPAL LICENCE INTERESTS CONTINUED NORTH AMERICA Greenland 72 CAIRN ENERGY PLC ANNUAL REPORT 2007 Working interest % Exclusive Licence 2002/15 (Atammik) 40.00 Exclusive Licence 2005/06 (Lady Franklin) 40.00 Exclusive Licence 2008/10 (Sigguk) 87.50 Exclusive Licence 2008/11 (Eqqua) 87.50 Exclusive Licence 2008/13 (Saqqamuit) 92.00 Exclusive Licence 2008/14 (kingittoq) 92.00 AFRICA Tunisia Nabeul Permit 50.00 Louza Permit 100.00 EUROPE* Uk (west of Shetland) Block 214/19 100.00 Block 214/20 100.00 Albania Block Joni-5 100.00 SOUTH AMERICA Peru Block Z-34 50.00 AUSTRALASIA Australia Exploration Permit WA-379-P 100.00 Exploration Permit WA-380-P 100.00 Papua New Guinea Block PRL-1 12.73 * Capricorn currently has licence awards pending in Spain (Albufera, Beninfayó and Gandía) and Sicily (Permits D349C.R-MD and D350C.R-MD).
GROUP INCOME STATEMENT For the year ended 31 December 2007 Group Group 2006 2007 (Restated) Notes $’000 $’000 Revenue 2 287,656 286,304 Cost of sales Production costs (66,483) (56,931) Unsuccessful exploration costs (40,714) (62,018) Depletion and decommissioning charge (118,994) (103,487) ––––––––––– ––––––––––– Gross profit 61,465 63,868 Other operating income 2 6,010 3,340 Administrative expenses (88,430) (60,323) Impairment of intangible exploration/appraisal assets 5(b) (58,924) – Impairment of property, plant & equipment – development/producing assets 5(b) – (71,455) Reversal of impairment of property, plant & equipment – development/producing assets 5(b) 3,718 – Loss on sale of oil and gas assets (89) – ––––––––––– ––––––––––– Operating loss 5 (76,250) (64,570) Negative goodwill on acquisition 3(b) 17,373 – Exceptional gain on deemed disposal of subsidiaries 6 1,577,276 – Finance income 9 65,176 4,603 Finance costs 10 (30,339) (31,875) ––––––––––– ––––––––––– Profit/(loss) before taxation 1,553,236 (91,842) Taxation expense on profit/(loss) 11 (25,391) (5,280) ––––––––––– ––––––––––– Profit/(loss) for the year 1,527,845 (97,122) ––––––––––– ––––––––––– Attributable to: Equity holders of the parent 29 1,519,653 (97,122) Minority interests 29 8,192 – ––––––––––– ––––––––––– Earnings per ordinary share – basic (cents) 12 1,120.38 (61.60) Earnings per ordinary share – diluted (cents) 12 1,118.57 (61.60) ––––––––––– ––––––––––– CAIRN ENERGY PLC ANNUAL REPORT 2007 73
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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
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 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 71 and 72: INDEPENDENT AUDITOR’S REPORT TO T
Page 73: PRINCIPAL LICENCE INTERESTS ASIA In
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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Page 83 and 84: NOTES TO THE ACCOUNTS CONTINUED Cas
Page 85 and 86: NOTES TO THE ACCOUNTS CONTINUED No
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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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