Annual Report 2007 in PDF - Cairn Energy PLC

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CHAIRmAN’S STATEmENT Norman Murray, Chairman h2 2009 On traCk fOr fIrst COmmerCIal prOduCtIOn In rajasthan $827m GrOup net Cash net Cash $m 0 100 200 300 400 500 600 700 800 900 2007 2006 2005 group net assets $m 0 500 1000 1500 2000 2007 2006 2005 6 CAIRN ENERGY PLC ANNUAL REPORT 2007 Corporate Overview cairn energy restructured its operations in 2007 by splitting into two separate businesses. the initial public offering (ipo) of cairn india in january established it as an autonomously-run subsidiary listed on the bombay stock exchange and the national stock exchange of india allowing the return of $936 million to cairn shareholders in april. the remaining group assets have been placed within a separate exploration-led subsidiary called capricorn. this restructuring has enabled each entity to focus on its respective strengths and long-term growth potential. Cambay Basin, India Cairn India in its first year of listing on the bombay and national stock exchanges, cairn india has been confirmed as one of the key oil and gas exploration companies in india. across all assets in india the total reserves and resources net to cairn india is more than 800 million barrels of oil equivalent (mmboe). in rajasthan, construction activities have started on both the upstream and midstream projects with first commercial production from mangala planned to commence in the second half of 2009. rajasthan is a major resource base and the joint venture (jv) partners are focused on realising the full potential through conventional and enhanced oil recovery techniques. the size and scale of the overall potential value opportunity in the basin continues to grow, offering scope for further significant optimisation. this would also translate into a significant growth in operating cash flows, thereby demonstrating value for all cairn india stakeholders.
THE RESTRUCTURING OF THE GROUP INTO TwO SEPARATE BUSINESSES has enabled each entity to focus on its respective strengths and long-term growth potential. while cairn india remains focused on delivering the rajasthan project, and growing its core upstream business, there are significant opportunities in other areas in the oil and gas value chain, where it can leverage its existing strengths and skill base. the energy sector in india offers tremendous value creation potential and cairn india has an active new business unit which is currently evaluating a number of these exciting opportunities. Capricorn capricorn’s aim is to create value for shareholders in the future by seeking to grow an exploration-led, balanced exploration and production business. the corporate acquisition of two aim listed companies, plectrum petroleum plc and medoil plc, in 2007, has given capricorn a material exploration position offshore tunisia. in january 2008, capricorn made a significant exploration entry into greenland by acquiring interests in six acreage blocks. capricorn continues to evaluate new venture opportunities where it believes there may be potential to discover hidden value. Outlook the coming 18 months are a transformational period for cairn india as it looks to significantly grow its production which will be fundamental to the future of the company and its shareholders. capricorn is planning its first exploration drilling in tunisia at the end of the year and is actively pursuing the longer-term growth potential of its position in greenland. the group is well placed to deliver the rajasthan development and to continue pursuing potential growth opportunities in other business areas. in summary, the respective strategies of the two arms of the cairn business are now well defined and both are making significant progress in achieving their objectives for growth and creating value for shareholders. norman murray chairman 11 april 2008 CAIRN ENERGY PLC ANNUAL REPORT 2007 7
Page 1 and 2: ANNUAL REPORT & ACCOUNTS 2007 CAIRN
Page 3 and 4: CAIRN is an edinburgh based oil and
Page 5 and 6: CAIRN INDIA performance First comme
Page 7: 2000 lakshmi disCovery 2001 sarasWa
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Page 13 and 14: Cambay Basin, India CAIRN ENERGY PL
Page 15 and 16: Cairn india assets 30% 30% 49% 40%
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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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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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