Glossary

A

API

Measure of crude oil quality

AGM

Annual General Meeting

B

bbl

Barrel

bcf

Billion cubic feet

boe

Barrels of oil equivalent

boepd

Barrels of oil equivalent per day

bopd

Barrels of oil per day

C

CMS

Caister Murdoch System

CMS III

A group development of five satellite fields linked to CMS

CR

Corporate Responsibility

CNOOC

China National Offs ore Oil Corporation

CO2

Carbon dioxide

D

DRC

Democratic Republic of Congo

DSBP

Deferred Share Bonus Plan

E

E&A

Exploration and Appraisal

EBITDA

Earnings Before Interest, Tax, Depreciation and Amortisation

EHS

Environment, Health and Safety

EIA

Environmental Impact Assessment

EPA

Environmental Protection Agency

ERC

Energy Resource Consultants

ESIA

Environmental and Social Impact Assessment

ESOS

Executive Share Option Scheme

F

FEED

Front End Engineering and Design

FPSO

Floating Production Storage and Offloading vessel

FRC

Financial Reporting Council

FRS

Financial Reporting Standard

FTG

Full Tensor Gravity Gradiometry

FTSE 100

100 Equity index whose constituents are the 100 largest UK listed companies by market capitalisation

FTSE 250

250 Equity index whose constituents are the next 250 largest UK listed companies after the top 100

G

GELT

Global Exploration Leadership Team

GNPC

Ghana National Petroleum Corporation Group Company and its subsidiary undertakings

Group

Company and its subsidiary undertakings

H

H&S

Health and Safety

HIPO

High Potential Incident

HNBS

Hewitt New Bridge Street

HR

Human Resources

I

IAS

International Accounting Standard

IFRIC

International Financial Reporting Interpretations Committee

IFRS

International Financial Reporting Standards

IMS

Information Management System

IPT

Integrated Project Team

ISO

International Organization for Standardization km Kilometres

K

KPI

Key Performance Indicator

L

LIBOR

London Interbank Offered Rate

LTI

Lost Time Incident

LTIFR LTI

Frequency Rate measured in LTIs per million hours worked

M

mmbbl

Million barrels

mmbo

Million barrels of oil

mmboe

Million barrels of oil equivalent

mmscfd

Million standard cubic feet per day

O

OGP

International Association of Oil & Gas Producers

P

P&D

Production and Development

PAYE

Pay As You Earn

PRT

Petroleum Revenue Tax

PSC

Production Sharing Contract

PSP

Performance Share Plan

S

SCT

Supplementary Corporation Tax

SIP

Share Incentive Plan

SMC

Senior Management Committee

sq km

Square kilometres

T

tcf

Trillion cubic feet

toes

Tullow Oil Environmental Standards

TSR

Total Shareholder Return

V

VAT

Value Added Tax

W

WAEP

Weighted Average Exercise Price