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Glossary
A
B
- bll
-
Barrel
- bcf
-
Billion cubic feet
- boe
-
Barrels of oil equivalent
- boepd
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Barrels of oil equivalent per day
- bopd
-
Barrels of oil per day
C
- CMS
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Caister Murdoch System
- CMS III
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A group development of five satellite fields linked to CMS
- CR
-
Corporate Responsibility
- CSO
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Civil Society Organisation
- CNOOC
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China National Offshore Oil Corporation
D
- DLT
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Development Leadership Team
- DoA
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Delegation of Authority
- DRC
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Democratic Republic of Congo
- DSBP
-
Deferred Share Bonus Plan
E
- EA
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Exploration Area
- E&E
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Exploration and evaluation
- E&A
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Exploration and Appraisal
- E&P
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Exploration and Production
- EBITDA
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Earnings Before Interest, Tax, Depreciation and Amortisation
- EHS
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Environment, Health and Safety
- EMS
-
Environmental Management System
- ERC
-
Energy Resource Consultants
- ESOS
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Executive Share Option Scheme
F
- FEED
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Front End Engineering and Design
- FPSO
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Floating Production Storage and Offloading vessel
- FRC
-
Financial Reporting Council
- FRS
-
Financial Reporting Standard
- FTG
-
Full Tensor Gravity Gradiometry
- FTSE 100
-
Equity index whose constituents are the 100 largest UK listed companies by market capitalisation
- FVTPL
-
Fair Value Through Profit or Loss
G
- GELT
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Global Exploration Leadership Team
- GNPC
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Ghana National Petroleum Corporation
- GoU
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Government of Uganda
- Group
-
Company and its subsidiary undertakings
H
I
- IAS
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International Accounting Standard
- IASB
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International Accounting Standards Board
- IFRIC
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International Financial Reporting Interpretations Committee
- IFRS
-
International Financial Reporting Standards
- IMS
-
Information Management System
- ISO
-
International Organization for Standardization
K
L
- LIBOR
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London Interbank Offered Rate
- LTI
-
Lost Time Incident
- LTIFR
-
LTI Frequency Rate measured in LTIs per million hours worked
M
- mmbbl
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Million barrels
- mmbo
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Million barrels of oil
- mmboe
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Million barrels of oil equivalent
- mmscfd
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Million standard cubic feet per day
- MoU
-
Memorandum of Understanding
- MTM
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Mark To Market
N
- NGO
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Non-Governmental Organisation
O
- OR&A
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Operational Readiness and Assurance
P
- p
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pence
- P10
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Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded
- P50
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Reserves and/or resources estimates that have a 50 per cent probability of being met or exceeded
- P&D
-
Production and Development
- PAYE
-
Pay As You Earn
- PRT
-
Petroleum Revenue Tax
- PSC
-
Production Sharing Contract
- PSP
-
Performance Share Plan
S
- SCT
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Supplementary Corporation Tax
- SIP
-
Share Incentive Plan
- SMC
-
Senior Management Committee
- SPA
-
Sale and Purchase Agreement
- sq km
-
Square kilometres
- SRI
-
Socially Responsible Investment
T
U
- UK GAAP
-
UK Generally Accepted Accounting Principles
V
- VAT
-
Value Added Tax
W
-
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Portfolio management and funding
Portfolio management
In July 2010, Tullow acquired a 50% interest in Exploration Areas 1 and 3A in the Lake Albert Rift Basin from Heritage Oil and Gas Limited. $1.05 billion was paid to Heritage with $121 million deposited with the Ugandan Revenue Authority and $283 million held in Escrow pending a resolution of a dispute between Heritage and the Government of Uganda over payment of capital gains tax.
Tullow and the Government of Uganda are engaged in negotiations aimed at resolving the Heritage capital gains tax issue. A legally binding Memorandum of Understanding is being finalised to pave the way for the farm-down and development of all assets within the Lake Albert Rift Basin by Tullow, Total and CNOOC.
Long-term funding
In January 2010, Tullow completed a share placing raising net proceeds of $1.45 billion, increasing its share capital by 9.9%. In addition, Tullow increased the commitments of its Reserve Based Lending facility by $500 million to $2.5 billion in May 2010. It also increased its Revolving Corporate facility by $350 million in October 2010 and by a further $50 million in December 2010 to $650 million. The Group now has total debt facilities of $3.15 billion which, when combined with the anticipated Uganda farm-down proceeds, further strengthens the balance sheet in support of Tullow’s strategy to:
- Maintain a $500 to $700 million per annum exploration programme and develop longer-term exploration options;
- Accelerate development in Uganda with potential new partners Total and CNOOC; and
- Continue with Jubilee Phase 1a development following successful first production from the Jubilee field together with fully appraising and developing the Tweneboa and Enyenra discoveries.
2011 capital expenditure
Approximately 40% of the investment in 2011 will be exploration and appraisal.
P&D
E&A
Financial statements
With effect from 1 January 2010 Tullow presents its financial statements in US dollars.
