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Glossary
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- T
- U
- V
- W
- X
- Y
- Z
A

AGM

Annual General Meeting

AFS

Available for sale

B

bll

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

CSO

Civil Society Organisation

CNOOC

China National Offshore Oil Corporation

D

DLT

Development Leadership Team

DoA

Delegation of Authority

DRC

Democratic Republic of Congo

DSBP

Deferred Share Bonus Plan

E

EA

Exploration Area

E&E

Exploration and evaluation

E&A

Exploration and Appraisal

E&P

Exploration and Production

EBITDA

Earnings Before Interest, Tax, Depreciation and Amortisation

EHS

Environment, Health and Safety

EMS

Environmental Management System

ERC

Energy Resource Consultants

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

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

FVTPL

Fair Value Through Profit or Loss

G

GELT

Global Exploration Leadership Team

GNPC

Ghana National Petroleum Corporation

GoU

Government of Uganda

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

IASB

International Accounting Standards Board

IFRIC

International Financial Reporting Interpretations Committee

IFRS

International Financial Reporting Standards

IMS

Information Management System

ISO

International Organization for Standardization

K

km

kilometres

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

MoU

Memorandum of Understanding

MTM

Mark To Market

N

NGO

Non-Governmental Organisation

O

OR&A

Operational Readiness and Assurance

P

p

pence

P10

Reserves and/or resources estimates that have a 10 per cent probability of being met or exceeded

P50

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

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

toes

Tullow Oil Environmental Standards

TSR

Total Shareholder Return

U

UK GAAP

UK Generally Accepted Accounting Principles

V

VAT

Value Added Tax

W

WAEP

Weighted Average Exercise Price

WCTP

West Cape Three Points
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Delivering a strong performance

Financial highlights

In 2010, we demonstrated continued exploration and appraisal success and delivered first production from the Jubilee development in record time. Our reported financial results for 2010 are materially ahead of 2009. The successful equity placing in 2010 coupled with the planned Uganda farm-down, and the increased cash flow from Ghana, will ensure that the Group remains well funded to execute its exploration-led growth strategy.