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Glossary
A
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
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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
-
Civil Society Organisation
- CNOOC
-
China National Offshore Oil Corporation
D
- DLT
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Development Leadership Team
- DoA
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Delegation of Authority
- DRC
-
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
-
Exploration and Appraisal
- E&P
-
Exploration and Production
- EBITDA
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Earnings Before Interest, Tax, Depreciation and Amortisation
- EHS
-
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
-
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
-
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
L
- LIBOR
-
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
-
Million barrels of oil
- mmboe
-
Million barrels of oil equivalent
- mmscfd
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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
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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
-
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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Board performance evaluation
The Board decided that the 2010 evaluation of the Board, its Committees and individual Directors should be externally facilitated as three years had elapsed since the last external facilitation was conducted.
Armstrong Bonham Carter LLP was appointed as the external facilitator and they conducted a review of the Board, including each of its Committees and individual Directors, via structured interviews following an agreed comprehensive agenda. At the time of the review, Armstrong Bonham Carter LLP had no other connection with the Company.
Board performance evaluation
A report on the performance of the Board and the report on the performances of the individual Directors (excluding that of the Chairman) were provided to the Chairman. The Senior Independent Director also received the Board’s performance report together with the Chairman’s performance assessment. This latter report took into account the views of all the Directors of the Board. The Chairman of each Committee received their reports on the performance of their respective Committees. The facilitator also presented the Board’s performance report and those of each Committee to the Board as a whole and an action plan has been agreed.
Overall, the Board performance report concluded that the Board had been effective in achieving its vision, aims and goals of the Company in 2010, but noted it had not achieved the strategic objective to deliver top quintile total shareholder return.
The performance report identified a number of areas for improvement to ensure the continued effectiveness of the Board. These included:
- Further enhancement of the strategy development process with an emphasis on more time being spent on considering alternative strategies to deliver the corporate objectives;
- That the work instigated by the Chief Executive Officer on building an external affairs function to manage wider stakeholders issues needed to be further developed in light of the issues faced by the Group;
- That the road map for the refreshment of the Board had been devised and its implementation had started successfully;
- That in light of the rapid development of the Group in terms of the number and range of operational activities, there was a continuing need to develop its internal communications to ensure all the additional skills and enthusiasm of the newly joined employees are integrated into the Group and that they are made aware of and aligned to the Group’s culture. This will build on the work conducted by the Board in 2010 to improve its visibility and that of each of its Directors; and
- To continue the work on Directors’ training with a greater mixture of sector specific training as well as general Director training, with the Chairman to agree formal training and development plans with each Director.
The review also noted that each of the Directors and, in particular, the non-executive Directors, committed sufficient time to discharge his or her duties effectively.
Finally, with respect to the Committees, each review concluded that each Committee had fulfilled its respective terms of reference effectively.
