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  • Glossary

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    Glossary

    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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Directors’ interests in the share capital of the Company

The interests of the Directors (all of which were beneficial), who held office at 31 December 2010, are set out in the table below. The table also shows the holdings at the date of this report and reflect changes since 31 December 2010, as summarised in the note following the table:

Director Ordinary shares
31.12.10
Ordinary shares
01.01.10
These interests do not include those set out in the table below. Other than as detailed in the table below there have been no changes in the interests of any Director between 1 January 2011 and the date of this report.
Aidan Heavey 6,401,511 6,240,500
Graham Martin 1,527,320 1,435,687
Angus McCoss 112,396 59,053
Paul McDade 260,801 203,181
Ian Springett 12,000 12,000
Pat Plunkett 761,326 761,326
David Bamford 13,445 13,445
Ann Grant 2,371 2,371
Steven McTiernan
Clare Spottiswoode 990
David Williams 5,000 5,000
Tutu Agyare

Tullow Oil UK Share Incentive Plan (UK SIP)

Details of shares purchased and awarded to Executive Directors under the UK SIP. View a brief description of the UK SIP.

Director Shares held
01.01.10
Partnership shares acquired in year Matching shares awarded in year Total shares held
31.12.10
SIP shares that became unrestricted in the year Total unrestricted shares held at 31.12.10
  1. Graham Martin, Angus McCoss and Paul McDade each acquired 30 partnership shares and were awarded 30 matching shares and Ian Springett acquired 29 partnership shares and was awarded 29 matching shares on 5 January 2011.
  2. Unrestricted shares (which are included in the total shares held at 31 December 2010) are those held until there is no longer a tax liability if they are withdrawn from the plan.
Graham Martin 6,778 139 139 7,056 1,834 4,182
Angus McCoss 1,808 139 139 2,086
Paul McDade 6,778 139 139 7,056 1,834 4,182
Ian Springett 286 138 138 562