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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
-
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
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
-
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
U
- UK GAAP
-
UK Generally Accepted Accounting Principles
V
- VAT
-
Value Added Tax
W
-
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Independent auditors' report for the Company financial statements
We have audited the Parent Company financial statements of Tullow Oil plc for the year ended 31 December 2010 which comprise the balance sheet, the accounting policies and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the Parent Company financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the Parent Company financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Parent Company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements.
Opinion on financial statements
In our opinion the Parent Company financial statements:
- Give a true and fair view of the state of the Company's affairs as at 31 December 2010;
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- Have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion:
- The part of the Directors' remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006; and
- The information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the Parent Company financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- Adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
- The Parent Company financial statements and the part of the Directors' remuneration report to be audited are not in agreement with the accounting records and returns; or
- Certain disclosures of Directors' remuneration specified by law are not made; or
- We have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the Group financial statements of Tullow Oil plc for the year ended 31 December 2010.
Matthew Donaldson (Senior Statutory Auditor)
for and on behalf of Deloitte LLP
Chartered Accountants and Statutory Auditors
London, UK
8 March 2011
