Glossary

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A

ADR

American Depositary Receipt

AGM

Annual General Meeting

API

Degrees API is a reference system for the density of crude oils and constituent hydrocarbons. Brent is 38.5 degrees API.

Appraisal well

A well drilled to evaluate the size or quality of a hydrocarbon discovery

Associated gas

Natural gas found as part of, or in conjunction with other constituents of crude oil, as opposed to such gas found on its own

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B

BAP

Biodiversity Action Plan

bbl

The barrel is the name of several units of volume equal to 42 US gallons or approximately 159 litres.

bcf

Billion cubic feet

bfpd

Barrels of fluid per day

BIC

Reference number of your bank

BitC

Business in the Community

boe

Barrels of oil equivalent

boepd

Barrels of oil equivalent per day

bopd

Barrels of oil per day

bwpd

Barrels of water per day

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C

Campainian

A geological period occurring during the late Cretaceous period following the Turonian stage

Carboniferous

A geological period when many beds of coal were laid down

CCS

Carbon Capture and Storage

CDM

Clean Development Mechanism

CDP

Carbon Disclosure Project

CENTS

US cents

CH₄

Methane

CMS

Caister Murdoch System

CMS III

A group development of five satellite fields linked to CMS

CMT

Crisis Management Team

CNG

Compressed Natural Gas

CNG is made by compressing natural gas to less than 1% of its volume at standard atmospheric pressure.

Commercial Reserves

The estimated quantities of oil and gas recoverable under existing economic and operating conditions

Contingent Resources

Those quantities of petroleum estimated to be potentially recoverable but not yet considered mature enough for commercial development due to one or more contingencies

CO₂

Carbon dioxide

Cretaceous

A geological period and system; the late Cretaceous period, the Turonian, was later followed by the Campanian stage. Due to plate tectonics, continental drift continued as usual during this period.

Crude oil

An unrefined mixture of naturally occurring hydrocarbons

CR

Corporate Responsibility

CSEM

Controlled-Source Electromagnetic survey

CSR

Corporate Social Responsibility

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D

D&PL

Development and Production Lease

DBERR

Department for Business Enterprise and Regulatory Reform

DECC

Department of Energy and Climate Change

Development well

Any well drilled in the course of extraction of reservoir hydrocarbons

DOE

Department of Energy (US)

DRC

Democratic Republic of Congo

DRIP

Dividend Re-investment Plan

DSBP

Deferred Share Bonus Plan

DSE

Display Screen Equipment

DST

Drill Stem Testing

DTI

Department of Trade and Industry (UK)

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E

E&A

Exploration and Appraisal

E&P

Exploration & Production

EA

Environment Agency

EAGHL

Energy Africa Gabon Holdings Limited

EAP

Employee Assistance Programme

EBITDA

Earnings Before Interest, Tax, Depreciation and Amortisation

ECOFAC

Programme for Conservation and Rational Utilization of Forest Ecosystems in Central Africa

EHS

Environment, Health and Safety

EIA

Energy Information Administration

EIRIS

Ethical Investment Research Service

EITI

Extractive Industry Transparency Initiative

EOR

Enhanced Oil Recovery

EPS

Early Production System

ERC

Energy Resource Consultants

ESIA

Environmental and Social Impact Assessment

ESOS

Executive Share Option Scheme

EUETS

European Union Emission Trading Scheme

EURIBOR

Euro Interbank Offered Rate

Exploration well

A well drilled to test a potential, but unproven hydrocarbon structure

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F

FAC

First Aid Case

Farm-in

To acquire an interest in a licence from another party with conditions

Farm out

To partially dispose of an interest in a licence to another party with conditions

FEED

Front End Engineering and Design

FMCB

Federal Malaria Control Board, Pakistan

FPSO

Floating Production Storage and Offtake vessel

FRS

Financial Reporting Standard

FSA

Financial Services Authority

FTSE 100

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

FTSE 250

FTSE 250 Equity index whose constituents are the next 250 largest UK listed companies after the top 100

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G

GBP

British Pound

GDS

Global Depositary Share

GELT

Global Exploration Leadership Team

GHG

Greenhouse Gases

GNPC

Ghana National Petroleum Corporation

GRI

Global Reporting Initiative

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H

H&S

Health and Safety

HIPO

High Potential Incident

HiPoFR

High Potential Incident Frequency Rate

HR

Human Resources

HRIS

Human Resources Information System

HSE

Health and Safety Executive

Hydrocarbons

Crude oil and natural gas

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I

IAS

International Accounting Standard

IBAN

International Bank Account Number

IFAC

International Federation of Accountants

IFC

International Finance Corporation

IFRIC

International Financial Reporting Interpretations Committee

IFRS

International Financial Reporting Standards

IMS

Integrated Management System

Infill drilling

Production wells drilled between existing wells to increase recovery of hydrocarbons

Injection well

A well through which water or gas is injected to maintain reservoir pressure and improve recovery rates

IPPC

Integrated Pollution Prevention and Control

IR

Investor Relations

ISAE

International Standards Assurance Engagements

ISO

International Organization for Standardization

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J

JMP

Journey Management Plan

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K

km

Kilometre

KPI

Key Performance Indicator

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L

LAPS

Lancelot Area Pipeline System

LIBOR

London Interbank Offered Rate

Liquids

Crude oil, condensate and natural gas liquids

LNG

Liquid Natural Gas

LPG

Liquefied Petroleum Gas

LRQA

Lloyds Register Quality Assurance

LSE

London Stock Exchange

LTI

Lost Time Injury

LTIFR

LTI Frequency Rate measured in LTIs per million hours worked

LWDC

Lost Work Day Case

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M

m3

Cubic metres

mg/kg

Milligrammes per kilogram

mg/l

Milligrammes per litre

mmbbl

Million barrels

mmboe

Million barrels of oil equivalent

mmscfd

Million standard cubic feet per day

MTC

Medical Treatment Case

MVC

Motor Vehicle Crash

MW

Megawatt

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N

Natural depletion

Producing a reservoir by means of its natural pressure without pressure maintenance

Natural gas

A gas consisting primarily of Methane

NEBOSH

National Examination Board in Occupational Safety and Health

NGO

Non-Governmental Organisation

NOx

Nitrogen Oxide

NYMEX

New York Mercantile Exchange

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O

OGP

The International Association of Oil & Gas Producers

OPEC

Organisation of Petroleum Exporting Countries

OPPC

Offshore Pollution Prevention Control

OSPAR

Oslo/Paris Convention on the Protection of the marine environment

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P

pence

Pence Sterling

P&D

Production and Development

PAYE

Pay As You Earn

PEL

Petroleum Exploration Licence

PPE

Personal Protective Equipment

Production well

A development well specifically for the extraction of reservoir fluids

PRT

Petroleum Revenue Tax

PSC

Production Sharing Contract

PSP

Performance Share Plan

PTW

Permit to Work

PWRI

Public Works Research Institute

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R

R&R

Reserves and Resources

Reservoir

A porous, fractured or cavitated rock formation with a geological seal forming a trap for producible hydrocarbons

Rift Basins

These are regional accumulations of sediment deposited where the Earth's crust has been extended and rifted by plate tectonics. Rift Basins are typically bounded by long and parallel basin-bounding faults. A thick wedge of sediments, including reservoirs, is deposited between these faults. Other faults within the Rift Basin establish structural traps for petroleum, which is liberated from deeply buried shale rich in organic material.

RoSPA

The Royal Society for the Prevention of Accidents

RWDC

Restricted Work Day Case

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S

Salt Basins

These are regional accumulations of sediments characterised by the presence of thick layers of salt. Salt layers and structures form highly impermeable barriers to the flow of oil and gas in reservoirs - trapping petroleum very effectively.

SCT

Supplementary Corporation Tax

SEC

Securities and Exchange Commission (US)

SEE

Social, Ethical and Environmental

SIP

Share Incentive Plan

SMC

Senior Management Committee

SMT

Senior Management Team

SNS

Southern North Sea

SORP

Statement of Recommended Practice

Sox

Sulphur Oxide

Spud

To commence drilling

sq km

Square kilometres

SRN

Shareholder Reference Number

Step-out well

An appraisal well, specifically aimed at locating the lateral limits of the reservoir discovered

Stratigraphic traps

These are subtle underground petroleum traps generally formed along the shallow edge of a dipping reservoir layer. Structural traps, in contrast, consist of geologic structures in deformed strata such as faults and folds whose geometries permit retention of hydrocarbons.

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T

tcf

Trillion cubic feet

TLP

Tention Leg Platform

toes

Tullow Oil Environmental Standards

TOUK

Tullow Oil United Kingdom

Turonian

A geological period occuring during the the late Cretaceous period preceding the Campainian stage.

TRI

Total Recordable Injuries

TRIFR

Total Recordable Injury Frequency Rate

TSR

Total Shareholder Return

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U

UK

United Kingdom

UK GAAP

UK Generally Accepted Accounting Principles

UN

United Nations

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V

VAFR

Vehicle Accident Frequency Rate

VAT

Value Added Tax

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W

WAEP

Weighted Average Exercise Price

WHO

World Health Organization

WTI

West Texas Intermediate light crude oil

WwC

Working with Communities