11th Sep 2007 07:02
Cairn Energy PLC11 September 2007 EMBARGOED FOR RELEASE AT 0700 11 September 2007 CAIRN ENERGY PLC INTERIM RESULTS ANNOUNCEMENT HIGHLIGHTS CORPORATE • IPO of Cairn India completed in January raising $1.98bn • Return of £3 per share to Cairn Energy PLC shareholders • IPO proceeds of $600m retained by Cairn India and $300m retained by Capricorn OPERATIONAL • Gross operated production for H1 2007 92,173 boepd (H1 2006:111,640 boepd) • Average net entitlement production 22,486 boepd (H1 2006: 27,346 boepd) Cairn India • Government of India 'Rights of Use' (RoU) approval for Rajasthan pipeline • Rajasthan planned production of 150,000 bopd from Northern Fields • First oil production from Mangala on schedule for 2009 • Preparation of Mangala FDP addendum underway • Rajasthan Northern Appraisal Area extension awarded - declaration of commerciality on three discoveries under preparation Capricorn • Dyas investment of approximately $90m for 10% shareholding in Capricorn • Recommended cash offer for Plectrum Petroleum Plc of approximately $47m • Recommended cash offer for medOil plc of approximately $30m • Potentially high impact exploration drilling campaign in Bangladesh scheduled to commence in October • Applications submitted for exploration blocks in Greenland FINANCIAL • Profit after tax of $1,523.8m including $1,537.6m exceptional gain on IPO of Cairn India (H1 2006: loss $5.8m) • Cash generated from operations $86.7m (H1 2006: $72.5m) • Group net cash at 30 June 2007 of $847.2m (including 100% of Cairn India's net cash balances of $523.5m) (H1 2006: $19.5m) Sir Bill Gammell, Chief Executive said: "Cairn has made strong progress in realising its vision of creating two worldclass businesses. Cairn India is now firmly established as an autonomously run Indian businessentity with an exciting future. The critical path process for securing access tothe land to build the pipeline from Rajasthan has started. Consequently, firstoil from Mangala remains on course for 2009. The recent announcements regarding Capricorn represent the first steps towardsthe establishment of a new exploration led business combining our existing SouthAsia asset base with material acreage positions in new areas. We look forward tothe outcome of the potentially high impact Bangladesh exploration drillingcampaign." Enquiries to:Analysts/InvestorsBill Gammell, Chief ExecutiveJann Brown, Finance Director Tel: 0131 475 3000Mike Watts, Exploration & New Business Director Media Tel: 0207 404 5959Brunswick Group LLP:Patrick Handley, Mark Antelme, Phoebe Buckland Cairn India Media EnquiriesDavid Nisbet Tel: 00 91 99 1069 4336 Cairn Energy Live Audio Webcast The webcast of the 2007 interim results presentation will be available at 0900 (UK time) on Tuesday 11 September 2007. This will be available at the Cairn Energy PLC website: www.cairn-energy.plc.uk An archived version of the webcast will be available later. These materials contain forward-looking statements regarding Cairn, ourcorporate plans, future financial condition, future results of operations,future business plans and strategies. All such forward-looking statements arebased on our management's assumptions and beliefs in the light of informationavailable to them at this time. These forward-looking statements are, by theirnature, subject to significant risks and uncertainties and actual results,performance and achievements may be materially different from those expressed insuch statements. Factors that may cause actual results, performance orachievements to differ from expectations include, but are not limited to,regulatory changes, future levels of industry product supply, demand andpricing, weather and weather related impacts, wars and acts of terrorism,development and use of technology, acts of competitors and other changes tobusiness conditions. Cairn undertakes no obligation to revise any suchforward-looking statements to reflect any changes in Cairn's expectations withregard thereto or any change in circumstances or events after the date hereof. CHAIRMAN'S STATEMENT Corporate Overview The successful IPO of Cairn India in January raised $1.98 billion of which $600million was retained by Cairn India, $300 million was retained by Capricorn and£3 per share was returned in cash to Cairn Energy PLC shareholders. Cairn India I am pleased to report that Cairn India has made significant progress in all ofits operated assets since it was established as an autonomous business followingthe IPO. In accordance with Indian reporting regulations, Cairn India hasalready released two sets of quarterly results this year (in Indian Rupees andunder IGAAP) detailing its financial results and operational achievements. I am delighted that the approval of the GoI has now been received to grant theRoU, allowing Cairn India and ONGC to secure access to the land to build thepipeline from Rajasthan. Cairn India is committed to continuing investment in India and is very muchfocused on creating shareholder value by developing its world class resourcebase in Rajasthan and seeking to continue Cairn's track record of explorationsuccess. Capricorn I am also pleased to report on the progress of Cairn's subsidiary Capricorn. Aspreviously announced, all of the assets not transferred to Cairn India in theIPO - those in Bangladesh, Nepal and certain exploration interests in northernIndia - are now held by Capricorn. Capricorn's aim is to create further value for shareholders in the future byseeking to grow an exploration led balanced E&P business. I welcome a separateinvestment by Dyas BV - a wholly owned subsidiary of Dutch conglomerate SHVHoldings N.V. and an active investor in oil and gas exploration - which hasacquired a 10% holding in Capricorn for a total consideration of approximately$90m. Capricorn continues to evaluate new venture opportunities and is now activelyprogressing a number of these, including the recommended cash offers forPlectrum Petroleum Plc and medOil plc announced on 7 September. Furtherannouncements will be made as the offer processes progress. Outlook The Group continues to be well placed financially with a strong balance sheet,positive operating cash flows, an $850m syndicated revolving credit facility inCairn India to fund the Rajasthan developments, cash generated from theflotation of the Indian business and an approximately $90 million investment inCapricorn by Dyas. The respective strategies of the two arms of the Cairn business are now welldefined and both are making significant progress in achieving their objectives. Norman Murray Chairman, 11 September 2007 CHIEF EXECUTIVE'S REVIEW CAIRN INDIA The IPO of Cairn India was a natural evolution of the Cairn business, buildingon over a decade of achievement in South Asia. The successful completion of theIPO created an autonomous Indian business which is run by an experiencedmanagement team capable of developing and building on a world class asset base. Cairn India's oil and gas fields at Ravva and CB/OS-2 continue to be thecornerstone of its existing production. The ongoing drilling programme at Ravvaand a further programme planned this year on CB/OS-2 will ensure that theseassets continue to underpin Cairn India's activities elsewhere in India. A step change in production is expected from 2009, when the first of theRajasthan developments is scheduled to come onstream. The Mangala field will bebrought on production first followed by the Bhagyam and Aishwariya fields andthe targeted gross plateau production from these three fields is 150,000 bopd.Once onstream, the fields will create value for the GoI, the Rajasthan StateGovernment and for investors and other stakeholders in both Cairn and CairnIndia. Rajasthan Upstream The estimated proven and probable (2P) hydrocarbons in place for the six fields(Mangala, Bhagyam, Aishwariya, Saraswati, Raageshwari Oil and Raageshwari DeepGas) for which development plans have either been approved, or are beingprepared, total 2.2 billion boe and the associated gross 2P reserves pluscontingent resources are 864 million boe. Additional smaller and/or low permeability fields and reservoirs have anestimated 2P hydrocarbons in place volume of more than 1.4 billion boe. Over thecoming years, Cairn India's focus will be on converting as much of thiscontingent resource base into 2P reserves as is economically possible. Further details on progress on the upstream elements of the Rajasthandevelopment can be found in the Operational Review. Rajasthan Midstream The RJ-ON-90/1 Operating Committee (Cairn India and ONGC) have agreed an oilexport (midstream) solution. This proposal has been sent to the GoI forapproval, after which it will be submitted to the RJ-ON-90/1 ManagementCommittee. The proposal is to expand the Mangala field development plan (FDP) to include anoil export pipeline, which will transport the Rajasthan crude from Mangala to acoastal location in Gujarat. The GoI has recently agreed to grant Rights of Usefor the pipeline. In order to meet the projected schedule the front endengineering and design (FEED) has already been completed and the procurementprocess for several long lead items has commenced. The proposed routing of the pipeline will allow access to an extensive existingpipeline infrastructure and refinery network, with a final coastal deliverypoint that also affords access to the majority of India's refining capacity. CAPRICORN Capricorn intends to follow the Cairn model for exploration led growth within abalanced E&P portfolio. Specifically, Capricorn aims to build material positionsin areas where it sees the potential for hidden and material value but it willnot be geographically constrained in doing so. Since the Cairn India IPO, theCapricorn team has conducted an extensive opportunity screening exercise. Therecent announcements concerning the partnership with Dyas, who are investingapproximately $90 million for a 10% interest in Capricorn, and the recommendedcash offers for Plectrum and medOil, are consistent with this model andrepresent the right first steps for Capricorn. Bangladesh An offshore drilling campaign in Block 16 commenced in January 2007 during whichtwo wells (South Sangu-3 and Sangu-10) were drilled. South Sangu-3, which wasdrilled to evaluate the earlier South Sangu discovery, encounteredsub-commercial quantities of gas. Sangu-10, which was drilled as an extendedreach delineation well in the main Sangu field, did not encounter gas in themain reservoir horizon but encountered small, potentially producible quantitiesof gas in a separate upper horizon and was suspended. A planned third well (anexploration well on the Hatia prospect) was not drilled due to operationaldelays on the first two wells and the need to demobilise the drilling rig priorto the onset of the monsoon season. The net impact of the above drilling programme was a downgrade to Sangureserves, which was announced with our 2006 year end results in March. A separate potentially high impact exploration drilling campaign targeting theMagnama prospect (and potentially also the Hatia prospect) is now scheduled tocommence in October 2007. In the event of success on Magnama, a follow-upappraisal well is planned. Nepal The security situation in Nepal continues to be monitored closely and acontractual force majeure remains in place on these blocks. As soon as thesecurity situation permits, planning for seismic acquisition operations willcommence. An office in Kathmandu has already been established to supportCapricorn's activities in Nepal. Capricorn has also reached agreement with Texana for the assignment of a 100%interest in Blocks 3 and 5 pending the approval of the Government of Nepal. Greenland As part of a new venture initiative, Capricorn has recently submitted two bidapplications in the Disko West exploration licensing round offshore westGreenland. The results of this bid round are currently expected to be announcedin early 2008. RESULTS AND FINANCIAL PERFORMANCE Cairn continues to demonstrate financial strength with a strong balance sheet,cash retained from the IPO, positive operating cash flows and an $850m facilityin place in Cairn India. Key statistics * H1 2007 H1 2006 Production (boepd)** 22,486 27,346Average price per boe ($) 34.10 31.03Turnover ($m) 138.7 153.9Average production costs per boe ($) 7.47 6.29Profit before tax (pre-exceptional items) ($m)*** 10.5 12.7Profit/(loss) after tax ($m) 1,523.8 (5.8)Cash generated from operations ($m) 86.7 72.5Net assets ($m) 1,663.5 742.7Net cash ($m) 847.2 19.5 * figures are stated pre minority interest ** on an entitlement interest basis *** exceptional items include an exceptional gain of $1,537.6m on the disposalof a subsidiary and a $15.3m (H1 2006: $5.7m) exceptional oil and gas impairmentwrite down Accounting overview Following the IPO of Cairn India in January 2007, Cairn Energy PLC'sconsolidated accounts include the full results of its subsidiary undertakings(including Cairn India) to the balance sheet date. The 31% interest in CairnIndia held by external shareholders is reflected as a minority interestadjustment. PROFIT AND LOSS Turnover Turnover for the period was $138.7m (H1 2006: $153.9m). Gross production for the period has decreased by 17% to 92,173 boepd (H1 2006:111,640 boepd). This is principally due to a reduction in gross production on CB/OS-2 and Sangu, as both of these gas fields are in decline. An infill drillingcampaign to extend the plateau on Ravva is ongoing and a campaign is alsoplanned on CB/OS-2 in H2 2007. The decrease in entitlement production of 18% to 22,486 boepd (H1 2006: 27,346boepd) is due primarily to the reduction in overall field production at both CB/OS-2 and Sangu. The impact on entitlement production for Sangu is offset in partby the development expenditure incurred on the 2006/07 drilling campaign. The Group's production mix continues to be gas biased (approximately 68% on anentitlement interest basis (2006: approximately 75%)). This, combined withcontractual gas price caps, resulted in an average price realised by the Groupfor the period of $34.10 per boe (H1 2006: $31.03 per boe). The increase wasmainly due to an increase in the proportion of oil to gas and also increased gasprices negotiated on Indian contracts. Gross profit The Group generated a gross profit of $31.1m (H1 2006: $49.2m). Cost of sales for the period was $107.6m (H1 2006: $104.7m). Cost of salesincludes the write-off of unsuccessful exploration costs of $33.6m (H1 2006:$28.2m), including $19.9m in respect of South Sangu. The balance of $13.7mrelates to exploration expenditure in India. Production costs for the period were $30.4m (H1 2006: $31.1m). These includepre-exploration costs expensed under IFRS 6 and stock movements of $3.3m.Production costs per boe have increased to $7.47 per boe (H1 2006: $6.29 perboe). Field costs are mainly fixed costs and, with the exception ofapproximately $2.2m of non recurring workover costs in Ravva in H1 2007, overallproduction costs are relatively unchanged period on period. Production costs perboe have increased due to a reduction in entitlement production in the period. The average Group rate for depletion and decommissioning has increased by 17% to$10.72 per boe (H1 2006: $9.16 per boe). This is in part due to the initialbooking of Lakshmi oil reserves, including anticipated development expenditure.Depletion has also been impacted by the Group's change in oil price assumptionfrom $30 per boe to $50 per boe, which has had the effect of reducingentitlement reserves. Profit for the period The Group made a profit of $1,523.8m for the period; $1,517.0m is attributableto the equity holders with the balance of $6.8m relating to minority interests. Administrative expenses (net of other operating income) for the period were$33.9m (H1 2006: $22.8m). This includes a charge of $11.7m (H1 2006: $6.1m) forshare based payments and associated National Insurance Contributions inaccordance with IFRS 2. Net finance income for the period was $13.3m (H1 2006: net finance costs$13.6m), after recognising a foreign currency exchange loss of $21.2m (H1 2006:loss $10.0m). The majority of finance income relates to interest generated oncash balances held following the IPO. Exchange movements in 2007 arose primarilydue to the further weakening of the US$ against Sterling and the Indian Rupee. Profit before tax and pre-exceptional items was $10.5m (H1 2006: profit $12.7m). Exceptional items The exceptional oil and gas write down of $15.3m reflects impairment arisingfrom the recognition of final costs in relation to the Sangu-10 well. The Group also made an exceptional gain of $1,537.6m on the disposal of 31% ofCairn India through the IPO, which completed in January of this year. CairnEnergy PLC retains a 69% interest in Cairn India. The $9.0m tax charge (H1 2006:$12.8m) consists of a charge of $15.2m on Cairn India profits and a tax creditof $6.2m in respect of the Capricorn group. The overall effective tax rate islow as there is no tax associated with the gain arising on the IPO. BALANCE SHEET Capital expenditure Capital expenditure during the period was $211.7m (H1 2006: $128.7m), comprising$86.0m (H1 2006: $88.8m) on exploration/appraisal activities, $120.0m (H1 2006:$33.5m) on development activities and $5.7m (H1 2006: $6.4m) on other fixedassets. The exploration expenditure during the period relates principally to continueddrilling in Rajasthan and on the South Sangu-3 well in Bangladesh (South Sangu-3was subsequently written off as unsuccessful in the period). The majority of the development expenditure was development expenditure inRajasthan, infill drilling activity on Ravva and the Sangu-10 development wellin Bangladesh (see exceptional items above). CASH FLOW Cash flows from operating activities Cash generated from group operations has increased to $86.7m (H1 2006: $72.5m).Tax payments during 2007 were $7.4m (H1 2006: $3.1m). Cash flows from investing activities H1 2007 H1 2006 $m $mExploration/appraisal expenditure 58.3 91.0Development expenditure 135.2 30.6Other expenditure 4.9 3.1 Total 198.4 124.7 Cash flows from financing activities On 9 January 2007, Cairn India was floated on the Bombay Stock Exchange and theNational Stock Exchange of India, pursuant to Cairn's strategy of increasing theautonomy of that business and of realising value for shareholders. The total proceeds (before expenses) raised in the flotation were $1,984m ($752mwas received in 2006 and the balance of $1,232m was received in 2007). Of theseproceeds, $949.5m (including expenses) were returned to shareholders in 2007(representing £3 per share). Cairn India retained $600m, with approximately $300m held to fund Cairn'songoing business held by its subsidiary Capricorn. This provides financialflexibility to support the growth of Capricorn, with the aim of creating andrealising further value for shareholders in the future. Net assets/net cash Net assets at 30 June 2007 were $1,663.5m; $1,294.9m of which is attributable toequity shareholders with the remaining $368.6m relating to minority interests. At the period end the Group had net cash of $847.2m, including 100% of CairnIndia's net cash balances of $523.5m (H1 2006: $19.5m). The Group signed a $1bn syndicated revolving credit facility on 27 June 2006.Following the IPO, the $150m corporate facility was cancelled and the remaining$850m transferred to Cairn India to finance the Rajasthan development. Theamount available to draw-down at 30 June 2007 was $75m; the balance becomesavailable once certain conditions precedent are met regarding the Rajasthandevelopment. The Cairn India group had net cash of $523.5m available at 30 June2007 to fund ongoing activities. Sir Bill Gammell Chief Executive, 11 September 2007 OPERATIONAL REVIEW Cairn's gross operated production across South Asia during H1 2007, including100% of Cairn India's production, was 92,173 boepd (net entitlement 22,486boepd). RAJASTHAN BASIN - North West India Block RJ-ON-90/1 Development Areas (Cairn India 70% (Operator); ONGC 30%) A 120 km2 3D seismic survey was completed over the Mangala field and processingof the data has started. An addendum to the Mangala FDP is currently underpreparation for submission to the Joint Venture and GoI. The first phase of development drilling on Saraswati and Raageshwari has beencompleted. Development drilling on Mangala is scheduled to commence in 2008 anddrilling rigs have been contracted for this programme. All the permits and permissions required to begin major construction work havebeen granted. A number of contracts have been awarded and others are beingprogressed. Civil construction work is ongoing to meet the planned first oilproduction from Mangala in 2009. The FDP for Bhagyam, the second largest field in Block RJ-ON-90/1, was approvedby the Operating Committee in May and has subsequently been submitted to theManagement Committee for approval. The Bhagyam (and Shakti) fields are containedwithin a second development area of 430 km2. The planned Bhagyam plateau production rate is 40,000 bopd. It is intended thatthe reserves associated with Bhagyam will be booked when Management Committeeapproval of the FDP is obtained. The Saraswati-Crest-1 exploration well, located approximately 0.8 km west ofSarasawati-3, was drilled in April and encountered two hydrocarbon bearingformations. Approximately 7 metres of net pay was encountered in theDharvi-Dungar formation and approximately 4.5 metres of net pay was encounteredin the Lower Barmer Hill. Saraswati-Crest-1 has been declared as a newdiscovery. The Kameshwari 220 km2 appraisal 3D seismic programme started in July to furtherappraise this section of the Development Area. Enhanced Oil Recovery Work is ongoing to confirm the optimal EOR techniques to implement in theRajasthan block, with the aim of increasing ultimate oil recovery and extendingthe production plateau periods for each field. The first phase of third partylaboratory studies, which are reviewing various chemical flooding options(polymer, alkaline, surfactant, or combinations of these) has been completed forMangala. Further laboratory studies on Mangala will now take place and simulation work isongoing. A pilot project to be implemented in 2009/10 is currently beingdesigned to demonstrate field-scale applicability of these techniques.Additional laboratory work continues for Bhagyam, to be followed by work onAishwariya. Northern Appraisal Area (Cairn India 100%) The GoI awarded a six month extension to the Exploration Phase of the NorthernAppraisal Area (NAA) of Block RJ-ON-90/1 effective from 8 May 2007. Appraisal drilling on the discoveries made in 2006 (Kameshwari West-2 andKameshwari West-3) has been completed. These discoveries have opened up a newplay in the Barmer Hill/Lower Dharvi Dungar sands on the western margin of thebasin. While reservoir quality is variable, an appraisal programme involvingfive wells and 88 km of 2D seismic was completed to further delineate thesediscoveries and explore the full potential of the NAA. As part of thisprogramme, Kameshwari West-6 tested 2.39 mmscfd and was declared as a newdiscovery. A Declaration of Commerciality for these three discoveries is now being prepared(along with a proposed new Development Area) for submission to the GoI in H22007. Block RJ-0NN-2003/1 (Cairn India 30%, ENI Operator) In early January 2007, the Operator commenced acquisition of a 3D seismic surveyon this Rajasthan block, which was awarded in the NELP-V licensing round.Acquisition and processing of the 622 km2 3D seismic programme has subsequentlybeen completed by the Operator. CAMBAY BASIN - Western India Block CB/OS-2: Lakshmi and Gauri Gas Fields (Cairn India 40% (Operator)) Average gross production from the Lakshmi and Gauri fields for H1 2007 was15,238 boepd (comprising average oil and condensate production of 3,910 bopd andaverage gas production of 68 mmscfd). A planned four well infill development drilling programme is scheduled tocommence in H2 2007. The onshore CB-X tie-in project was completed and delivered first gas in Q22007. CB-ONN-2001/1 (Cairn India 30%, ONGC Operator) A final commitment well on this block was drilled and abandoned in April. CB-ONN-2002/1 (Cairn India 30%, ONGC Operator) Three wells are scheduled to be drilled on this block during H2 2007 and early2008. GS-OSN-2003/1 (Cairn India 49%, ONGC Operator) The Operator has acquired and processed a 3D marine seismic programme of 510 km2on this block. KRISHNA-GODAVARI BASIN - Eastern India Ravva (Cairn India 22.5% (Operator)) Average gross production from the Ravva field for H1 2007 was 60,878 boepd(comprising average oil production of 48,769 bopd and average gas production of72.7 mmscfd). An extensive offshore infill development and exploration drilling programme onRavva commenced in October 2006 and is nearing completion. Production has nowcommenced from three new infill wells and one appraisal well. In addition, twowater injection wells have also been drilled and put into service to enhance thereservoir water-flood scheme. The Ravva field has been on plateau for a numberof years and the current drilling programme is aimed at continuing the strongproduction performance at Ravva. The rig is currently operating on an exploration well, RX-8, on the MM301prospect, which has to date discovered 44 metres of oil and gas pay in fourLower to Upper Miocene age sands. A further three work-over wells are planned toenhance production capacity. Earlier in the year the RX-10 exploration wellencountered 11 metres of gas pay in Late Miocene sands. KG-DWN-98/2 (Cairn India 10%, ONGC (Operator)) The KT-1 Cretaceous exploration well spudded in June and drilling is ongoing. KG-ONN-2003/1 (Cairn India 49%, Operator*) Plans are underway to commence a seismic acquisition programme of 2D and 3D dataon this block in late 2007/early 2008. PR-OSN-2004/1 (Cairn India Limited 35%, Operator) This block was awarded in the NELP-VI licensing round and covers an area of9,400 km2. A 2D seismic programme is being planned for early 2008. KK-DWN-2004/1 (Cairn India Limited 40%, ONGC Operator) This block was awarded in the NELP-VI licensing round and covers an area of12,324 km2. A 2D seismic programme is planned by the Operator in early 2008. HIMALAYAN FORELAND BASIN - Northern India Ganga Valley GV-ONN-2002/1 (Cairn India 50% (Operator), Capricorn 50%) An aeromagnetic survey was completed on this block in April and a 500 km 2Dseismic acquisition programme was completed in early August. Processing of thisdata has been completed and planning has commenced for drilling a commitmentwell in 2008. GV-ONN-97/1 (Cairn India 15%, Capricorn 15%; ONGC Operator) A final commitment well on this block is expected to be drilled in late 2007/early 2008. GV-ONN-2003/1 (Cairn India 24% (Operator)*, Capricorn 25%) A 550 km 2D seismic acquisition programme is scheduled to commence in early2008. VN-ONN-2003/1 (Cairn India 24% (Operator)*, Capricorn 25%) Seismic reprocessing is underway and planning will commence later in 2007 for a2D seismic acquisition programme which is expected to commence in 2008. * The PSC provides that ONGC is the proposed operator for the development andproduction of these blocks. HIMALAYAN FORELAND BASIN - Nepal Blocks 1, 2, 4, 6 & 7 (Capricorn 100% (Operator)) The security situation in Nepal continues to be monitored closely and acontractual force majeure remains in place on these blocks. As soon as thesecurity situation permits, planning for seismic acquisition operations willcommence. An office in Kathmandu has been already been established to supportCapricorn's activities in Nepal. Capricorn has also reached agreement with Texana for the assignment of a 100%interest in Blocks 3 and 5 pending the approval of the Government of Nepal. BENGAL BASIN - Bangladesh Sangu (Capricorn 75% (Operator)) The Sangu gas field, which is in decline, has produced in excess of 420 bscfsince commencement of production in 1998. To date, the Sangu joint venture hasgenerated gross revenue in excess of $850m. An offshore drilling programme was completed during H1 2007 and comprised oneappraisal well (South Sangu-3) and one development well (Sangu-10, targeting apotentially undrained compartment in the main Sangu field). A planned third well(an exploration well on the Hatia prospect) was not drilled due to operationaldelays on the first two wells and the need to demobilise the drilling rig priorto the onset of the monsoon season. South Sangu-3 encountered non-commercial quantities of gas and was plugged andabandoned. The South Sangu discovery will now not be developed. Sangu-10, which was drilled as an extended reach delineation well in the mainSangu field, did not encounter gas in the main reservoir horizon, butencountered small, potentially producible quantities of gas in a separate upperhorizon and has been suspended. It is intended to complete the gas bearinginterval during Q4 2007. A separate high impact exploration drilling campaign targeting the Magnamaprospect is scheduled to commence in October 2007. In the event of a discoveryon Magnama, the second well in the programme will be a Magnama appraisal well.If the exploration well on Magnama is unsuccessful, it will instead be followedby an exploration well on the Hatia prospect. Blocks 5 & 10 (Capricorn 90% (Operator)) A 392 km 2D seismic survey has been completed on Block 10 and a further 296 km2D survey has been completed on Block 5. Processing of this data is close tocompletion Block 7 (Capricorn 45%) A 2D seismic survey of 1,054 km was acquired during 2006 and evaluation of thepotential of this block is ongoing. GROUP PRODUCTION The Group's average entitlement production for H1 2007 was 22,486 boepd net toCairn compared to 27,346 boepd in H1 2006. The figures in the table below show group production for H1 2007 on a gross,working interest and entitlement basis (including 100% of Cairn India'sproduction). Production (boepd) Ravva CB/OS-2 Sangu TotalGross field 60,878 15,238 16,057 92,173Working interest 13,698 6,095 12,043 31,836Entitlement interest 7,204 5,654 9,628 22,486 Group production during H1 2007 was 68% gas: 32% oil and condensate. Oncommencement of oil production from Rajasthan, the majority of Group productionwill be oil (currently estimated to be approximately 90%). GROUP RESERVES The table below shows reserves information at the end of June 2007 on anentitlement basis for the Group (including 100% of Cairn India's reserves). Reserves Produced in Additions in Revisions in Reserves 31.12.06 2007 2007 2007 30.06.07 mmboe mmboe mmboe mmboe mmboe India 185.7 (2.3) 1.1 (25.9) 158.6Bangladesh 10.3 (1.8) - 0.8 9.3 Total 196.0 (4.1) 1.1 (25.1)* 167.9 \* The downward revision to entitlement reserves of 25.1 mmboe in H1 2007 ismainly as a result of the change in the Group's oil price assumption (seebelow). On a direct working interest basis, reserves as at 30 June 2007 totalled 227.9mmboe (31 December 2006: 230.5 mmboe), comprising 215.8 mmboe in India and 12.1mmboe in Bangladesh. For accounting and reserves purposes, the Group has used an oil price assumptionof $50 per boe (real) for the period (2006: $30 per boe). The table below showsthe impact of differing oil prices on net entitlement reserves. Oil Net Entitlement Increase/(reduction) Price Reserves compared to $50/ boe base case (boe)($/boe) (boe) $30 194.9 27.0 $40 179.3 11.4 $50 167.9 - $60 158.3 (9.6) GROUP INCOME STATEMENT For the six months to 30 June 2007----------------------- ------ -------- -------- --------- Notes Six months Six months Year ended to 30 June to 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) $'000 $'000 $'000----------------------- ------ -------- -------- --------- Revenue 138,711 153,861 286,304 Cost of salesProduction costs (30,409) (31,115) (56,931)Unsuccessful exploration costs (33,575) (28,238) (62,018)Depletion and decommissioningcharge (43,646) (45,347) (103,487)----------------------- ------ -------- -------- ---------Gross profit 31,081 49,161 63,868Other operating income 2,979 2,364 3,340Administrative expenses (36,925) (25,197) (60,323)Exceptional impairment of oiland gas assets (15,335) (5,710) (71,455)Operating (loss)/profit (18,200) 20,618 (64,570)Exceptional gain on deemeddisposal of subsidiary 1,537,585 - -Finance income 38,495 1,525 4,603Finance costs (25,152) (15,156) (30,609)----------------------- ------ -------- -------- ---------Profit /(loss) before 1,532,728 6,987 (90,576)taxation ------ -------- -------- --------------------------------Taxation credit/(expense) onprofit/(loss) - UK 7,080 4,448 38,920 - Overseas (16,038) (17,229) (30,361)----------------------- ------ -------- -------- ---------Profit/(loss) for the period 1,523,770 (5,794) (82,017)----------------------- ------ -------- -------- ---------Attributable to: Equity holders of the parent 1,516,945 (5,794) (82,017) Minority interests 6,825 - ------------------------ ------ -------- -------- ---------Earnings per ordinary share - 1 1,067.81 (3.68) (52.02)basic (cents) (attributable to equityholders of the parent)Earnings per ordinary share - 2 1,065.60 (3.68) (52.02)diluted (cents)(attributable to equityholders of the parent) ----------------------- ------ -------- -------- --------- Notes: 1 The basic earnings per ordinary share is calculated on a profit of$1,516,945,000 (H1 2006: loss of $5,794,000) on a weighted average of142,061,461 (H1 2006: 157,538,718) ordinary shares. 2 In respect of the six months to 30 June 2007, the diluted earnings perordinary share is calculated on a profit of $1,516,945,000 (H1 2006: loss of$5,794,000) on 142,355,748 (H1 2006: 157,538,718) ordinary shares, being thebasic weighted average of 142,061,461 (H1 2006: 157,538,718) ordinary shares andthe dilutive potential ordinary shares of 294,287 (H1 2006: 835,055anti-dilutive) ordinary shares relating to share options. 3 No dividend has been declared (2006: nil). GROUP STATEMENT OF CHANGES IN EQUITY For the six months to 30 June 2007 Six months Six months Year ended to 30 June to 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) $'000 $'000 $'000 Opening equity attributable to equityholders 681,170 757,598 757,598 Currency translation differences 30,045 8,769 10,725---------------------------- --------- -------- ---------Total income recognised direct inequity 30,045 8,769 10,725 Profit/(loss) for the period 1,523,770 (5,794) (82,017)---------------------------- --------- -------- ---------Total recognised income and expensesfor the period 1,553,815 2,975 (71,292)Total recognised income and expensesattributable to minority interests (9,977) - ----------------------------- --------- -------- ---------Total recognised income and expensesattributable to equity holders forthe period 1,543,838 2,975 (71,292)---------------------------- --------- -------- --------- New shares issued in respect ofemployee share options 5,851 1,681 3,219Share based payments 10,704 2,722 13,304Return of cash to shareholders (946,613) - -Cost of shares purchased - (22,294) (21,659)---------------------------- --------- -------- ---------Closing equity attributable to equityholders 1,294,950 742,682 681,170---------------------------- --------- -------- --------- Minority interestsMinority interest arising on deemeddisposal of subsidiary 356,191 - -Total recognised income and expensesattributable to minority interests: Profit for the period 6,825 - -Currency translation differences 3,152Share based payments attributable tominority interests 2,424 - ----------------------------- --------- -------- ---------Closing equity attributable tominority interests 368,592 - ----------------------------- --------- -------- ---------Total closing equity 1,663,542 742,682 681,170---------------------------- --------- -------- --------- GROUP BALANCE SHEET As at 30 June 2007 Notes As at 30 June As at 30 June As at 2007 2006 31 December (unaudited) (unaudited) 2006 $'000 $'000 (audited) $'000Non-current assetsIntangible exploration/appraisalassets 460,558 380,871 419,239Property, plant & equipment -development/producing assets 466,163 445,194 394,010Property, plant and equipment - other 7,197 6,738 5,891Intangible assets - other 9,088 3,295 6,724Investments 96 96 96Deferred tax assets 23,447 6,784 18,911------------------------------ ---------- --------- -------- 966,549 842,978 844,871Current assetsInventory 5,891 3,728 4,615Trade and other receivables 3 209,310 164,317 218,159Current tax debtor - 5,938 -Cash and cash equivalents 922,225 44,476 856,266------------------------------ ---------- --------- -------- 1,137,426 218,459 1,079,040------------------------------ ---------- --------- --------Total assets 2,103,975 1,061,437 1,923,911------------------------------ ---------- --------- --------Current liabilitiesTrade and other payables 161,928 105,445 897,232Obligations under finance leases 1,891 1,101 1,380Provisions 10,217 - 6,845Derivative financial instruments - - 9,694Income tax liabilities 4,447 15,164 6,064------------------------------ ---------- --------- -------- 178,483 121,710 921,215------------------------------ ---------- --------- --------Non-current liabilitiesLoans and borrowings 75,000 25,000 155,000Obligations under finance leases 3,112 3,546 3,092Provisions 24,921 20,606 24,740Deferred tax liabilities 158,917 147,893 138,694------------------------------ ---------- --------- -------- 261,950 197,045 321,526------------------------------ ---------- --------- --------Total liabilities 440,433 318,755 1,242,741------------------------------ ---------- --------- --------Net assets 1,663,542 742,682 681,170------------------------------ ---------- --------- --------Equity attributable to equity holders of the parentCalled-up share capital 5 15,817 25,824 25,870Share premium 206,812 199,527 201,019Shares held by ESOP Trust (45,886) (54,792) (55,756)Foreign currency translation 29,693 842 2,798Other reserves 37,284 37,284 37,284Capital reserves - non-distributable 45,331 45,331 45,331Capital reserves - distributable 178,429 178,429 178,429Retained earnings 827,470 310,237 246,195------------------------------ ---------- --------- -------- 1,294,950 742,682 681,170Minority interests 368,592 - ------------------------------- ---------- --------- --------Total equity 1,663,542 742,682 681,170------------------------------ ---------- --------- -------- GROUP STATEMENT OF CASH FLOWS For the six months to 30 June 2007 Six months Six months Year ended to 30 June to 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) $'000 $'000 $'000 Cash flows from operating activitiesCash generated from operations 86,670 72,477 207,199Interest paid (4,393) (1,510) (5,599)Income tax paid (7,420) (3,148) (12,184)------------------------ --------- -------- --------Net cash generated from operatingactivities 74,857 67,819 189,416------------------------ --------- -------- -------- Cash flows from investing activitiesExpenditure on exploration/appraisalassets (58,281) (91,003) (157,535)Expenditure on development/producingassets (135,171) (30,580) (114,995)Purchase of property, plant andequipment - other (1,527) (821) (1,346)Purchase of intangible assets - other (3,377) (2,295) (7,779)Proceeds on disposal of property,plant and equipment - 43 20Movement in funds on bank deposit - 20,000 20,000Interest received 36,021 2,824 5,568------------------------ --------- -------- --------Net cash used in investing activities (162,335) (101,832) (256,067)------------------------ --------- -------- --------Cash flows from financing activitiesPayments for IPO costs (64,304) - (23,276)Proceeds from IPO 1,232,257 - 751,849Arrangement and facility fees (6,572) - (17,074)Currency exchange option (9,694) - -Proceeds from issue of shares 5,851 1,681 3,219Purchase of own shares - (22,294) (21,659)Payment of finance lease liabilities (624) (607) (285)(Repayment)/drawdown of loanfacilities (80,000) 25,000 155,000Return of cash to shareholders (949,454) - ------------------------- --------- -------- --------Net cash flows from financingactivities 127,460 3,780 847,774------------------------ --------- -------- --------Net increase/(decrease) in cash andcash equivalents 39,982 (30,233) 781,123Opening cash and cash equivalents atbeginning of period 856,266 75,509 75,509Exchange gains/(losses) on cash andcash equivalents 25,977 (800) (366)------------------------ --------- -------- --------Closing cash and cash equivalents 922,225 44,476 856,266------------------------ --------- -------- -------- RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH INFLOW/(OUTFLOW) FROMOPERATING ACTIVITIES For the six months to 30 June 2007 Six months Six months Year ended to 30 June to 30 June 31 December 2007 2006 2006 (unaudited) (unaudited) (audited) $'000 $'000 $'000 Profit/(loss) before taxation 1,532,728 6,987 (90,576)Exceptional gain on deemed disposalof subsidiary (1,537,585) - -Finance income (38,495) (1,525) (4,603)Finance costs 25,152 15,156 30,609Depletion, depreciationdecommissioning and amortisation 46,894 48,590 110,494Share based payments charge 13,128 2,722 13,304Inventory movement (1,276) 1,805 918Trade receivables movement 11,410 (28,300) (7,037)Trade payables movement (16,761) (5,287) 15,139Movement in other provisions 2,728 (1,605) 5,762Gain on sale of other non currentassets - (2) (2)Exceptional impairment of oil and gasassets 15,335 5,710 71,455Unsuccessful exploration costs 33,575 28,238 62,018Foreign exchange differences (163) (12) (282)--------------------------- -------- -------- ---------Net cash inflow from operatingactivities 86,670 72,477 207,199--------------------------- -------- -------- --------- NET FUNDS As at 30 June 2007 At 1 January Cash New finance Exchange At 30 June 2007 flow leases movements 2007 $'000 $'000 $'000 $'000 $'000 --------- --------- -------- -------- --------- Cash at 27,573 26,850 11,714 66,137bankShort termdeposits 828,693 13,132 14,263 856,088 --------- --------- -------- -------- ---------Cash andcash 856,266 39,982 - 25,977 922,225equivalents --------- --------- -------- -------- ---------Bank loans (155,000) 80,000 - - (75,000) --------- --------- -------- -------- ---------Net cash 701,266 119,982 25,977 847,225Finance (4,472) 624 (768) (387) (5,003)leases --------- --------- -------- -------- ---------Net funds 696,794 120,606 (768) 25,590 842,222 --------- --------- -------- -------- --------- NOTES TO THE ACCOUNTS For the six months to 30 June 2007 1. Accounting Policies Basis of Preparation This interim results announcement has been prepared on a basis consistent withthe accounting policies expected to be applied for the year ended 31 December2007, and which is also consistent with the accounting policies applied for theyear ended 31 December 2006. The disclosed figures are not statutory accounts interms of section 240 of the Companies Act 1985. Statutory accounts for the yearended 31 December 2006, on which the auditors gave an unqualified report, havebeen filed with the Registrar of Companies. 2. Segmental Analysis - Operating segments The Group's operating segments were revised to reflect the organisationalstructure following the restructuring carried out in anticipation of the IPO inIndia. During the period ended 30 June 2007, the Group's operating activities wereinternally reported to the chief operating decision maker based on two separableareas grouped into different subsidiary entities: Capricorn Energy Limited Groupand Cairn India Limited Group. A third segment 'Other' exists to accumulateCairn UK Holdings Limited and Cairn Energy PLC company which will include theadministrative expenses of Cairn's head office in Edinburgh. This also includestaxation and interest expenses of the Group which cannot be allocated to anoperating segment. During the period to 30 June 2006 the operating segments were North Sea, SouthAsia and Head Office Costs. Comparative information has been presented toreflect the new operating segments. There is no overall financial impact of thischange. The segment results for the period ended 30 June 2007 are as follows: Capricorn Cairn India Energy Limited Limited Group Group Group Other 2007 $'000 $'000 $'000 $'000-------------------------------------------------------------------------------------------Revenue from sale of oil, gas and condensate 107,680 30,670 138,350 Tariff income 361 - - 361 --------- -------- --------- --------- Total revenue 108,041 30,670 - 138,711 --------- -------- --------- --------- Total cost of sales (60,273) (47,357) - (107,630) --------- -------- --------- --------- Gross profit 47,768 (16,687) - 31,081 --------- -------- --------- --------- Segmental operating profit/(loss) 32,919 (33,058) (18,061) (18,200) --------- -------- --------- --------- Cost of sales in the segment results above includes: Production costs 18,947 11,462 - 30,409 Unsuccessful exploration costs 13,685 19,890 - 33,575 Depletion and decommissioning charge 27,641 16,005 - 43,646 --------- -------- --------- --------- 60,273 47,357 - 107,630 Other segment items included in the Income Statement are: Impairment of oil and gas assets - 15,335 - 15,335 Depreciation 759 - 284 1,043 Amortisation 1,908 - 297 2,205 Exceptional gain on deemed disposal of subsidiary - - 1,537,585 1,537,585 The segment results for the period ended 30 June 2006 were as follows: Capricorn Cairn India Energy Limited Limited Group Group Group Other 2006 $'000 $'000 $'000 $'000------------------------------------------------------------------------------------------- Revenue from sale of oil, gas and condensate 120,620 32,985 - 153,605 Tariff income 256 - - 256 --------- -------- --------- --------- Total revenue 120,876 32,985 - 153,861 --------- -------- --------- --------- Total Cost of sales (80,079) (24,621) - (104,700) --------- -------- --------- --------- Gross profit 40,797 8,364 - 49,161 --------- -------- --------- --------- Segmental operating profit/(loss) 37,016 2,234 (18,632) 20,618 --------- -------- --------- --------- Cost of sales in the segment results above includes: Production costs 22,090 9,025 - 31,115 Unsuccessful exploration costs 28,238 - - 28,238 Depletion and decommissioning charge 29,751 15,596 - 45,347 --------- -------- --------- --------- 80,079 24,621 - 104,700 Other segment items included in the Income Statement are: Depreciation 1,319 - 243 1,562 Amortisation 1,095 - 586 1,681 The segment assets and liabilities as at 30 June 2007 and capital expenditurefor the period then ended are as follows: Capricorn Cairn India Energy Limited Limited Group Group Group Other 2007 $'000 $'000 $'000 $'000-------------------------------------------------------------------------------- Assets 1,595,434 291,397 217,144 2,103,975 Liabilities 385,183 45,073 10,177 440,433 Capital expenditure 139,210 69,442 3,075 211,727 The segment assets and liabilities as at 30 June 2006 and capital expenditurefor the period then ended are as follows: Capricorn Cairn India Energy Limited Limited Group Group Group Other 2006 $'000 $'000 $'000 $'000-------------------------------------------------------------------------------- Assets 815,965 234,186 11,286 1,061,437 Liabilities 270,831 46,809 1,115 318,755 Capital expenditure 120,335 6,935 1,442 128,712 Segment assets include intangible exploration/appraisal assets; property, plant& equipment - development/producing assets; property, plant & equipment - other;intangible assets - other; trade receivables and operating cash. They excludedeferred tax assets and inter-company balances. Segment liabilities comprise operating liabilities and exclude items such astaxation, corporate borrowings and inter-company balances. Other assets include assets of Cairn's head office in Edinburgh, as well asdeferred tax assets, interest receivable, deposits, cash and cash equivalents ofthe Group which cannot be allocated to an operating segment. Other liabilities include liabilities of Cairn's head office in Edinburgh, aswell as income tax liabilities and deferred tax liabilities of the Group whichcannot be allocated to an operating segment. Capital expenditure comprises intangible exploration/appraisal asset additionsand acquisitions; property, plant & equipment - development/producing assetadditions and acquisitions; property, plant & equipment - other additions; andintangible assets - other additions. Business Segments Cairn operates in only one business segment, being the oil and gas extractiveindustry, and therefore no business segmental analysis is provided. 3. Trade and Other Receivables Included within the Trade and Other Receivables balance are outstanding andoverdue cash calls of $69.2 million receivable from the Rajasthan joint venturepartner ONGC. Management is currently pursuing payment of this amount. 4. Contingent Liabilities Ravva Arbitration The calculation of the GoI's share of petroleum produced from the Ravva oilfield has been a matter of disagreement for some years. Ravva is anunincorporated Joint Venture in which Cairn has an interest. An arbitration panel opined in October 2004 and Cairn has been willing to bebound by the award, although it was not as favourable as had been hoped. TheGoI, however, has lodged an appeal in the Malaysian courts and Cairn continuesto maintain their challenge to the GoI's appeal. Cairn has challenged both the GoI's right to appeal, and the grounds of thatappeal. If the GoI were successful on both these points, it is unclear whatprocess would then follow to resolve the original issue under dispute. Cairnwill defend its right to continue to refer to the existing arbitration panel,whose composition and terms of reference were agreed by all parties at theoutset. It is expected that this appeal will be heard in November 2007. In the event that the GoI's appeal succeeded and a process then ensued whichconcluded with the arbitration award being reversed in a manner and a forumwhich Cairn accepted as binding, then Cairn would be due to pay an additional$63.9m. In a separate and unrelated dispute related to the profit petroleum calculationsunder the Ravva PSC, the Ravva JV received a claim from the DGH forapproximately $166.4m (representing $37.4m net to Cairn) for an allegedunderpayment of profit petroleum to the GoI, together with interest on thatamount through to 30 June 2006 of $30.6m (representing $6.9m net to Cairn). This claim relates to the GoI's allegation that the Ravva JV has recovered costsin excess of the Base Development Costs ('BDC') cap imposed in the PSC and thatthe Ravva JV has also allowed these excess costs in the calculation of the PTRR.Cairn believes that such a claim is unsustainable under the terms of the PSCbecause, amongst other reasons, the BDC cap only applies to the initialdevelopment of the Ravva field and not to subsequent development activitiesunder the PSC. Additionally the Ravva JV has also contested the basis of thecalculation in the above claim from the DGH. Even if upheld, Cairn believes thatthe DGH has miscalculated the sums that would be due to the GoI in suchcircumstances. 5. Share Capital Number Number Number 5p 10p 6 2/13p B Shares Ordinary Ordinary '000 '000 '000Authorised ordinary sharesAt 1 January 2007 - 225,000 -Consolidation of Shares 160,468 (225,000) 365,625B Shares repurchased and cancelled (160,468) - ---------------------- --------- -------- --------At 30 June 2007 - - 365,625--------------------- --------- -------- -------- Number Number Number 10p 6 2/13p 5p 10p 6 2/13p Ordinary Ordinary B Shares Ordinary Ordinary $000 $000 '000 '000 '000Allotted, issued andfully paid ordinarysharesAt 1 January 2007 - 160,287 - 25,870 -Issued and allotted foremployee share options -pre consolidation - 181 - 36 -Consolidation of shares 160,468 (160,468) 130,380 (25,906) 15,795B Shares repurchased andcancelled (160,468) - - - -Issued and allotted foremployee share options -post consolidation - - 183 - 22------------------------ -------- ------- ------- ------- -------At 30 June 2007 - - 130,563 - 15,817------------------------ -------- ------- ------- ------- ------- At the extraordinary general meeting held on 22 March 2007, it was resolved thatthe 160,467,920 existing ordinary shares of 10 pence each be replaced by130,380,185 new ordinary shares of 6 2/13 pence each and 160,467,920 B shares of5 pence each. The effective date of this transaction was 23 March 2007. The B share scheme allowed Cairn to return to shareholders approximately $949m(including expenses) of the proceeds from the flotation, on 9 January 2007, ofits Indian business, Cairn India. The B shares were not listed on the OfficialList or admitted to trading on the London Stock Exchange. As at the BalanceSheet date, all B shares had been fully converted to cash. In order to make the market price of a Cairn share comparable before and afterthe return of cash to shareholders, a share consolidation was carried out toconvert 16 existing ordinary shares of 10 pence each to 13 new ordinary sharesof 6 2/13 pence each. Following the share capital consolidation, Cairn'sauthorised equity share capital was 365,625,000 shares of 6 2/13 pence each. GLOSSARY OF TERMS The following are the main terms and abbreviations used in this announcement: Corporate Cairn Cairn Energy PLC and/or its subsidiaries as appropriateCairn India Cairn India LimitedCapricorn Capricorn Energy LimitedCompany Cairn Energy PLCDGH Director General of HydrocarbonsGoI Government of IndiaGroup the Company and its subsidiariesIPO initial public offering (of shares in Cairn India Limited)NELP New Exploration Licensing PolicymedOil medOil plcNELP V Fifth New Exploration Licensing Policy roundNELP VI Sixth New Exploration Licensing Policy roundONGC Oil and Natural Gas Corporation LtdPlectrum Plectrum Petroleum PLC Technical 2P proven plus probable2D/3D two dimensional/three dimensionalboe barrel(s) of oil equivalentboepd barrels of oil equivalent per daybopd barrels of oil per daybscf billion standard cubic feet of gasE&P exploration and productionEOR enhanced oil recoveryFDP field development planFEED front end engineering and designJV Joint Venturemmboe million barrels of oil equivalentmmscfd million standard cubic feet of gas per dayPSC production sharing contractRoU Rights of Use Accounting bn billionESOP Employee Share Ownership PlanIFRS 2 International Financial Reporting Standard 2 "Share-based Payment"IFRS 6 International Financial Reporting Standard 6 "Exploration for and Evaluation of Mineral Resources"IGAAP Indian Generally Accepted Accounting Practicesm millionPTRR post tax rate of returnRupees Indian Rupees$ /US$ United States Dollars This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Capricorn Energy PLC