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Annual Report 2015 BUILDING ON SUCCESS CAIRN ENERGY PLC Annual Report and Accounts 2015 CAIRN ENERGY PLC Annual Report and Accounts 2015 DELIVERING VALUE FROM DISCOVERY AND DEVELOPMENT About Cairn Energy PLC Cairn Energy PLC is an independent oil and gas exploration and development company listed on the London Stock Exchange. Cairn has its headquarters in Edinburgh, Scotland, with additional offices in London, Norway and Senegal. Cairn has discovered oil and gas in a variety of locations throughout the world. Today the business holds a balanced portfolio of exploration, appraisal and development assets and is organised in three core groups: Senegal, UK and Norway and International. STRATEGIC REPORT 01 LEADERSHIP AND GOVERNANCE 62 Overview of 2015 02 Board of Directors 62 Company Balance Sheet 147 Chairman’s statement 04 Directors’ report 64 Company Statement of Cash Flows 148 Highlights 05 Corporate Governance statement 67 Company Statement of Changes in Equity 149 Industry overview 06 Audit Committee report 76 Section 7 – Notes to the Company Financial Statements 150 CEO’s review 08 Directors’ Remuneration report 81 Strategy and business model 10 ADDITIONAL INFORMATION 155 Senegal – Building on success 12 F INANCIAL statements 105 Group booked reserves and resources 155 Focus on North Sea 18 Independent Auditors’ Report 105 Licence list 156 2015 Key Performance Indicators (KPIs) 20 Group Income Statement 112 Glossary 158 2016 Key Performance Indicators 24 Group Statement of Comprehensive Income 112 Company information Inside back cover Operational review 26 Group Balance Sheet 113 Corporate offices Back cover Financial review 32 Group Statement of Cash Flows 114 How we manage risk 36 Group Statement of Changes in Equity 115 Viability statement 43 Section 1 – Basis of Preparation 116 Working responsibly 44 Section 2 – Oil and Gas Assets, Decommissioning – CEO’s introduction 44 Provisions and Related Goodwill 118 – Creating value 46 Section 3 – Financial Assets and Working Capital 125 – People 48 Section 4 – Results for the Year 131 – Mapping CR priorities 50 Section 5 – Taxation 139 Section 6 – Capital Structure and Other Disclosures 144 Strategic report Leadership and governance Financial statements Additional information Strategic report HIGHLIGHTS OF 2015 SENEGAL BUILDING ON SUCCESS In 2015, Cairn built on the basin opening exploration success of 2014, with the positive start to its appraisal programme. Read more: Operational review 26 on P26-31 NORTH SEA A SUSTAINABLE BUSINESS Kraken and Catcher, two of the largest developments ongoing in the UK North Sea, are the Group’s core development projects and will provide free cash flow from 2017. Read more: Focus on North Sea 18 on P18-19 STRATEGY PROGRESS Cairn’s exploration and appraisal assets in Senegal, UK and Norway and internationally are underpinned by its core development assets in the North Sea. Read more: Strategy and 10 business model on P10-11 CAIRN ENERGY PLC ANNUAL REPORT AND ACCOUNTS 2015 01 Strategic report OVERVIEW OF 2015 POSITIONED Our strategy TO DELIVER To deliver value for shareholders from the discovery and development of hydrocarbons within a sustainable, self-funding VALUE business model. Read more: Strategy and 10 business model on P10-11 Our business model To create, add and realise value from a balanced portfolio, offering material upside potential from exploration and appraisal “We are delighted with the results to date of our multi- activity, supported by established development and production well evaluation programme offshore Senegal, which has assets with a strong balance sheet confirmed the scale and extent of the significant resource behind them. base in this world class asset. Read more: Strategy and 10 business model on P10-11 Cairn’s 2C current resource estimate for the SNE field has gone up by 20 percent and the positive results of the latest appraisal well provide the potential to further increase the Working size of the SNE field. responsibly A combination of financial strength and continued exposure to material growth opportunities leaves Cairn well-placed to deliver additional value for shareholders from its Read more: Working responsibly balanced portfolio.” 44 on P44-61 SIMON THOMSON Chief Executive Corporate Governance Read more: Leadership and 62 governance on P62-104 02 CAIRN ENERGY PLC ANNUAL REPORT AND ACCOUNTS 2015 Strategic report Leadership and governance Financial statements Additional information How we did Our objectives Our risks in 2015 for 2016 Key Performance Indicators Key Performance Indicators The principal risks – Exploration and appraisal success: – Maximise value of Senegal we are managing: Senegal; West of Kraken discovery through work – Sustained low oil price – Mature exploration prospects: programme – Restriction on ability to sell prospects identified in Senegal – Achieve exploration success Cairn India Limited shareholding and licence awards received through discovery or addition – Kraken and Catcher in Norway of commercial hydrocarbons development activities and – Portfolio optimisation and acreage – Further enhance HSE culture, production start-up not protection: three year extension behaviours and approach executed on schedule to Senegal PSC; relinquishment of – Focus on safety of people and budget non-material assets in portfolio and the environment – Lack of exploration or – Complete 2015 work – Portfolio optimisation and appraisal success programme: 3D seismic acquired replenishment for longer-term in Senegal, exploration and exploration opportunities appraisal drilling programme – Manage balance sheet strength commenced in Q4 – Successfully complete operated – Focus on safety of people and and non-operated 2016 work environment: no lost time injuries programme and no reportable injuries – Continue to enhance HSE culture: revised Corporate Responsibility Management System rolled out to organisation – Retain balance sheet strength: Group net funds at year end of US$603 million; debt facilities undrawn Read more: 2015 Key Performance Read more: 2016 Key Performance Read more: How we manage risk 20 Indicators (KPIs) on P20-23 24 Indicators on P24-25 36 on P36-42 Working Core Values Corporate Responsibility priorities responsibly Building Respect Supply chain and contractors Non-operated joint ventures Nurturing Relationships Preventing major accidents and international investments Acting Responsibly Preventing major spills Sustainable project funding Operational environmental footprint Transparency Corporate Board of Directors Remuneration committee Governance committee Governance Audit committee Nomination committee Risk management committee CAIRN ENERGY PLC ANNUAL REPORT AND ACCOUNTS 2015 03 Strategic report CHAIRMAN’S STATEMENT Ian Tyler STRONGLY POSITIONED FOR GROWTH Cairn’s strategy is to deliver value for shareholders from the discovery and development of hydrocarbons within a sustainable, self-funding business model. We are well positioned to deliver on our exploration success and we continue to pursue appraisal offshore Senegal. With a strong balance sheet and funding in place through to free cash flow from our North Sea “We are well positioned to deliver on our exploration development assets, our sustainable model is in a robust position. Our level of resource is appropriate success and we continue to pursue appraisal to our existing scale of operations; the Company is offshore Senegal. With a strong balance sheet and operating effectively and is well positioned to endure funding in place through to free cash flow from our the impact of the current oil price environment. North Sea development assets, our sustainable The prevailing environment presents challenges to the industry, but it also presents opportunities. model is in a robust position.” From a position of relative financial strength, Cairn can allocate capital to value enhancing projects while benefitting from reduced operational costs. By assessing the appropriate balance of political, technical and commercial risks across our asset portfolio, we target assets that remain robust at low oil prices. Senegal provides a material opportunity for Cairn IAN TYLER to create substantial shareholder value from a world Chairman class asset. Our significant acreage position offers 14 March 2016 an exciting opportunity which has the potential to be transformational to the business, our partners and our shareholders. Senegal is an important regional hub and provides a firm economic base for a large West African population. 04 CAIRN ENERGY PLC ANNUAL REPORT AND ACCOUNTS 2015 Strategic report Leadership and governance Financial statements Additional information With a vision for sustainable and steady economic HIGHLIGHTS growth, the government has maintained stable legal and fiscal frameworks which encourage investment in Financial the region and which support the future development – US$603 million (m) Group net cash at 31 December 2015. of the Cairn project. – Reserve Based Lending bank facility remains undrawn; debt availability to fund UK development assets increasing with project progress, with The Board of Directors met in Dakar in 2015 and availability expected to reach US$335m at peak and US$260m by 2017; visited the rig, port and local office; meeting the in-country Cairn team along with the shore base additional US$175m available in the form of Letters of Credit. operation. Dakar is an attractive and exciting place – A total of 49.5 mmboe booked as 2P reserves and 196.5 mmboe to operate as we focus on achieving commerciality booked as 2C Contingent Resources
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