Final Results

Tullow Oil PLC 4 April 2002 4 April 2002 Tullow Oil plc: Preliminary Results For the year ended 31 December 2001 Tullow Oil plc is an independent oil and gas exploration, development and production company with interests in the North Sea, Onshore UK, Pakistan, Bangladesh, India, Cote d'Ivoire, Romania, Egypt and Algeria. HIGHLIGHTS Strong Financial Position • Turnover up 882% to £76.6 (2000: £7.8m), 90% from Southern North Sea (SNS) assets • Operating profit before exploration costs increased by 1,989% to £26.3m (2000: £1.3m) • Operating cashflow of £52.9 million (2000: £4.1m) • Change in reporting currency from Euro to Sterling A Transforming Acquisition • £201m purchase of BP Amoco SNS assets now completed • CMS III project under way, on target for first gas in October 2002 • Further scope for low-risk development of reserves • Forward gas sales contracts achieved at favourable prices Further Success in International Operations • Cote d'Ivoire development on time and on budget, first production from Espoir field in February 2002, further significant prospects identified • Production levels from Sara and Suri fields maintained and gas sales agreement signed for Chachar field in Pakistan • Contract signed for Block 9, Bangladesh following complex negotiations • Farm-outs in Egypt and India balance licence obligations Commenting on the results Tullow Chairman, Pat Plunkett, said: 'The past year has been an outstanding one for Tullow. The completion of the highly cash generative North Sea acquisition and first oil from our principal international development located offshore Cote d'Ivoire, leave us well placed to advance our other UK and international development activities. We look forward to the future with great confidence and optimism'. Enquiries: Tullow Oil plc Binns & Co PR Ltd Aidan Heavey, Chief Executive Judith Parry/ Emma McCaffrey Tom Hickey, Financial Director Binns & Co PR Ltd Graham Martin, Legal & Commercial Director Tel: 020 7333 6800 Tel: 020 7786 9600 / 07811 151 487 Issued by Binns & Co PR Ltd, 16 St. Helen's Place, London, EC3A 6DF Telephone 020 7786 9600 Fax: 020 7786 9606 Website: www.binnspr.co.uk and Russell House, 15 St. Paul's Street , Leeds, LS1 2JG Tel: 0113 242 1171 Fax: 0113 234 9549 CHAIRMAN'S STATEMENT Introduction I am delighted to announce a very strong set of results for 2001. This was a year of transformation for Tullow both from a financial and a portfolio perspective and one which positions the Company well for further progress in 2002 and beyond. The completion of the acquisition of the UK Southern North Sea (UK SNS) assets from BP Amoco ARCO was the highlight of 2001. This acquisition has increased Tullow's turnover by over 800% and operating profitability before exploration costs by almost 2000%, despite phased closings which governed the amount of 2001 production accounted for as revenue. To date, the UK assets have performed ahead of the Company's expectations both in terms of current production and medium term development. During 2001 development of Tullow's principal international asset, the Espoir field in Cote d'Ivoire, progressed on time and on budget. First production results from the field are excellent and we anticipate this project being a significant contributor to 2002 turnover. 2001 also saw the signature of the Production Sharing Contract (PSC) for Block 9, onshore Bangladesh following protracted negotiations. Advances have also been made in Pakistan where Tullow recently signed a gas sales agreement covering the Chachar field. The Indian subcontinent and Africa remain areas of major growth potential and 2001 saw the completion of a number of transactions which, while not prominent within the results, have materially altered the funding profile of the Group. The most notable of these has been the completion of farmouts on our Egyptian and Indian acreage which has reduced Tullow's exposure to international exploration costs in return for limited dilution of our equity interests. These transactions, coupled with the strong performance of the producing assets, leave the Group well placed for future expansion. Financial Results The principal feature of the results for 2001 was the completion of the UK SNS acquisition and the change in reporting currency to Sterling from Euro following the Company's redomicile to the UK. The BP Amoco ARCO transaction, which was completed in stages from February to August 2001, accounts for over 90% of 2001 turnover of £76.6 million. Similarly, operating profit before exploration costs has increased from £1.3 million to £26.3 million. The acquired assets are also very cash generative, a fact reflected in the operating cashflow of £52.9 million or some 69% of total turnover. This strong cashflow will be used to advance our exploration and development activities both in the UK and internationally, as well as to make repayments required under the group's banking facilities. The introduction of the SNS assets to the group, coupled with commencement of production in Cote d'Ivoire, is likely to result in a significant contribution to Tullow profits for many years to come. Against this background, and to allow shareholders to participate in this profitability while retaining their shareholdings, it is Tullow's intention to introduce a progressive dividend policy in the near future. At present Tullow has significant ongoing capital commitments, principally related to completion of the CMS III and Espoir projects, and it is therefore not considered appropriate to declare a dividend in respect of 2001, however this policy will be reviewed in respect of 2002. The completion of the SNS transaction has also resulted in a number of accounting adjustments to reflect UK accounting standards in relation to offshore producing assets. In particular, Tullow has fully provided for the present value of decommissioning obligations in accordance with FRS 12 and has also provided for both deferred Corporation Tax of £1.4 million and deferred Petroleum Revenue Tax of £2.3 million in accordance with accounting standards and industry practice. We continue, however, to retain the conservative ' successful efforts' accounting policy. UK Southern North Sea Assets Tullow has established a multi-disciplined UK team with a clear mandate to increase production and reserves. During 2001 we examined a number of potential acquisitions and this continues to be a core element of our SNS strategy. In planning the acquisition of the SNS assets, one of the key attractions for Tullow was the presence within the asset packages of both undeveloped discoveries and substantial exploration potential. I am pleased to say that this upside has already been partly realised in the form of the CMS III project. The CMS III project incorporates the successful K exploration well and a number of previously undeveloped discoveries within the Murdoch Boulton area and received DTI Annex B approval in June 2001. CMS III is currently on time and budget for first gas in October 2002. The priority during 2002 will be to continue to generate value by evaluating how best to bring more of the undeveloped discoveries on stream while simultaneously pursuing an active exploration programme. UK Onshore Assets Onshore UK production in North Yorkshire was enhanced by the successful Marishes appraisal drilling and the tie-in of the Pickering field to the field facilities. International Operations Cote d'Ivoire Tullow's main International project during 2001 was the development of the Espoir field in Block CI-26, offshore Cote d'Ivoire. First production was achieved in February 2002 and production is forecast to reach 30,000 bopd by the end of the third quarter of 2002. In addition to the obvious benefits of production, the CI-26 licence also has exciting exploration potential. One of these prospects, Emien, will be drilled in conjunction with the 2002 development programme while another prospect, Acajou, has the potential to double the oil reserves of the licence. Pakistan During 2001, our Sara and Suri fields in Pakistan continued production at an average rate of 32 mmscfd, however this has recently been restored to 40 mmscfd following the completion of a successful development well on the Suri field and a workover on Sara-1. Elsewhere in Pakistan, progress continues in relation to the development of the Chachar field for which a gas sales agreement has recently been signed with WAPDA, a major utility in Pakistan, the purchaser of gas from the Sara and Suri fields. Bangladesh I am pleased to report major progress in relation to the company's Bangladesh exploration interests. In April 2001, following protracted negotiation, Tullow signed the Production Sharing Contract in relation to onshore Block 9. In conjunction with our partners, ChevronTexaco and Bapex, we are conducting a seismic survey on the most prospective areas of the block and plan to drill our first exploration well towards the end of the year. On Blocks 17&18 offshore Bangladesh, Tullow is in negotiation for a one year extension to the current phase of the licence. Other Areas and Portfolio Management There was significant activity in our international exploration and new ventures in 2001. In Romania we completed a seismic and geochemical survey in our two blocks EPI-3 and EPI-8 and plan to drill our first exploration well in late 2002. We entered Algeria during 2001, taking a 30% stake in licence 222b in the Illizi basin, adjacent to the giant Tin Fouye oil and gas field. The results of a seismic survey on this block are currently being interpreted with a view to drilling later in the year. Elsewhere in Algeria, Tullow has applied to participate in two packages of development assets in Tinrhert and South East Illizi where the tendering process is ongoing. A core part of any international oil and gas company's operation is portfolio management. During 2001 we concluded farmouts in respect of both our Egyptian and a large part of our Indian acreage. In Egypt we reduced our stake in the North Abu Rudeis Block from 100% to 50% in return for a carried interest on a two well programme by introducing South African company Soekor. While the first well of this programme was unsuccessful, the second is ongoing. In India we farmed out equity in five licences to Reliance Industries. This transaction reduces Tullow's licence interests in return for Reliance Industries undertaking certain exploration and development obligations. We anticipate that the first well covered by these arrangements will be drilled over the coming months. Corporate Developments Since its foundation, Tullow has continually sought to apply best practice in the areas of Environment, Health and Safety procedures. In recognition of the increasing importance of these areas, both from a shareholder and a company perspective, and of the increasing diversity and complexity of Tullow operations, the Company has recently appointed a dedicated EH&S Manager to complement existing safety expertise in our technical disciplines. A separate EH &S review is incorporated into the annual report. The oil and gas industry has been transformed by technology in recent years. To ensure that Tullow remains abreast of latest developments, the company has undertaken a wide-ranging review of systems and operating structures, deployment of information technology, risk management and volumetric estimation in our exploration programme. This has resulted in the introduction of a structure based on asset teams which we believe is the best manner in which to harness the full range of talents of Tullow staff. Board Appointments During 2001, John Lander, Managing Director of Tullow Exploration Limited, was appointed to the Board. Throughout the year John's experience in the UK oil & gas business has been invaluable. Since year end two non-executive appointments have also been made. Clare Spottiswoode, CBE brings a wealth of economic, regulatory and commercial experience to the Board while Steven McTiernan has broad-ranging sector experience gained from over 20 years in oil and gas banking and finance. These are two outstanding appointees and I am certain they will bring very valuable and broad experience to the Board of Tullow in the coming years. Investor Relations Following completion of the redomicile process in December 2000, Tullow became eligible for inclusion in the FTSE All-Share Index, which it joined in March 2001. In September 2001, following strong share price performance, the company was included in the prestigious FTSE 250 Index, thereby greatly widening the range of institutions who may invest in the stock. In September 2001, Tullow's level 1 ADR programme became effective, allowing North American investors, who have shown significant interest in Tullow, to hold their investments in an efficient manner. The Company also maintains a regular dialogue with institutional and private shareholders and intends to continue this practice going forward. Conclusion By any standards 2001 was an outstanding and successful year for Tullow. As Chairman it has been a great pleasure for me to see many of the initiatives of recent years come to fruition. I believe that the work done by management and staff during this period has been, and will continue to be, the bedrock of our progress. I would like to thank our shareholders for their support and trust that they share in our confidence and optimism for the future. Pat Plunkett 4 April 2002 FINANCIAL REVIEW Overview The turnover, profitability and cash flow position of Tullow have been fundamentally changed by the addition of the UK Southern North Sea (SNS) assets to the group portfolio during 2001. Looking forward, the cashflows generated by the UK assets, in conjunction with the ongoing development of the Espoir field offshore Cote d'Ivoire leave the group well funded to continue a strategy of controlled expansion. Turnover Turnover for the year increased by 885% to £76.6 million. Of this total, some £69 million was generated by the SNS assets split into £60.1 million in gas sales based on production of 27.8 bcf of gas (76 mmscfd) and £9.1 million of Tariff income. Due to the phased closing of the transaction which extended from February (Murdoch/ Boulton Package) to August (Orwell assets), Tullow was limited in the amount of turnover which could be recognised in the Profit and Loss Account. Full year production for the assets was 47.8 bcf (131 mmscfd) generating total revenues of £110.5 million. During 2001 contracted gas accounted for 60% of gas sales at an average price of 22.6p/therm while uncontracted gas averaged 22.66p/therm. Elsewhere, production continued from the Sara and Suri fields in Pakistan at an average rate of 32 mmscfd (2000: 35 mmscfd) of which Tullow has a 38.2% share. During 2001, Tullow benefited from improved gas pricing in Pakistan and since year end the successful Suri 2 development well and Sara workover have increased production to 40 mmscfd. Operating Profit The SNS assets have also transformed Tullow's operating profitability and and accounted for over 90% of total operating profit before exploration costs of £26.3 million. SNS Operating costs totalled £17.9 million (£0.64 /mcf) while depreciation, depletion and amortisation charges associated with the new assets totalled £24 million (£0.86/mcf). Operating costs in Pakistan were in line with the previous year while North Yorkshire costs were lower, reflecting the reduced level of activity during 2001. Tullow employs the 'successful efforts' basis of accounting and, under FRS 3, is also obliged to show costs associated with unsuccessful exploration or new ventures work as an operating cost. During 2001 these costs totalled £3.9 million (2000: £0.7 million), principally reflecting the Little Dotty Well in the SNS and an unsuccessful well in the Nawabshah block which are written off in accordance with our accounting policy. Profit Before Tax The total interest charge for the period was £7.7 million; this comprised mainstream interest costs of £4.0 million, other financial costs of £1.8 million and £1.9 million representing the unwinding of the discount associated with the provision for decommissioning required under FRS 12. At 31 December 2001 Tullow had a total of £85 million outstanding under its SNS Borrowing Base facility. Interest capitalised during the period amounted to £ 0.6 million and was principally associated with the Cote d'Ivoire development. Interest cover is expected to improve further in 2002 with the benefit of a full years SNS and Cote d'Ivoire production. Taxation The Tax Charge is split as to £2.5 million of current Corporation Tax, £2.3 million of deferred PRT on Murdoch, £0.4 million actual PRT paid and £1.4 million of deferred Corporation Tax. Upon completion of the SNS acquisition, Tullow became entitled to all capital allowances associated with the acquired SNS assets. In particular, Tullow was in a position to claim a full year of allowances in 2001, despite phased closings on the SNS assets, resulting in an effective mainstream corporation tax rate of less than 15% on 2001 UK profits. However, to reflect the fact that the availability of these allowances is not precisely aligned with the accounting profitability of the assets, a deferred tax provision of £1.4 million has been provided in respect of timing differences which, based on current forecasts, are due to reverse in 2002 and 2003. We have also continued to provide for deferred PRT on Murdoch. Profit After Tax The profit after tax for 2001 was £9.3 million, representing a 1074% increase on the 2000 figure of £ 0.8 million. Cash Flow The SNS assets purchased by Tullow generate exceptionally strong cash flows. Over the coming years, this cash flow will be used to pay down debt associated with the acquisitions, to expand our UK and international businesses and to provide amounts for the ultimate decommissioning of the fields in an orderly manner. Total operating cash flow for 2001 was £52.9 million (2000: £4.1million) and was applied to provide escrowed funds principally against decommissioning obligations (£15.7 million), to fund international and SNS development expenditures (£16 million) and to continue the Group's international exploration and new venture activities (£11 million). Looking forward, 2002 is expected to show significantly higher development expenditure, totalling up to £35 million, associated with the CMS III development (£19.5 million), the completion of the East Espoir development in Cote d'Ivoire (£13 million) and the development to first gas of the Chachar project in Pakistan. In addition, Tullow will continue its international exploration activities with a budget of £10 million. At 31st December 2001 the group had total cash balances of £45.5 million, of which £15.7 million were held in reserved accounts, principally to fund potential future decommissioning obligations. The ultimate timing and costs of decommissioning are subject to ongoing review and, in accordance with Board policy and coventurer agreements, Tullow will continue to increase decommissioning amounts set aside in 2002, notwithstanding our belief that the economic lives of the fields can be extended well beyond current estimates. Financial Risk As an oil and gas company Tullow is exposed to a combination of resource price, exchange rate, interest rate and liquidity risks in its Group operations. Wherever possible the Group attempts to minimise the impact of such risks through an appropriate mix of forward sales, financial products, interest rate hedging, currency matching and portfolio management. Tullow is fortunate in that the bulk of its SNS production (2001: 60%) is sold on long-term contract; this effectively guarantees a base level of sales which are completely insulated from resource price fluctuations during a contract year. In relation to uncontracted gas, Tullow maintains an active forward sales strategy; this proved particularly advantageous during February and March 2002 when the company realised average price of 22-23p/therm against average prevailing spot prices during that period of 16-18p/therm. Prior to the completion of the acquisition Tullow also purchased a portfolio of put options to effectively guarantee certain minimum prices on uncontracted gas. It is not Tullow's policy to assume any speculative derivative position. To minimise exchange rate risks, Tullow attempts to match currency receipts and payments wherever possible. In particular the SNS assets are funded by Sterling borrowings while other Group operations are dollar funded and, as the field approaches full production, Espoir will become self-funding in dollars. Tullow also seeks to retain sufficient liquidity, either in the form of cash, maturing deposits or unutilised facilities to manage the Group's ongoing programmes and make debt repayments as they fall due. While the current interest rate environment is relatively benign, Tullow has hedged approximately 50% of its Sterling interest exposure over the period of the facilities. TULLOW OIL PLC PRELIMINARY RESULTS FOR YEAR ENDED 31ST DECEMBER 2001 CONSOLIDATED PROFIT AND LOSS ACCOUNT 2001 2000 NOTE £'000 £'000 TURNOVER Existing Operations 7,356 7,782 Acquisitions 69,277 - 76,633 7,782 COST OF SALES Operating Costs (20,607) (2,811) Depletion and Amortisation (25,873) (2,444) (46,480) (5,255) GROSS PROFIT 30,153 2,527 Administrative Expenses (3,656) (1,163) Depreciation (203) (42) (3,859) (1,205) OPERATING PROFIT BEFORE EXPLORATION COSTS 26,294 1,322 EXPLORATION COSTS WRITTEN OFF (3,945) (687) OPERATING PROFIT Existing Operations (2,074) 635 Acquisitions 24,423 - OPERATING PROFIT - CONTINUING OPERATIONS 22,349 635 Group Re-organisation Costs - (338) PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST 22,349 297 Interest Receivable and Similar Income 1,371 968 Interest Payable (7,708) (472) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 16,012 793 Taxation on Profit on Ordinary Activities Petroleum Revenue Taxation (2,740) - Current Taxation (2,526) - Deferred Taxation (1,436) - PROFIT FOR THE FINANCIAL YEAR 9,310 793 EARNINGS PER ORDINARY SHARE 4 Stg p Stg p - Basic 2.61 0.26 - Diluted 2.56 0.25 TULLOW OIL PLC PRELIMINARY RESULTS FOR YEAR ENDED 31ST DECEMBER 2001 CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2001 2001 2000 NOTE £'000 £'000 Fixed Assets Intangible Assets 32,505 18,896 Tangible Assets 174,855 35,952 Investments 299 - 207,659 54,848 Current Assets Debtors 21,837 8,165 Cash at Bank and in Hand 45,468 35,485 67,305 43,650 Creditors - Amounts falling due within one year Bank Loans and Overdrafts 16,942 1,299 Trade and Other Creditors 41,678 8,042 58,620 9,341 Net Current Assets 8,685 34,309 Total Assets Less Current Liabilities 216,344 89,157 Creditors - Amounts falling due after more than one year Bank Loans (83,152) (9,424) Provision for Liabilities and Charges Decommissioning Costs (37,438) (348) Deferred Taxation (3,754) - Net Assets 92,000 79,385 Capital and Reserves Called Up Share Capital 35,847 35,247 Share Premium Account 1,993 - Merger Reserve 69,213 69,213 Profit and Loss Account 5 (15,053) (25,075) Equity Shareholders' Funds 92,000 79,385 TULLOW OIL PLC PRELIMINARY RESULTS FOR YEAR ENDED 31ST DECEMBER 2001 CONSOLIDATED CASH FLOW STATEMENT 2001 2000 NOTES £'000 £'000 Net Cash Inflow from Operating Activities 6 52,904 4,133 Returns on Investments and Servicing of Finance 7 (5,404) 13 Taxation (1,397) - Capital Expenditure 8 (129,317) (27,034) Net Cash Outflow before Use of Liquid Resources and Financing (83,214) (22,888) Management of Liquid Resources - Term Deposits 12,426 (1,878) Financing 9 76,868 38,973 Increase in Cash 6,080 14,207 Reconciliation of Net Cash Flow to Movement in Net (Debt)/Funds Increase in Cash for the Year 6,080 14,207 Cash (Inflow)/Outflow from (Increase)/Decrease in Debt (92,850) 1,445 Cash (Outflow)/inflow from (Decrease)/Increase in Liquid Resources (12,426) 1,878 Change in Net (Debt)/Funds resulting from Cashflows (99,196) 17,530 Translation Difference 602 907 Net Funds at 1st January 24,762 6,325 Net (Debt)/Funds at 31st December (73,832) 24,762 Analysis of Changes in Net (Debt)/Funds 01.01.01 CashFlow Exchange/Other 31.12.01 £'000 £'000 £'000 £'000 Cash at Bank and in Hand 17,581 6,461 146 24,188 Overdrafts (333) (381) 6 (708) 17,248 6,080 152 23,480 Debt due within one year (966) (15,268) - (16,234) Debt due after one year (9,424) (77,582) 336 (86,670) (10,390) (92,850) 336 (102,904) Term Deposits 17,904 (12,426) 114 5,592 Net Funds 24,762 (99,196) 602 (73,832) Note - Cash at Bank and in Hand at 31st December 2001 per the Group Balance Sheet includes £24,187,857 of Cash at Bank and in hand, £5,592,109 of Fixed Term Deposits and £15,688,452 on Fixed Deposit principally in support of future decommissioning costs. Bank Loans are stated net of related Unamortised Arrangement Fees. TULLOW OIL PLC PRELIMINARY RESULTS FOR YEAR ENDED 31ST DECEMBER 2001 NOTES TO THE PRELIMINARY ACCOUNTS Note 1. Reporting Currency The Group have adopted Sterling as the reporting currency and prior year amounts have been converted at £1=€1.6085, the rate of exchange ruling at 31st December 2000. Note 2. Basis of Accounting The preliminary accounts have been prepared under the historical cost convention and in accordance with the accounting policies set out on pages 41 and 42 of the Annual Report and Accounts for the year ended 31st December 2000. The Group has adopted FRS 17 'Retirement Benefits' and FRS 18 'Accounting Policies'. There was no effect on the Group's results and net assets for the year on the adoption of these accounting standards. Note 3. Basis of Preparation The financial information presented above does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. An audit report has not yet been issued on the accounts for the year ended 31st December 2001, nor have they been delivered to the Registrar of Companies. The comparative financial information for the year ended 31st December 2000 has been derived from the statutory accounts for that year. Those statutory accounts, upon which the auditors have issued an unqualified opinion, have been filed with the Registrar of Companies. Note 4. Earnings Per Ordinary Share The calculation of basic earnings per share is based on the profit for the year after taxation of £9,309,789 (2000 - £792,874) and 356,284,421 (2000 - 307,324,977) ordinary shares, being the weighted average number of shares in issue for the year. The calculation of diluted earnings per share is based on the profit for the year after taxation as for basic earnings per share. The number of shares outstanding however, is adjusted to show the potential dilution if employee and other share options are converted into ordinary shares. The weighted average number of ordinary shares is increased by 6,954,952 (2000 - 6,192,567) in respect of the share option scheme, resulting in a diluted weighted average number of shares of 363,239,373 (2000 - 313,567,544). Note 5. Profit and Loss Account 2001 2000 £'000 £'000 At 1st January (25,075) (24,288) Profit for Year 9,310 793 Currency Translation Adjustment 712 (1,580) ---------- ---------- At 31st December (15,053) (25,075) ========== ========== Note 6. Net Cash Inflow from Operating Activities 2001 2000 £'000 £'000 Operating Profit for the Year 22,349 635 Depletion and Amortisation 25,873 2,444 Depreciation of Other Fixed Assets 203 42 Exploration Costs 3,945 687 Increase in Operating Debtors (16,613) (474) Decrease in Operating Creditors 17,147 1,137 Group Re-organisation Costs - (338) Net CashFlow from Operating Activities 52,904 4,133 Note 7. Returns on Investments and Servicing of Finance 2001 2000 £'000 £'000 Interest Received 1,351 999 Interest Paid (4,320) (986) Finance Fees Paid (2,435) - Net Cash Inflow from Returns on Investment & Servicing of Finance (5,404) 13 Note 8. Capital Expenditure 2001 2000 £'000 £'000 Purchase of Tangible & Intangible Exploration Assets (130,171) (26,931) Purchase of Tangible Fixed Assets - Other (653) (103) Disposal of Tangible Fixed Assets - Other 14 - Farm Out of Intangible Exploration Assets 1,792 - Purchase of Investments (299) - (129,317) (27,034) Note 9. Financing 2001 2000 £'000 £'000 Issues of Ordinary Shares 2,604 44,702 Costs of Share Issues (12) (2,727) Repayment of Loans (4,466) (1,445) Drawdown of Loans 97,118 - Transfers to Restricted Funds Deposit Account (15,688) - Debt Arrangement Fees (2,688) (1,557) 76,868 38,973 Note 10. Proven and Probable Reserves Summary EUROPE AFRICA ASIA TOTAL Oil Gas Oil Gas Oil Gas Oil Gas Petroleum mmbbl bcf mmbbl bcf mmbbl Bcf Mmbbl Bcf Mmboe 1st Jan 0.18 17.23 33.01 40.74 - 183.51 33.19 241.48 73.44 2001 Acquisitions - 175.95 (6.59) - - (32.69) (6.59) 143.26 17.29 /Disposals Discovery - 50.85 - - - - - 50.85 8.48 Revisions (0.12) (14.38) (6.58) - - 11.22 (6.70) (3.16) (7.24) Production (0.02) (28.50) - - - (4.56) (0.02) (33.06) (5.53) 31st Dec 2001 0.04 201.15 19.84 40.74 - 157.48 19.88 399.37 86.44 Note 11. Dividends No dividend is proposed (2000:nil). Note 12. 2001 Annual Report and Accounts The Annual Report and Accounts will be posted to all shareholders in due course. This information is provided by RNS The company news service from the London Stock Exchange

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