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  • Glossary of Terms

    Glossary of Terms

    AGM    Annual General Meeting
    bbls    Barrels of oil
    boe    Barrels of oil equivalent
    bcf    Billion cubic feet of gas
    bopd    Barrels of oil per day
    boepd    Barrels of oil equivalent per day
    bn    Billion
    Development well    A well drilled specifically into a previously discovered field
    Degrees API    A measure of how heavy or light a petroleum liquid is compared to water
    DTR    The FCA’s Disclosure and Transparency Rules
    EHSS    Environment Health, Safety, and Security
    E&P    Exploration and Production
    Farm in    To acquire an interest in a license from another party
    Farm out    To assign an interest in a license to another party
    FCA    Financial Conduct Authority
    ft    Feet
    GBP/£    Pound sterling currency
    Hydrocarbons    Compounds containing only the elements hydrogen and carbon, they may exist as solids, liquids or gases
    H1    First half of the year
    H2    Second half of the year
    IPO    Initial Public Offering
    Joint venture/JV    A group of companies who share the cost and rewards of exploring for and producing oil or gas from a License or Block
    km2    Square kilometres
    LACT    Lease Automated Custody Transfer unit; facility used for accurately metering liquids production
    License/Block    Area of specified size, which is licensed to a company by the government for production of oil and gas
    LSE    London Stock Exchange
    m    Metres
    Major IOC    Major international oil company
    MMbbls    Million barrels
    MMboe    Millions of barrels of oil equivalent
    MMscfd    Million cubic feet of gas per day
    MOU    Memorandum of Understanding
    NSE    Nigeria Stock Exchange
    ₦    Nigerian Naira currency
    OML    Oil Mining License
    OPL    Oil Prospecting License
    Q1    First quarter
    Q2    Second quarter
    Q3    Third quarter
    Q4    Fourth quarter
    Operator    A company which organizes the exploration and production programs in a permit or license on behalf of all the interest holders in the permit or license
    Spud    To commence drilling a well
    STOIIP    Stock Tank Oil Initially In Place
    TFP    Trans Forcados Pipeline system
    Tcf    Trillion cubic feet of gas
    US$    United States Dollar currency
    WI    Working interest
    2D Seismic    Two-dimensional seismic
    3D Seismic    Three-dimensional seismic
    1P Reserves    Proven reserves
    2P Reserves    Proven and probable reserves
    3P Reserves    Proven, probable and possible reserves



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