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