The group's accounts are prepared in accordance with UK
Generally Accepted Accounting Practice (UK GAAP). This requires the directors to adopt those accounting policies most appropriate
to its particular circumstance for the accounts to give a true and fair view. In preparing the accounts the directors are required
to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities. Actual outcomes
could differ from the estimates and assumptions used.
The areas that require the most significant judgements and estimates to be
used in the preparation of consolidated accounts relate to oil and natural gas accounting, including the estimation of reserves; impairment;
and provisions for deferred taxation, decommissioning, environmental liabilities, pensions and other post-retirement benefits.
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