Offshore Hydrocarbon Mapping plc
Annual Report 2007
Offshore Hydrocarbon Mapping plc
The T echnology Centre
Aberdeen Science and Energy Park
Claymore Drive
Bridge of Don
Aberdeen
AB23 8GD 
www.OHMsurveys.com
info
@
OHMsurveys.com
T elephone +44 (0)870 429 6581
Fax +44 (0)870 429 6582
OHM R&A Cover 2007_FINAL.qxd  26/11/07  09:44  Page 1 Contents
1 Highlights
2 Chairman’s statement
3 Chief Executive’s review
6 Continuing growth and expansion
8 Setting industry standards
10 Integration
12 Board of Directors
13 Directors’ report
15 Statement of Directors’ responsibilities
16 Remuneration report
19 Corporate governance report
21 Independent auditors’ report
22 Consolidated group income statement
23 Consolidated group balance sheet
24 Company balance sheet
25 Consolidated group cashflow statement 
26 Group statement of changes in equity
27 Company statement of changes in equity
28 Notes forming part of the financial
statements
52 Shareholder information
OHM will be the authority 
in integrating CSEM, seismic,
and well data to characterise
reservoir properties that 
are critical at all stages in 
the oilﬁeld life cycle.
OHM’s divisions lead in the 
ﬁelds of rock physics and the
acquisition and interpretation 
of CSEM data.
Offshore Hydrocarbon Mapping plc
Our vision
Cover image:
2D resistivity section corendered with coincident
seismic from North Falklands Basin survey collected
for Rockhopper Exploration plc, 2007. 1 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Change 2007 2006
Revenue Up 70% £17.7m £10.4m
Pre-tax loss Down 37% (£1.0m) (£1.6m)
Gross profit Up 1 1 6% £2.9m £1.4m
EBITDA – £0.3m (£0.1m)
Employee numbers* Up 133% 11 4 49
* As at end of year, including Rock Solid Images
Offshore Hydrocarbon Mapping plc
Highlights
Number of CSEM surveys conducted
<5 5-10 10-15 15-20 20-25 30
Global presence
Offices locations and CSEM survey experience
Houston
Aberdeen
Woking
Kuala Lumpur
Oslo 2 Offshore Hydrocarbon Mapping plc
Annual Report 2007
The year to 31 August 2007 will be seen in 
the future as a vintage year for your Company.
Controlled Source ElectroMagnetic (CSEM)
imaging became a mainstream exploration tool,
the Group has emerged unscathed from patent
disputes with a competitor, a strategic alliance
was formed with CGGVeritas, (the world’s
largest seismic contractor) and OHM made 
its first significant acquisition, of Rock Solid
Images (RSI). All of these advances bode well
for the future.
Revenue for the year increased by 70% over last year to 
£17.7 million,and the pre tax loss reduced to £1.0 million.
During the year we raised £24.4 million in three separate
placings of new ordinary shares.The funds raised,including a
substantial subscription by CGGV eritas,allowed us to finance
the acquisition of RSI and provide working capital to invest in
building the business while continuing our important research
and development efforts. Following the acquisition of RSI,cash
balances at the year end amounted to £19 million.
In June 2007 our first dedicated vessel,OHM Express,came 
into service in Northern Europe. OHM Express,specifically
modified for CSEM operations,has already improved our
operational uptime and,even more pleasingly,operated at 
the highest levels of HSE performance.This was recognised 
by a major client awarding us an HSE safety award.
The performance of the OHM Express,the hard work of our
other crew in the South Atlantic Basin,the continuous high level
of data processing,modelling and interpretation,as well as some
multi-client library sales,together made for strong revenue
growth,especially in the fourth quarter .
On the basis of that success,the Board has approved the 
capital expenditure and the long term charter commitment 
of a second vessel,the OHM Leader ,which will also be modified
specifically for CSEM operations. OHM Leader is expected 
to come into service during the second half of 2008.
When OHM listed on AiM in March 2004 we had two principal
medium term objectives:market adoption of the CSEM
technique and taking the science of CSEM further to add 
more commercial value to our offering to clients.
I believe that CSEM is now considered a mainstream
exploration tool. It is already being included in exploration
licence conditions and will in the next few years be included,
as a matter of course,in corporate exploration budget cycles.
This is ahead of the typical industry adoption curve.
Our newly formed alliance with CGGV eritas will allow us 
to access their global marketing strengths and capitalise on
opportunities that we may have found difficult to access on 
our own. CGGV eritas has taken a 15% stake in the Company
which I believe demonstrates a faith in the future value of
CSEM. CGGV eritas’s technical and technology expertise in
marine acquisition,seismic processing and equipment design,
is likely to open interesting avenues of joint research
opportunities,in particular in the field of seismic and
electromagnetic offerings to the industry.
On the science,we have also achieved much of what we
originally set out to accomplish;integration of CSEM with
seismic and the application of CSEM in shallow water or
complex geological settings. Our researchers are now
developing our thinking in terms of the wider integration 
of CSEM with other geophysical data such as well log data,
3 and 4D seismic giving quantitative measurement of rock 
and fluid properties which will have immense benefits for
reservoir characterisation and management.The acquisition 
of RSI will contribute significantly to this effort.
One of the greatest challenges facing the oil industry is to
increase recovery of hydrocarbons from their reservoirs.
Massive investment is being made in complex directional well
drilling and smart completions.This infrastructure investment
will be much more effective if the reservoir is properly
monitored and characterised with enough precision and 
detail to enable these expensive completions to actually 
drain the hydrocarbons left behind by the initial development.
We see this area as a future opportunity for OHM and,in a
joint industry project with BP ,the Department for Business,
Enterprise and Regulatory Reform and the University of
Southampton ,we have embarked on a study of life of field
CSEM monitoring solutions.
Looking forward,reflecting our recent and anticipated growth
we are strengthening our senior management team with the
appointments of David Flett (Regional Manager Asia Pacific) 
and Steve Hunt (Chief Operating Officer).We intend to equip
and train additional crews,charter further survey ships fit for
OHM’s purposes and increase our research and development
spending,in particular in the domain of Seismic-EM integration,
which we see as the next area of growth for your business.
The alliance with CGGV eritas and the purchase of RSI,added 
to the progress of OHM’s own research and development,
have transformed your Group into an entity capable of offering
worldwide marketing reach,safe and efficient acquisition of
CSEM data and ground breaking technologies of the very
nature the oil and gas industry needs to explore,develop 
and produce cost effectively.
It is to the great credit of your management team that they
pursued that vision to transform OHM into the Group that 
it is today.
At the Board level, we benefited from the wise counsel of
Jeffrey Garner whilst he was a Director and I thank him for his
contribution. Gary Jones, who has served as a non-executive
Director for three years has due to his other business
commitments, decided not to stand for re-election at the
forthcoming AGM and accordingly will be resigning following
the announcement of these results. I thank Gary for his loyal
and valuable service to the Company and wish him well for
the future.
The various committees of the Board were very busy during
the year to deliver Corporate Governance of the highest
standard whilst the Group was shifting gear.The Nomination
Committee, recognising the changes in the Group’s future, has
begun a review of the Board composition, strength and skill
matrix with the intention to support the Group with the
appropriate oversight through its next generation of growth.
On behalf of the Board, I thank the whole OHM team of
management, staff, strategic partners and suppliers for their
sterling efforts in taking the Group forward during the last 
12 months.
Dr. Pierre Jungels CBE
Chairman
Chairman’s statement
A vintage year
Dr. Pierre Jungels CBE
Chairman 3 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Chief Executive’s review
Greater adoption
Introduction
Offshore Hydrocarbon Mapping plc (OHM plc) uses specialist
remote sensing information to help our clients to understand
the subsurface of the earth.The Company was formed to
commercialise the Controlled Source ElectroMagnetic
(CSEM) technique which focused on providing information 
on the nature of electrically resistive bodies in the subsurface
as an aid to oil and gas exploration and development.The
acquisition of Rock Solid Images, during fiscal year 2007 , has
added key skills and capabilities to OHM which will allow the
Group to lead the market in the integration of CSEM with 
the seismic and well logging information which oil companies
traditionally use to examine their subsurface formations.
Our research leads us to believe that there is immense value
to be created in this combination.
The Company was founded in 2002 and was floated on 
the AiM market of the London Stock Exchange in 2004.
Science behind the image 
Offshore Hydrocarbon Mapping’s unique capability is to use
the Controlled Source ElectroMagnetic surveying technique,
often in combination with other geophysical remote sensing
techniques, to provide meaningful images of the structure of
the earth which can be used in the search for and production
of hydrocarbons.
In its simplest embodiment, CSEM can be used to detect
anomalous responses associated with resistive bodies in the
earth. Complex processing and analysis of these simple field
responses is required to provide detailed images of the
subsurface to discriminate between signals related to
commercial hydrocarbon deposits and those from other
geologic or topographic features of the subsurface. By using
its unique techniques and software to identify resistive bodies
in the earth that correlate in depth and extent to suspected
hydrocarbon plays, and having resistivity values consistent 
with hydrocarbon saturated sediments, OHM are able to
reduce significantly the risk of their clients drilling non-
commercial wells.
Operating activity in 2007 
Since inception in 2002, OHM’s CSEM equipment packages
have been designed to be portable enabling us to mobilise
them cost effectively to remote locations using commercial
sea freight. Once they arrive in a port close to a client’s work
site, they are mobilised onto locally sourced vessels for the
survey operations to be undertaken. Our skilled survey crews
fly out to join these vessels and execute the surveys. As
industry adoption has progressed, and our order visibility 
has become greater, it made sense for us to move to securing
some dedicated tonnage to meet our offshore survey needs.
Accordingly, we entered into a five year charter for OHM
Express, our new flagship.
At 1 10 metres long, the OHM Express is a relatively large
vessel and has a hull designed for voyages in the rough sea
conditions prevalent in higher attitude seas.This affords her
excellent sea keeping capabilities and provided an excellent
foundation for a purpose designed conversion that has
resulted in a safe, comfortable operating platform for our
CSEM surveys.The vessel entered service in June 2007
conducting surveys in the North Sea, northern Norway, and
the North Atlantic.T o date, the OHM Express has exceeded
our expectations in terms of economy and efficiency.
Elsewhere, our crews performed work in West Africa and in
the Falkland Islands. Our work programme in the Falkland
Islands was hampered by extraordinarily bad weather during
the southern hemisphere summer season.This caused the
survey to be extended beyond the time for which we had the
original vessel chartered.The changeover of vessel that this
necessitated impacted on the profitability of that contract 
and without this our results for the year would have been
even better.
Workloads for our data processing groups in Houston and
Aberdeen have remained extremely high, working on data
acquired by our own field crews as well as applying OHM’s
ever advancing processing and analysis techniques on a
contract basis to clients who wish to enhance data acquired
on earlier contracts or by other contractors.
Our recruitment and training programme has produced a 
good flow of qualified personnel to support both our offshore
operations and onshore processing groups and we are
particularly pleased with this achievement given the competition
for personnel created by an overheated oil and gas industry.
Rock Solid Images 
Rock Solid images (RSI) joined the group in the last weeks 
of our 2007 fiscal year and so made only the smallest of
contributions to our 2007 results.
RSI is the industry leader in the application of rock-physics 
for integrating and calibrating seismic and borehole data to
provide geologic insight and reservoir understanding at all
stages of the oilfield lifecycle.
RSI was founded in November 1998 though the merger of 
The Discovery Bay Company, Seismic Research Corporation
and PetroSoft, Inc. RSI offers a range of products and services
including seismic and well data conditioning, seismic inversion
for rock and fluid properties and software for rock-physics,
seismic modelling and seismic attribute calculation and
classification.
Unique to Rock Solid Images is our LFP (Lithology and 
Fluid Prediction) consortium.This consortium has been in
continuous existence, under a variety of names, since early
1991. 2007 saw the launch of Phase II of our LFP project with
18 oil-industry sponsors supporting our research in rock-
physics, seismic modelling and well-seismic integration.
In 2005, OHM and RSI commenced work together on the
integration of CSEM and seismic data.We found that OHM
and RSI have much in common; a similar culture of high quality
science coupled with exceptional customer service. Initial
joint research gave intriguing insight into the potential for 
total rock and fluid property measurement from the
intelligent combination of CSEM and seismic data and led to
some early patent applications. OHM’s management believe
that this combination will create new products with exciting
application in reservoir management and enhanced recovery
from our clients’ oil and gas reservoirs.This is the justification
for the strategic acquisition of Rock Solid Images.
We have announced to industry the launch of our WISE
project (Well-driven Integration of Seismic and EM data) for
the development of technology, products and services in this
important new area and this has met with a high level of
industry interest.
Safety and the environment 
The Group conducts operations offshore often in hostile and
remote conditions. In order to control the risks associated with
this activity,the Group has developed a comprehensive safety
and environmental management system.This system is
frequently reviewed and updated for new circumstances and 
to capture increasing experience and emerging best practice.
Ownership of the system lies not just with the Group and its
management but with the personnel operating “at the coalface”
whose experience and knowledge are vitally important in the
development and maintenance of safe working regimes.
Dave Pratt
Chief Executive Officer 4 Offshore Hydrocarbon Mapping plc
Annual Report 2007
It is a testament to the dedication of all that we have, for 
the sixth successive year, achieved our goal of conducting our
operations without significant injury, lost time incidents or
accidental damage to our environment. In 2007 we were also
grateful to have received awards from some of our clients for
our HSE performance.
Research and Development 
OHM’s industry leading capabilities are driven by the Group’s
efforts in research and development. In Dr. Lucy MacGregor
and her team we have assembled a group of the leading
researchers in our field.
Our research efforts over the past years have focused on
initiatives to improve the images of the earth that CSEM
provides and to widen the application of the method to a
wider set of geological environments.We lead the market 
in our ability to conduct CSEM operations in a full range of
water depths and to produce images of complex resistive
structures in complex basins.
This work goes on apace, but the addition of Rock Solid
Images heralds an extra layer of research that will focus on 
the derivation and quantitative measurement of rock and fluid
properties from surface geophysical measurements. Co-
operations between the research groups of OHM and RSI
over the last two years has already revealed exciting benefits
from the intelligent combination of CSEM and seismic
measurements of the same piece of the subsurface. Our joint
industry research project with BP and the UK’s Department
for Business Enterprise and Regulatory Reform is also
contributing vital knowledge and understanding in this area,
and is a guiding force in assisting us to prioritise research for
the maximum commercial benefit.
Rock Solid Images have successfully attracted a number of
leading oil companies to their Lithology and Fluid Prediction
Consortium.This client involvement is a valuable tool in
accelerating the adoption of new technology within oil
companies whilst making a valuable contribution to the costs
of research.We are widening this concept with the launch 
of our WISE consortium which will focus on the role that
integrated seismic and CSEM can play in developing
understanding of subsurface rock and fluid properties.
All of this research has valuable impact on our ability to
provide enhanced subsurface understanding to our
exploration clients.This will enable us to stay far ahead of
those that seek to enter the CSEM market.The potentially
bigger prize though is the possibility of developing a significant
new market in applying CSEM, integrated with seismic, to
reservoir monitoring and management.The oil industry
produces only about one third of the oil and gas that it
discovers. Studies to date have shown that reservoir
monitoring and management strategies can significantly
increase the recovery of reserves.The seismic technique 
has been used to provide time lapse images of reservoirs 
as they are produced, but we believe the integration of 
CSEM data into these studies will enable a significantly more
complete understanding of the subsurface performance 
of the reservoir.
Intellectual Property 
The work conducted by OHM’s researchers led to a number
of patent filings in the course of the year adding to OHM’s
growing portfolio of intellectual property rights in the CSEM
space. OHM’s intellectual property strategy is to patent
instrumentation, processes and applications that improve the
effectiveness of the CSEM technique. A competitor has, for a
number of years, pursued a general method patenting strategy
in this area. OHM has always contended that these general
method patent applications were flawed mainly due to the
amount of information relating to the technique that was
published by academics before the commercialisation phase
began.The decision during the year by the European Patent
Office to reject one of these applications seems to support
OHM’s viewpoint.
Financial review 
The growth trend that we saw in our 2006 fiscal year has
continued through 2007. Our revenues for the second half 
of the year were £10.1 million, building on the £7.6 million 
of the first half year.This total revenue for OHM’s traditional
businesses of £17.6 million represents a 69% growth over 
the £10.4 million achieved in fiscal 2006. In addition, we had a
revenue contribution of £0.1 million resulting from nine days
of trading at Rock Solid Images whose acquisition closed near
the end of the fiscal year.
Strong performance in our proprietary, full service survey
activities and advanced data processing groups compensated
for a shortfall in data library sales driven by the postponement
by the Norwegian authorities of the 20th Offshore
Exploration Licensing round.We anticipate that these sales
will flow through now in fiscal 2008.
The gross profit contribution rose to £2.9 million for fiscal
2007 (from £1.4 million a year earlier) representing 17% of
revenue (2006: 13% of revenue). Operating margins continued
to remain under pressure from rising costs of chartering
vessels on the spot market in a tight shipping market and were
further impacted by the cost of sending an additional vessel to
complete work in the Falkland Islands which overran due to
unusually high weather downtime experienced during the
southern hemisphere operating season. However, the
introduction of the OHM Express on long term charter
improved operating margins in our offshore operations
considerably and contributed towards a second half gross
profit of £2.2 million (22% of revenue) for the Group.
Overheads rose from £2.8 million to £4.0 million as the Group
increased its investment in staff and geared up for further growth.
The progress made during fiscal 2007 has reduced the loss
before tax to slightly under £1.0 million from £1.6 million in
2006 and we were pleased to see a net profit of £0.2 million
in the second half of the year following the £1.2 million loss
reported in our Interim Accounts.
The Group has adopted International Financial Reporting
Standards, as approved for use by the European Union in
preparing these Accounts and a reconciliation to the figures
previously reported under UK GAAP has been included in
note 32.The financial impact of adopting IFRS on the Group’s
Income Statement and Balance Sheet has not been significant.
The main areas where adjustments have been made relate to
the accounting for intangible assets, such as patent protection
costs and internally generated software and accounting for
share based payments (such as share options and awards)
made to the Group’s employees.The net impact of these
conversion adjustments was to increase total shareholders’
equity at 1 September 2006 by £0.2 million to £7.2 million.
The Group’s cash balance was a healthy £19.0 million
following successful fund raisings during the year. Some 
of this money is already committed to capital expenditure 
on equipment for our third data acquisition crew, which is
currently under construction.We anticipate that we will bring
this crew into service at the start of the North Sea operating
season in May of 2008 and are preparing for a fourth crew to
follow closely behind if market demand continues to grow as
anticipated.The Group should move to sustained profitability
with the third crew in operation with profits growing as more
crews are added thereafter.
Chief Executive’s Review continued 5 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Principal risks and uncertainties
The Group operates in a competitive environment and many
of its technologies are at the leading edge of industry
capability. Accordingly, the Group’s growth is heavily driven by
the general state of demand for oil and gas exploration and
exploitation services, by the rate of adoption of these
technologies by its oil industry clients and by competitive
pressures created by new entrants seeking to duplicate its
offering.The Group seeks to control these risks through its
marketing and sales strategies and by patenting key elements
of its technology. It invests in research and development to
maintain its lead over its competitors. A number of oil service
companies have indicated intent to enter the Group’s core
offshore electromagnetic market and accordingly earnings
could be impacted if these companies succeeded in developing
a competitive offering which captured market share.
A good portion of the Group’s operations are carried out
offshore and internationally. Offshore operations increase
exposure to certain health, safety and environmental risks.The
Group has well developed operating procedures and a health,
safety and environmental management system through which
it seeks to control these risks and these are regularly audited
by our clients and benchmarked against industry norms and
host government standards to ensure that we are operating at
acceptably high levels in this regard.Where necessary advice is
taken from security consultants before making decisions about
sending staff to countries where there may be a security risk.
Offshore operations can be impacted by conditions beyond
the Group’s control including, but not limited to, the effects 
of weather, tides, currents and third party interference.Where
possible, our operating companies seek to pass as many of
these risks on through their contracts with clients.
Currently, the supply chain in sectors of the oil and gas
industry is exhibiting significant tightness of supply for key
resources like skilled staff and offshore vessels.The Group has
developed training, recruitment, and retention programmes to
endeavour to ensure that it can meet its staffing requirements
going forward.There is a retention scheme for key personnel.
The Group monitors other areas of its supply chain frequently
and seeks to establish strategic relationships with key
suppliers to ensure security of supply.
International operations create an exposure to foreign
currency and foreign tax risks which are, where possible,
mitigated through hedging in the supply chain and in
contractual terms with clients.
In the past there have been challenges to the Group’s freedom
to operate resulting from a competitor attempting to enforce
intellectual property rights.The Group invests in the top
quality legal advice in this area and constantly monitors the
patent landscape around its technologies.T o date, the group
has prevailed in these actions and there are no current
proceedings against any of the Group’s companies, although if
proceedings emerged which lead to adverse rulings in this
area there could be severe restrictions on its operations.
The Group’s companies carry out extensive data processing
operations which rely on large computer assets and complex
proprietary processing software. Interruptions in operations
of these computing resources could impact the Group’s
earnings.The Group seeks to distribute and back up its
computing assets to mitigate these risks.
Trading outlook 
The progressive adoption of our core CSEM technology 
by the exploration industry is leading us to change some 
of our business practices. In the early phases of technology
adoption our customer base was a small number of
technology focused oil companies, and we were able to 
focus on them with a small sales group. As industry adoption
increases, the number of client companies that we have to
address is growing significantly and we are expanding our 
sales force to cope with this.T o boost further our sales
efforts, we have entered into an alliance with CGGVeritas,
a global provider of seismic services. Under this alliance, we
have access to CGGVeritas’ global sales and marketing reach
together with a truly global logistics support network. More
importantly, we will access their long term relationships with
key clients including the prestigious national oil companies
that we anticipate as being significant clients for the future.
Following our fund raising during the year, we are well
advanced with building the equipment and training the
personnel necessary to launch our third marine CSEM 
crew which we plan to bring into service at the start of the
North Sea “season” in May 2008.Work is also scheduled 
to commence on the equipment for our fourth crew which
will follow a few months behind by which time we hope to 
be seeing tangible benefits from our CGGVeritas relationship.
A number of companies have indicated a desire to enter 
the offshore electromagnetic market and we monitor this
situation closely.We believe that the time and cost to 
develop industrial instrumentation together with the rarity 
of experienced EM practitioners represent extremely high
barriers to entry. In addition, our research and development
efforts continue to improve the quality of our offering,
constantly raising the bar in industry requirements.Where
appropriate, OHM applies for patent protection for this
differentiation and our awarded patent portfolio continues 
to grow.
Rock Solid Images’ traditional business area is seeing strong
demand for its services,especially the inversion of seismic data.
W e are recruiting and training more staff in this area to meet
this demand. Our research on the integration of EM data with
seismic and well log data is creating exciting opportunities and
we hope to see commercial products coming to market in this
area within our 2008 fiscal year leading to further growth at RSI.
We seek in 2008 to continue the growth in revenues and
improvements in profitablilty achieved over the last two years.
We are fortunate in having a dedicated team of professional
staff whose efforts have delivered our growth to date and
who are eagerly anticipating the challenges ahead.
Dave Pratt
Chief Executive Officer
19 November 2007
Chief Executive’s Review continued 6 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Continuing growth and expansion – 2007
OHM has seen significant and sustained growth 
and development on many fronts throughout the
last financial year.
On a strategic level, OHM formed an alliance with
CGGVeritas and acquired Houston-based Rock Solid Images.
In operations, OHM completed its first sub-basalt 
survey proving the technology in that geology, the OHM
Express vessel came into service and our proprietary and
multi-client CSEM survey acquisition operations continued
around the world.
Our industry leading research and development 
team continued to develop and widen the applications 
of our technology, and investment in recruitment and
training programmes continued producing a good flow 
of qualified personnel.
Summer 2007
Record number of successfully completed
client surveys in North West Europe season
August 2006
First sub-basalt survey
January 2007
BP/Department for Business,Enterprise and
Regulatory Reform/UoS/OHM research
consortium launched
March 2007
First complex geology case study published
The Leading Edge
BERR 7 Offshore Hydrocarbon Mapping plc
Annual Report 2007
June 2007
Publication of landmark bathymetric 
inversion research
August 2007
CGGV eritas strategic alliance
May 2007
Dr . Lucy MacGregor awarded SEG
Distinguished Achievement Award for
contribution to commercialisation of CSEM
July 2007
World’s first purpose converted CSEM 
survey vessel launched
August 2007
Acquisition of Rock Solid Images 8 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Setting industry standards – OHM Express
Receiver deployment
DASI deployment area astern 
T op:Pre deployment –T oolbox T alk
Operations room and receiver 
preparation area
Experienced CSEM crew  9 Offshore Hydrocarbon Mapping plc
Annual Report 2007
The introduction of the OHM Express, the world’s
first purpose designed and converted CSEM survey
vessel has set industry standards and enables more
efficient, economic and safe survey operations.
Entering service in June 2007 , the vessel offers clients
unmatched levels of operating range, survey ability, safety 
and speed of delivery of results.
The ability to conduct safe operations in rough sea
conditions was integral to the design of the vessel. Crew 
and client representatives enjoy first-class standards of
accommodation, facilities and communication capabilities.
OHM Express specification in brief:
Bridge
Conference Room
Engineering preparation area
Principal Dimensions:
Length: 1 10m
Beam: 17.5m 
Draught: 5.5m
Registry and classification:
Flag: Bahamian
Classification: DnV+1A1,
Ice CEO 
EO DK (+) PWDK
Capabilities:
T ransit speed: 15 knots
Dynamic positioning: Kongsberg
Endurance: 70-75 days
Accommodation:
Cabin space: 39 berths
Cabin facilities: En-suite
Wi-Fi enabled
Satcom communication:
Voice: Sat B/Vsat/GSM
Fax: Sat B/Vsat/GSM
Data: Vsat/GSM 10 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Integration – Rock Solid Images
Rock Solid Images is the industry leader in the
application of rock-physics for integrating and
calibrating seismic and borehole data to provide
geologic insight and reservoir understanding at 
all stages of the oilfield lifecycle.
OHM’s acquisition of the company is driven by the belief
that highly valuable information can be gained from the
intelligent combination of CSEM and seismic data, calibrated
where possible by well log information.
OHM and Rock Solid Images’ researchers consider that
these two remote sensing measurements are completely
complimentary and, when properly combined, can lead to
quantitative measurement of important rock and fluid
properties such as permeability and hydrocarbon saturation.
People
Dedicated and experienced in rock physics 
Quantitative Interpretation Services
World class inversion and rock physics
Integration 
Bringing together EM,seismic and well data 11 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Experience
Delivering results to complex problems
Data library 
Integrated rock physics,EM and seismic 
model deliverables from around the world
T echnology
Innovative research and software
Software
iMOSS
®
– Seismic Modelling and Rock Physics,
ATTRIB3D
®
and LITHANN
® 12 Offshore Hydrocarbon Mapping plc
Annual Report 2007
1 Dr. Pierre Jean Marie Henri Jungels CBE 63
Non-executive Chairman
Pierre, a certified engineer, has a PhD in geophysics and
hydraulics from the California Institute of T echnology. He has
over 30 years’ experience in the oil industry, 13 of which
have been served at main board level, including appointments
as Chief Executive of Enterprise Oil plc and Managing
Director roles at PetroFina and British Gas. He currently
holds non-executive directorships at Woodside Petroleum
Ltd, Baker Hughes Inc., and Imperial T obacco plc together
with executive chairmanship of Rockhopper Exploration plc
and Oxford Catalyst plc. He was twice President of the
Institute of Petroleum.
2 David Charles Newall Pratt 48
Chief Executive Officer
Dave has more than 25 years’ experience in the oilfield
service industry, and was formerly President of Veritas
Geophysical Services (a division of Veritas DGC Inc, a NYSE
quoted company) based in Houston. At Veritas, Dave
reshaped key product lines within that company, increasing
turnover in these areas to over US$100 million and making 
a major contribution to the corporation’s profitability. Prior
to this role, Dave was VP of marine operations and
technology for Digicon Geophysical Corporation (later
merged with Veritas). Previously, Dave spent over ten years
at Racal Survey Group working in a variety of onshore and
offshore roles in numerous countries. Dave is a geophysicist
by training and has an MBA with distinction from the
Graduate School of Business, University of Strathclyde.
3 Dr. Lucy Margaret MacGregor 35
Chief Scientific Officer
Lucy has over twelve years’ experience as a leading
researcher in CSEM and its application to the detection 
and characterisation of fluids in the earth, and leads the
Company’s Research and Development group. Lucy has
extensive experience in the development and application 
of data processing, modelling and inversion techniques and
has been responsible for survey design and data
interpretation on commercial surveys in a wide variety of
geological environments. Lucy has a PhD from the University
of Cambridge for research in the field of CSEM.
4 Robert Ian Auckland 47
Chief Financial Officer
Bob was previously Financial Director and Company
Secretary of J W Holdings Ltd where he was for 12 years.
Bob has extensive experience in financial and general
management with a proven track record of integrating
acquisitions, balance sheet management and building value
for shareholders through a period of change. Bob is a
chartered accountant having qualified with Deloitte Haskins
& Sells, and has a BCom degree from Edinburgh University.
5 Gary Ernest Jones 53
Non-executive director
Gary has a BSc in geological engineering from the 
University of Arizona and an MSc in geophysics also from
the University of Arizona. He has over 20 years’ experience
in the oil and gas industry including recent appointments 
as President of Western-Geco, President of Western
Geophysical,Vice President of Baker Hughes, President 
of Baker Atlas and Vice President, Corporate Business
Development,WAII. He is currently the owner of
Earthworks, Inc, a consulting company and is Non 
Executive Chairman of ArkEx Ltd.
6 Keith Lough 48
Non-executive director
Keith has an MA in economics from Edinburgh University,
a Masters in finance from London Business School and is 
a Fellow of the Association of Chartered Certified
Accountants. He has over 20 years’ experience in the oil 
and gas and energy industries including recent appointments
as Finance Director, British Energy plc, Chief Financial
Officer, Hurricane Hydrocarbons (now PetroKazakhstan,
Inc) and MD Europe & North Africa for LASMO plc. He is
currently Chief Executive of Composite Energy Ltd,
a private-equity funded energy company.
Board of Directors
1 2 4 5
36 13 Offshore Hydrocarbon Mapping plc
Annual Report 2007
The directors present their report together with the
audited financial statements for the year ended 31 August
2007.The Remuneration Report and the Corporate
Governance Report on pages 16 to 20 have not been
subject to audit, as these have been prepared voluntarily.
Principal activities and business review
The Company’s principal activity is that of the provision 
of electromagnetic remote sensing services to the oil and
gas exploration and production industry.
RDSP Acquisition, Inc was acquired in the year and the
principal activity of the subsidiary is to provide data,
technologies, and expertise to maximise existing investment
in oil and natural gas well, electromagnetic and seismic 
data by transforming qualitative interpretations into
quantitative results.
The Company and its subsidiaries, contract with oil
companies internationally to conduct feasibility studies,
plan and execute surveys, and process and interpret the
resultant data.
The Chairman’s Statement and the Chief Executive’s Review
describe the significant developments in the business of the
Group during the financial year and its future prospects.
Research and Development
The Company places the highest priority on investing in
research and development and continues to have a number
of key projects under way.
Results and dividends
The Group made a loss after taxation for the year ended 
31 August 2007 of £1,057 ,000 (2006: loss of £1,666,000).The
directors do not recommend the payment of a dividend
(2006: nil).
Directors
The names of the directors who held office during the year
ended 31 August 2007 are as follows:
Executive directors
David Charles Newall Pratt
Dr. Lucy Margaret MacGregor
Robert Ian Auckland
Non-executive directors
Dr. Pierre Jean Marie Henri Jungels CBE
Gary Ernest Jones
Keith Lough 
Landon Clay also served as a non-executive director during
the year but resigned on 17 October 2006. Jeffery Scott
Garner was appointed as a non-executive director on 
17 October 2006 but resigned on 23 September 2007.
Details of the interests of directors in the share capital of
the Company, together with details of share options and
awards granted to them, are set out in the Remuneration
Report on pages 16 to 18.
Substantial shareholders
In addition to the directors’ beneficial interests shown on
page 17 , as at 31 August 2007 the Company had been advised
of the following shareholders with interests of 3 per cent or
more in its ordinary share capital.
Mr . Landon T Clay 
and Associates 7 ,892,419 18.51%
Compagnie Générale 
de Géophysique – Veritas S.A. 6,395,571 15.00%
Southampton Asset 
Management Ltd 3,891,580 9.13%
Fidelity International Ltd 3,154,965 7.40%
Lehman Brothers 
International (Europe) 2,043,000 4.79%
Dr. Lucy M. MacGregor 1,552,300 3.64%
Professor Martin Sinha 1,307 ,300 3.07%
Share capital
During the year the Company raised £24,376,000 of cash
(net of issue costs) by placing 12,587 ,496 ordinary shares 
of 1 pence each.
Net amount 
raised after 
Number of Issue price issue costs
shares issued pence £’000
29 November 2006 1,500,000 125.0 1,799
17 August 2007 6,395,571 240.0 15,349
17 August 2007 2,765,573 275.0 7 ,228
Between 17-22 1,926,352
August 2007
12,587,496 24,376
The 1,926,352 ordinary shares of 1 pence each which 
were issued between 17-22 August 2007 were used as part
of the consideration for the acquisition of RDSP Acquisition,
Inc. Further details of this acquisition are set out in note 27 
to the financial statements.
Financial instruments
Details of the use of financial instruments by the Company
and its subsidiary undertakings are contained in note 21
to the financial statements.
Cash
It is the Group’s current policy to place cash, which is
surplus to working capital requirements, with reputable
banks offering the most competitive rates of interest.
for the year ended 31 August 2007
Directors’ report 14 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Supplier payment policy
It is the Group’s current policy to establish payment terms
with suppliers when agreeing terms of supply, to ensure that
suppliers are made aware of the terms of payment, and to
adhere to those terms.The total amount of Group trade
creditors falling due within one year at 31 August 2007
represents 49 days worth, as a proportion of the total
amount invoiced by suppliers during the year ended on 
that date.The Company has no trade creditors.
Charitable and political donations
The Group made no charitable donations during the year
(2006: £nil) and no political donations during the year 
(2006: £nil).
Qualifying third party indemnity provisions
Article 154 of the Company’s articles of association contain
‘qualifying third party indemnity provisions’, as defined in
section 309B of the Companies Act 1985. Under these
provisions each director and officer is entitled to be
indemnified by the Company, so far as permitted by law, in
respect of certain liabilities which may attach to him in the
exercise of his/or her duties.
The Company maintains insurance to cover its directors and
officers, including non-executive directors, in the discharge 
of their duties against the loss and legal expenses incurred
by each insured person due to a wrongful act.This cover
provides for Company reimbursement if the Company pays
the loss and legal expenses arising from any wrongful act of
an insured person.The policy does not provide payment
where the director or officer has acted fraudulently,
maliciously or dishonestly.
Post balance sheet event
On 17 September 2007 , Mr. David Pratt, Chief Executive
Officer, exercised 457 ,267 share options.
There were no other events between the balance sheet date
and the date the financial statements were authorised for
issue that require disclosure.
Going concern
After making enquiries, the directors have formed a
judgement at the time of approving the financial statements
that there is a reasonable expectation that the Group has
adequate resources to continue in operational existence 
for the foreseeable future. For this reason, the directors
continue to adopt a going concern basis in preparing the
financial statements.
Auditors
In the case of each of the persons who are directors of the
Company at the date when the report was approved:
• so far as each of the directors is aware, there is no relevant
audit information (as defined in the Companies Act 1985)
of which the Company’s auditors are unaware; and
• each of the directors has taken all the steps that he/she
ought to have taken as a director to make himself/herself
aware of any relevant audit information to establish that
the Company’s auditors are aware of that information.
BDO Stoy Hayward LLP have expressed its willingness to
continue in office as auditors and a resolution to reappoint
them will be proposed at the forthcoming Annual General
Meeting.
By order of the Board
Bob Auckland
Company Secretary
19 November 2007
Directors’ Report continued 15 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Statement of Directors’ responsibilities
The directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time
the financial position of the company, for safeguarding the
assets of the company, for taking reasonable steps for the
prevention and detection of fraud and other irregularities
and for the preparation of a Directors’ Report which
complies with the requirements of the Companies Act 1985.
The directors are responsible for preparing the annual
report and the financial statements in accordance with the
Companies Act 1985.The directors have chosen to prepare
financial statements for the group and the company in
accordance with International Financial Reporting Standards
as adopted by the European Union (IFRSs).
International Accounting Standard 1 requires that financial
statements present fairly for each financial year the
company’s financial position, financial performance and cash
flows.This requires the faithful representation of the effects
of transactions, other events and conditions in accordance
with the definitions and recognition criteria for assets,
liabilities, income and expenses set out in the International
Accounting Standards Board’s ‘Framework for the
preparation and presentation of financial statements’. In
virtually all circumstances, a fair presentation will be achieved
by compliance with all applicable IFRSs.
A fair presentation also requires the directors to:
• consistently select and apply appropriate accounting
policies;
• present information, including accounting policies,
in a manner that provides relevant, reliable, comparable
and understandable information; and
• provide additional disclosures when compliance with
the specific requirements in IFRSs is insufficient to
enable users to understand the impact of particular
transactions, other events and conditions on the entity’s
financial position and financial performance.
Financial statements are published on the Group’s website in
accordance with legislation in the United Kingdom governing
the preparation and dissemination of financial statements,
which may vary from legislation in other jurisdictions.The
maintenance and integrity of the Group’s website is the
responsibility of the directors.The directors’ responsibility
also extends to the ongoing integrity of the financial
statements contained therein. 16 Offshore Hydrocarbon Mapping plc
Annual Report 2007
for the year ended 31 August 2007
Remuneration report
This report, which has not been audited, has been voluntarily
prepared so as to comply so far as the Board considers
appropriate for a group of this size, with the Listing Rules,
the Combined Code and the Companies Act 1985 (as
amended by the Directors Remuneration Report
Regulations 2002).The Company’s remuneration policy 
is the responsibility of the Remuneration Committee.
The Committee is chaired by Gary Jones and also comprises
Keith Lough.The Committee is authorised to obtain
information and advice on remuneration at the Company’s
expense.
The Committee has specific responsibility for determining
the remuneration and other benefits of executive directors,
for overall policy in respect of remuneration of other
employees of the Group, and for establishing the Group’s
policy with respect to employee share schemes. In
determining executive remuneration packages of individual
directors the Remuneration Committee takes account of
the levels of experience, performance and responsibility of
each director, and the remuneration packages for similar
executive positions in companies it considers are
comparable. It also considers the remuneration packages
offered within the Group as a whole.
Remuneration policy
a) Executive remuneration
The Committee aims to ensure that the remuneration 
of executive directors is competitive, takes into account
individual performance and provides a package which is
sufficiently dependent on achievement to motivate and
incentivise the individual executive directors. Executive
remuneration currently comprises a base salary which is 
not performance related, and a performance related bonus
scheme. Certain directors also have an entitlement to
private medical insurance and pension contributions to
individual personal pension schemes.The Board believes 
that the interests of directors and shareholders are best
aligned with a remuneration policy that provides a modest
base salary that is not dependent on performance together
with a performance related bonus arrangement. Further
details relating to bonus arrangements and pension
contributions are detailed below.
Bonuses
Executive directors are eligible to receive specific bonuses 
at the discretion of the Remuneration Committee. Such
payments do not form part of pensionable earnings.
Pensions
David Pratt, Dr. Lucy MacGregor and Bob Auckland are
entitled to an agreed proportion of annual salary which is
paid directly into personal money purchase pension plans.
This contribution is £10,720 for David Pratt, £5,916 for 
Dr. Lucy MacGregor and £9,067 for Bob Auckland.
Share options
The directors believe that the success of the Company
depends to a high degree on the future performance of the
management team. Accordingly the Company has entered
into option agreements with its executive directors and
certain key employees through the Company’s approved
Management Incentive Scheme and unapproved share option
scheme. Executive options are granted at the middle market
price of the Company’s shares on the date of grant, or in
respect of options granted before the Company’s shares
were publicly traded, at the directors’ best estimate of fair
value at the date of grant.
Share awards
The Company has entered into share award agreements
with its executive directors and certain key employees
through the Company’s Share Award Plan.The number of
share awards to be granted is calculated by taking an agreed
percentage of the employee’s salary and dividing this by the
average closing price of the Company’s shares in the five
business days immediately before the date of grant.The
number of share awards that vest will be determined by 
the achievement of performance targets set by the
Remuneration Committee.
b) Non-executive remuneration
Dr. Pierre Jungels, Keith Lough and Gary Jones each receive
a fixed fee for services, which covers preparation for and
attendance at meetings for the full Board and all committees
thereof. Landon Clay and Jeffery Garner who also served as
non-executive directors during the year received a fixed fee
for their services.The non-executive directors are also
reimbursed for all reasonable expenses incurred in the
performance of their duties. Non-executive directors are
not entitled to participate in any of the Group’s incentive
schemes, including the Share Option Schemes, Share Award
Plans and bonus schemes.The executive directors are
responsible for setting the level of non-executive
remuneration.
c) Service contracts
Dave Pratt has a service contract which commenced on 
8 July 2002, and contains a contractual notice period of one
year by either party. Dr. Lucy MacGregor has a service
contract which commenced on 1 February 2003, and
contains a contractual notice period of one year by either
party. Bob Auckland has a service contract which
commenced on 1 February 2006, and contains a contractual
notice period of six months by either party.The contracts
for executive directors do not provide any predetermined
amounts of compensation in the event of early termination.
In the event of early termination, payments for loss of office
would be determined by the Remuneration Committee who
would take account of the particular circumstances of each
case, including the unexpired term of the service contract.
Executive directors may accept limited outside non-
executive appointments. Directors’ emoluments (unaudited)
The following information has not been subject to audit.
The aggregate remuneration received by directors who have served during the year was as follows:
Total T otal T otal
Total (incl. (excl. (incl.
Base (excl. pension) pension) Pension pension)
Salary Bonuses Fees Benefits pension) Pension 2007 2006 2006 2006
£ ££££££ £££
Executive
David Pratt 
(1)
170,000 30,000 – 1,271 20 1,271 10,720 211,991151,084 9,600 160,684 
Dr. Lucy MacGregor 90,667 10,000 – 352 101,019 5,916 106,935 80,302 5,220 85,522 
Bob Auckland 90,667 20,000 – 1,213 111,880 9,067 120,947 45,515 4,523 50,038 
Non executive
Dr. Pierre Jungels 50,000 – – –50,000 –50,000 50,000 –50,000 
Landon Clay
(2)
– – 644 – 644 – 644 5,000 – 5,000 
David Norwood – –––––– 2,217 – 2,217 
Jeffery Garner
(3)
– – 5,000 – 5,000 – 5,000 –––
Keith Lough 20,000 – – –20,000 –20,000 20,000 –20,000 
Gary Jones 20,000 – – –20,000 –20,000 20,000 –20,000 
T otal 441,334 60,000 5,644 2,836 509,814 25,703 535,517 374,118 19,343 393,461
(1)
David Pratt was the highest paid director during the year ended 31 August 2007.
(2)
Landon Clay resigned from the Board on 17 October 2006
(3)
Jeffery Garner was appointed to the Board on 17 October 2006 and resigned on 23 September 2007.
Directors’ interests in ordinary shares
The directors who held office at 31 August 2007 had the following interests in the ordinary shares of the Company:
2007 2006
Number Number 
of shares of shares
David Pratt 255,347 255,347
Dr. Lucy MacGregor 1,552,300 1,552,300
Bob Auckland 17,500 –
Dr. Pierre Jungels 167,504 167,504
Jeffery Garner 43,953 –
Keith Lough 50,000 50,000
Gary Jones 44,330 44,330
On 17 September 2007 David Pratt exercised 457 ,267 share options and on 19 September 2007 sold these along with the
255,347 shares he already held to Landon Clay and his affiliated interests (together the ‘Clay Affiliates’). On the same day 
Dr. Lucy MacGregor sold 712,614 shares to the Clay Affiliates.
There has been no other change in the interests set out above between 31 August 2007 and 19 November 2007.
17 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Remuneration Report continued 18 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Directors’ options and share awards (unaudited)
The following information has not been subject to audit.
The executive directors have the following interests in options over the shares of the Company under the Group’s Share
Option Scheme and Share Award Plan.
(Lapsed) 
At Granted Exercised At Exercise Earliest
1 September During the during the 31 August price exercise Expiry
2006 year year 2007 (p) date date
David Pratt
28/1 1/02 457,267 – – 457,267 7.10 28/1 1/03 27/1 1/12
01/03/04 940,008 – – 940,008 170.00 01/03/05 28/02/14
01/02/06 1 10,016 – – 110,016 1.00 01/02/09 01/02/16
01/12/06 – 76,252 – 76,252 1.00 01/12/09 01/12/16
Dr. Lucy MacGregor
01/12/03 21 1,546 – (70,515) 141,031 29.81 01/12/04 30/1 1/13
01/02/06 58,675 – – 58,675 1.00 01/02/09 01/02/16
01/12/06 – 40,668 – 40,668 1.00 01/12/09 01/12/16
Bob Auckland
01/02/06 58,675 – – 58,675 1.00 01/02/09 01/02/16
01/12/06 – 40,668 – 40,668 1.00 01/12/09 01/12/16
These options have been granted under:
1) the Company’s Enterprise Management Incentive option scheme (EMI),
2) unapproved share option scheme, and 
3) Share Award Plan.
The option granted to David Pratt on 28 November 2002 vested in three equal tranches on the first, second and third
anniversaries of the date of grant. As mentioned above, David Pratt exercised these 457 ,267 options on 17 September 2007.
The options granted to David Pratt on 1 March 2004 (representing 3 per cent of the fully diluted issued share capital at
Admission) have vested in three tranches following the satisfaction of performance criteria agreed between David Pratt 
and the Remuneration Committee.
The options granted to Dr. Lucy MacGregor vest in three equal tranches upon the satisfaction of performance criteria
agreed between Dr. Lucy MacGregor and the Remuneration Committee.
The share awards granted to David Pratt, Dr. Lucy MacGregor and Bob Auckland on 1 February 2006 under the Company’s
Share Award Plan vest on 1 February 2009 upon the satisfaction of performance criteria agreed with the Remuneration
Committee.
Options will lapse after ten years from the date of grant and option holders who cease to be employed by the Group 
are required to exercise the vested part of their option within six months of cessation.
The middle market price of the ordinary shares on 31 August 2007 was 270.00 pence.The high and low market prices
during the year were 300.00 pence and 85.62 pence respectively.
Apart from the interests disclosed above, none of the directors had any interest at any time during the year ended 
31 August 2007 in the share capital of the Company or its subsidiaries.
By order of the board
Gary Jones
Chairman of the Remuneration Committee
19 November 2007
Remuneration report continued 19 Offshore Hydrocarbon Mapping plc
Annual Report 2007
for the year ended 31 August 2007
Corporate governance report
The Board supports the principles of corporate governance
contained in the Combined Code on Corporate
Governance issued in June 2006 by the Financial Reporting
Council.The Company is moving towards voluntarily
applying the principles of the Combined Code as indicated
below.
The Board
The Group’s business is managed by the Board of Directors.
The full Board meets regularly, and met a total of six times
during the year ended 31 August 2007. Meetings include
discussion of current and future performance and strategy.
In addition, terms of reference for full Board approval are in
place, which includes inter alia, the approval of annual and
interim results, significant transactions, major capital
expenditures, the yearly business plan and budget, the
Group’s long term commercial strategy, establishing financial
authority limits, litigation, conflict of interest and share
dealing policies and executive remuneration and
appointments.
Each Board member receives regular management accounts
including a review and analysis of performance against
budget and other forecasts. Directors are sent an agenda
and a full set of Board papers for each agenda item to be
discussed at the meeting. Additional information is provided
as appropriate.
The Board currently consists of six directors, three of whom
are non-executive.Their names are set out on page 12.
The Company has a separate Chief Executive Officer and
Chairman. Dr. Pierre Jungels, Gary Jones and Keith Lough
are considered by the Board to be free from any business 
or other relationship that could materially impact their
independent judgement.The non-executive directors receive
a fixed fee for their services and all non-executive directors
receive reimbursement of reasonable expenses incurred in
attending meetings.
There is an agreed procedure for directors to take
independent professional advice at the Company’s expense.
The Company Secretary is responsible for ensuring that
Board procedures and applicable rules and regulations 
are followed.
The Chairman ensures that new directors receive a full,
formal and tailored induction on joining the Board. As 
part of this induction, the Company would offer major
shareholders the opportunity to meet a new non-executive
director.
Whilst the Board retains overall responsibility for the
Company, the day to day management of the business 
is conducted by the executive directors. In addition, in
accordance with best practice, the Board has established
Audit, Nomination and Remuneration Committees with
written terms of reference for each that set out their 
duties and authority.
Committees of the Board
Audit Committee
The Audit Committee meets as and when required.
The members of the committee comprise Keith Lough
(Chairman), Gary Jones and Dr. Pierre Jungels. As noted
above all three directors are considered to be independent
non-executive directors.The Committee’s terms of
reference are principally concerned with accounting matters,
financial reporting and internal controls.The Committee
meets to review all significant judgments made in the
preparation of the half-yearly and annual accounts, before
they are submitted to the Board. It agrees with the auditors
the nature and scope of their work and discusses with them
the result thereof.The Committee has the power to seek
external advice as and when required. In addition, the Audit
Committee makes recommendations to the Board regarding
the appointment of the external auditors, reviews their
independence and objectivity and is also responsible for
agreeing the level of audit fees and monitoring the provision
of non audit services provided by the Group’s auditors.
Members of the Audit Committee make themselves
available so that staff of the Company may, in confidence,
raise concerns about possible financial improprieties or
other matters of concern.The Audit Committee has
arrangements in place for the proportionate and
independent investigation of such matters and for
appropriate follow up action.
Remuneration Committee
The Remuneration Committee meets as and when required.
It comprises Gary Jones (Chairman), Keith Lough and 
Dr. Pierre Jungels. As noted above, all three directors are
considered to be independent non-executive directors.The
Committee’s objective is to develop remuneration packages
for executive directors that enable the Group to attract,
retain and motivate executives of the appropriate calibre
without paying more than necessary. No director is involved
in deciding his or her remuneration.The Board’s policy 
on executive remuneration and the details of executive
director’s individual remuneration packages are fixed by 
the Committee or the Board. Full details of the directors’
remuneration are set out in the Remuneration Report 
on pages 16 to 18.
Nomination Committee
The Nomination Committee meets as and when required.
It considers the appointment of both executive and non-
executive directors and makes recommendations to the
Board. It comprises Dr. Pierre Jungels (Chairman), Keith
Lough and Gary Jones, and as noted above, all three
directors are considered to be independent non-executive
directors. All directors are required to submit themselves
for re-election by the shareholders at the Company’s Annual
General Meeting following their first appointment and
thereafter at least every three years. Notwithstanding this,
at least one third of all directors must submit themselves 
for re-election each year. At the forthcoming Annual
General Meeting Dr. Lucy MacGregor and David Pratt will
submit themselves for re-election, having either retired by
rotation or having been appointed since the last Annual
General Meeting.
The terms of reference of the committees of the Board,
explaining their respective roles and the authority 
delegated to them by the Board are available on the
Company’s website.
Board balance and independence 
During the year and up to the date of this Report, the Board
continued to be of the opinion that Dr. Pierre Jungels, Keith
Lough and Gary Jones were independent within the meaning
of the Code. On 28 March 2007 , Dr. Pierre Jungels was
appointed as the Senior Independent Director and carried
out this role up to the date of this report. 20 Offshore Hydrocarbon Mapping plc
Annual Report 2007
The independent non-executive directors review and
monitor strategy, the performance of management, the
integrity of financial information and control and risk
management.Through the Remuneration and Nomination
Committee they are also responsible for setting the
remuneration of the executive directors and of senior
executives below Board level and for planning Board 
and senior management succession.
The following table sets out the number of Board and
Committee meetings held during the year and the directors’
attendance at each.
Audit Remuneration Nomination
Board Committee Committee Committee
Executive
David Pratt
Chief Executive Officer 6 2 2 1
Dr. Lucy MacGregor
Chief Scientific Officer 5 – – –
Bob Auckland
Chief Financial Officer 6 2 2 1
Non-executive
Dr. Pierre Jungels
Non-executive Chairman 6 2 2 1
Keith Lough 5 2 2 1
Gary Jones 6 2 2 1
Former directors
Landon Clay 1 – – –
Jeffery Garner 5 – – –
T otal number 
of meetings 6 2 2 1
Internal Control
The Board is responsible for establishing and monitoring
internal control systems, and for reviewing the effectiveness
of these systems.The Board views effective operation of a
rigorous system of internal control as critical to the success
of the Group, however it recognises that such systems can
provide only reasonable and not absolute assurance against
material mis-statement or loss.The key elements of the
Group’s internal control systems are as follows:
Control environment
The Group has a clear organisational structure with defined
responsibilities and accountabilities. It adopts the highest
values surrounding quality, integrity and ethics, and these
values are documented and communicated clearly
throughout the whole organisation.
Identification and evaluation of risks
The Board actively identifies and evaluates the risks inherent
in the business, and ensures that appropriate controls and
procedures are in place to manage these risks.
Health, Safety and the Environment
The Board receives reports from David Pratt who is
Chairman of the Company’s HSE Committee.T wo other
executive directors, Dr. Lucy MacGregor and Bob Auckland
also sit on this committee.The Company believes that it
best serves its stakeholders by ensuring that its activities are
carried out in a safe and environmentally sensitive manner.
Control procedures 
Detailed written policies and procedures have been
established covering key financial operating and compliance
risk areas.These will be reviewed and updated at least
annually by the Board. Due to the nature of the Group’s
operations and its size, the Board considers that there is no
current requirement for an internal audit function although
it will continue to review the requirement for such a
function on a periodic basis.
Auditor independence
The Audit Committee reviews the nature and extent of the
services provided to the Group by BDO Stoy Hayward LLP
and are satisfied with the independence of the Group’s
auditors.
Performance evaluation
The performance of the Chairman and each director will be
formally evaluated on an annual basis.The non-executive
directors will meet annually, and whenever deemed
necessary, to appraise the Chairman’s performance in the
absence of the Chairman.The performance of non-executive
directors, other than the Chairman, will be reviewed by the
Chairman and the executive directors.The performance of
the executive directors will be reviewed by the Board, as
deemed necessary, in the absence of the executive director
under review.
Relations with shareholders
The Company is committed to constructive dialogue with 
its shareholders.The Company uses the Annual General
Meeting as an opportunity to communicate with its
shareholders. Notice of the Annual General Meeting, which
will be held at 12.00noon on 19 December 2007 at the office
of KBC Peel Hunt Ltd, 1 1 1 Old Broad Street, London EC2N
1PH, is enclosed with this report. Details of the resolutions
and explanatory notes thereon are included with the Notice
along with a proxy form for members of the Company
unable to attend.
The Chairman, who is also the Senior Independent
Company Director, meets with major shareholders during
the year to develop an understanding of their views about
the Company.
The Group’s website www.OHMsurveys.com is the primary
source of information on the Group.This includes an
overview of the activities of the Group, and details of all
recent Group announcements.
Statement of compliance
The directors are satisfied that the Company is now
voluntarily complying, so far as the Board considers
appropriate for a group of this size, with the Code
provisions set out in section 1 of the Combined Code 
on Corporate Governance issued in June 2006 by the
Financial Reporting Council.
By order of the Board
Bob Auckland
Company Secretary
19 November 2007
Corporate Governance Report continued 21 Offshore Hydrocarbon Mapping plc
Annual Report 2007
To the shareholders of Offshore Hydrocarbon
Mapping plc
We have audited the Group and parent company financial
statements (the “financial statements”) of Offshore
Hydrocarbon Mapping plc for the year ended 31 August
2007 which comprise the Consolidated Income Statement,
the Consolidated and Company Balance Sheets, the
Consolidated Cashflow Statement, the Consolidated and
Company Statements of Changes in Shareholders’ Equity
and the related notes.These financial statements have been
prepared under the accounting policies set out therein.
Respective responsibilities of directors and
auditors
The directors' responsibilities for preparing the Annual
Report and the financial statements in accordance with
applicable law and International Financial Reporting
Standards (IFRSs) as adopted by the European Union are 
set out in the Statement of Directors' Responsibilities.
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements
and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial
statements give a true and fair view and have been properly
prepared in accordance with the Companies Act 1985 and
whether the information given in the Directors’ Report is
consistent with those financial statements.We also report 
to you if, in our opinion, the Company has not kept proper
accounting records, if we have not received all the
information and explanations we require for our audit,
or if information specified by law regarding directors’
remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report
and consider whether it is consistent with the audited
financial statements.The other information comprises 
only the Directors’ Report, Chairman’s Statement,
Chief Executive’s Review, Remuneration Report and the
Corporate Governance Report.We consider the
implications for our report if we become aware of any
apparent mis-statements or material inconsistencies with 
the financial statements. Our responsibilities do not extend
to any other information.
Our report has been prepared pursuant to the
requirements of the Companies Act 1985 and for no other
purpose. No person is entitled to rely on this report unless
such a person is a person entitled to rely upon this report
by virtue of and for the purpose of the Companies Act 1985
or has been expressly authorised to do so by our prior
written consent. Save as above, we do not accept
responsibility for this report to any other person or for any
other purpose and we hereby expressly disclaim any and all
such liability.
Basis of audit opinion
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the
Auditing Practices Board. An audit includes examination,
on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an
assessment of the significant estimates and judgments 
made by the directors in the preparation of the financial
statements, and of whether the accounting policies are
appropriate to the Group’s and Company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all 
the information and explanations which we considered
necessary in order to provide us with sufficient evidence 
to give reasonable assurance that the financial statements
are free from material mis-statement, whether caused by
fraud or other irregularity or error. In forming our opinion
we also evaluated the overall adequacy of the presentation
of information in the financial statements.
Opinion
In our opinion:
• the Group financial statements give a true and fair view,
in accordance with IFRSs as adopted by the European
Union, of the state of the Group’s affairs as at 31 August
2007 and of its loss for the year then ended;
• the parent company financial statements give a true 
and fair view, in accordance with IFRSs as adopted by
the European Union as applied in accordance with the
provisions of the Companies Act 1985, of the state of
the parent company’s affairs as at 31 August 2007;
• the financial statements have been properly prepared 
in accordance with the Companies Act 1985; and
• the information given in the Directors’ Report is
consistent with the financial statements.
BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors
Glasgow
19 November 2007
Independent auditors’ report 2007 2006
Note £’000 £’000
Revenue 17,731 10,422 
Cost of sales 14,790 9,059 
Gross profit 2,941 1,363 
Administrative expenses 4,037 2,808 
Other expenses – loss on disposal of fixed assets 47 301
Group operating loss 5 (1,143) (1,746)
Finance income 8 154 168 
Finance costs 9 (9) –
Loss before taxation (998) (1,578)
Income tax expense 10 (59) (88)
Loss for the period (1,057) (1,666)
(Loss)/earnings per ordinary share 11
Basic (3.35)p (5.54)p
Diluted (3.35)p (5.54)p
All amounts relate to continuing activities.
22 Offshore Hydrocarbon Mapping plc
Annual Report 2007
for the year ended 3 1 August 2007
Consolidated group income statement  23 Offshore Hydrocarbon Mapping plc
Annual Report 2007
2007 2006
Note £’000 £’000
Assets
Non-current assets
Goodwill 13 10,229 –
Intangible assets – multi-client data library 14 2,241 798 
– software 14 2,089 147 
– patent costs 14 746 176 
– consortium fees 14 152 – 
5,228 1,121
Plant and equipment 15 2,435 2,791
17,892 3,912 
Current assets
Inventories 17 634 152 
T rade and other receivables 18 4,682 2,216 
Cash and cash equivalents 19 18,968 3,439 
24,284 5,807 
Total assets 42,176 9,71 9 
Liabilities
Current liabilities
T rade and other payables 20 5,196 2,498 
Current tax liabilities 102 60 
Finance leases 24 73 – 
5,371 2,558 
Non current liabilities
Deferred tax liabilities 23 717 – 
Finance leases 24 42 – 
Other liabilities 22 89 – 
848 – 
Total liabilities 6,219 2,558 
Net assets 35,957 7, 1 61
Equity
Share capital 26 426 300 
Share premium 36,447 12,178 
Share based payments reserve 848 496 
Merger reserve 5,355 – 
Retained earnings (6,905) (5,813)
Cumulative translation reserve (214) – 
Total shareholders’ equity 35,957 7, 1 61
The financial statements were approved by the board of directors and authorised for issue on 19 November 2007 
and are signed on its behalf by:
D C N Pratt R I Auckland
Director Director
at 3 1 August 2007
Consolidated group balance sheet  24 Offshore Hydrocarbon Mapping plc
Annual Report 2007
2007 2006
Note £’000 £’000
Assets
Non-current assets
Fixed assets investments 16 5,780 1
5,780 1
Current assets
T rade and other receivables 18 36,443 12,577 
36,443 12,577 
Total assets 42,223 12,578 
Liabilities
Current liabilities
T rade and other payables 20 41 – 
Net assets 42,182 12,578 
Equity
Share capital 26 426 300 
Share premium 36,447 12,178 
Merger reserve 5,355 –
Retained earnings (46) 100
Total shareholders’ equity 42,182 12,578 
The financial statements were approved by the board of directors and authorised for issue on 19 November 2007 
and are signed on its behalf by:
D C N Pratt R I Auckland
Director Director
at 3 1 August 2007
Company balance sheet  25 Offshore Hydrocarbon Mapping plc
Annual Report 2007
2007 2006
Note £’000 £’000
Cash flows from operating activities
Loss before taxation (998) (1,578)
Adjustments for:
Depreciation of plant and equipment 5 1,437 1,624 
Amortisation of intangible fixed assets 14 45 6 
Share based payments charge 29 352 246 
Multi-client data library transfer from balance sheet 14 812 – 
Loss on disposal of plant and equipment 47 301
Financial income 8 (154) (168)
Operating profit before changes in working capital and provisions 1,541 431
(Increase)/decrease in inventories (482) 42 
Increase in trade and other receivables (1,587) (1,100)
Increase in trade and other payables 509 865 
Cash generated from operations (19) 238
Foreign taxes paid 10 (59) (88)
Net cash flows from operating activities (78) 150 
Cash flows from investing activities
Payments to acquire multi-client data library 14 (1,528) (406)
Payments to acquire software 14 (125) (152)
Payments to acquire patents 14 (150) (70)
Purchase of plant and equipment 15 (753) (709)
Proceeds from sale of plant and equipment 3 81
Net cash outflow on acquisition of subsidiary 27 (6,402) –
Interest received 154 188 
Net cash used in investing activities (8,801) (1,068)
Cash flows from financing activities
Proceeds from issue of ordinary share capital 26 24,830 – 
Share issue expenses (454) – 
Purchase of own shares (35) – 
Net cash from financing activities 24,341 – 
Net increase/(decrease) in cash and cash equivalents 15,462 (918)
Opening cash and cash equivalents 3,439 4,357 
Effect of foreign exchange rate changes 67 – 
Closing cash and cash equivalents 19 18,968 3,439 
The Company had no cash flows during the year or in 2006 and consequently no Cashflow Statement for the Company has
been presented.There are no cash movments relating to share issues, investments and inter company loans.
for year ended 3 1 August 2007
Consolidated group cashflow statement Attributable to equity holders of the parent company
Share based
Share Share payments Merger Retained T ranslation T otal 
Capital premium reserve reserve earnings reserve equity
Group £’000 £’000 £’000 £’000 £’000 £’000 £’000
At 1 September 2005 300 12,178 250 – (4,147) – 8,581
Loss for the year – – – – (1,666) – (1,666)
Share based payments – – 246 – – – 246
At 31 August 2006 300 12,178 496 – (5,813) – 7 ,161
Foreign currency translation – – – – – (214) (214)
difference arising on 
consolidation of subsidiaries
Loss for the year – – – – (1,057) – (1,057)
T otal recognised income –––– (1,057) (214) (1,271)
and expense for the year
Share based payments charge – – 352 – – – 352 
Other adjustments – – – – (35) – (35)
Share placing 126 24,723 – 5,355 – – 30,204 
Share issue costs – (454) – – – – (454)
At 31 August 2007 426 36,447 848 5,355 (6,905) (214) 35,957
The charge to the share based payments reserve represents the fair value of the shares to be awarded under the Group’s
Share Option Plans and Share Award and Annual Bonus Plans. Corresponding amounts are included in the loss for the
relevant periods with the consequence that the Company’s accounting for share based payments has no net impact on 
total equity.
The share based payments reserve comprises the credit entry relating to share based charges included in the Income
Statement and calculated in accordance with IFRS 2.
The merger reserve represents the excess of the fair value of the shares issued over their nominal value which is recorded
when shares are issued in exchange for shares to effect an investment in an undertaking.
Retained earnings comprise net gains and losses recognised in the Income Statement.
The T ranslation reserve comprises gains and losses rising on the translation of net assets of overseas operations.
26 Offshore Hydrocarbon Mapping plc
Annual Report 2007
for year ended 3 1 August 2007
Group statement of changes in equity  27 Offshore Hydrocarbon Mapping plc
Annual Report 2007
For year ended 3 1 August 2007
Company statement of changes in equity 
Attributable to equity holders of the parent company
Share Share Merger Retained T otal 
Capital premium reserve earnings equity
Company £’000 £’000 £’000 £’000 £’000
At 31 August 2005 and 2006 300 12,178 – 100 12,578
Loss for the year – – – (146) (146) 
T otal recognised income and expense – – – (146) (146)
for the year
Share placing 126 24,723 5,355 – 30,204 
Share issue costs – (454) – – (454)
At 31 August 2007 426 36,447 5,355 (46) 42,182
Refer to the previous page for a description of the reserves. 1 General information
Offshore Hydrocarbon Mapping plc is a company incorporated in England and Wales under the Companies Act 1985.
The nature of the Group’s operations and its principal activities are set out in the Directors’ Report.
These financial statements are prepared in pounds sterling because that is the currency of the primary economic
environment in which the Group operates. Foreign operations are included in accordance with the policies set out in note 2.
On transition to International Financial Reporting Standards (IFRS), an entity is generally required to apply IFRS
retrospectively except where exemption is available under IFRS 1.The Group has elected to apply IFRS 2 “Share Based
Payments” to all share option and share awards grants made after 7 November 2002, but not vested at 1 September 2005.
Future accounting developments
Certain new standards, amendments to new standards and interpretations have been published that are mandatory to the
Group’s future accounting period but have not been adopted early in these financial statements.These are set out below:
Standards, amendments to standards and interpretations endorsed for use by the European Union and available for adoption
Title Implementation Anticipated effect on the Group
IFRS 7: Financial Instruments: Annual periods beginning on Additional disclosures only
Disclosures or after 1 January 2007
Amendment to IAS 1 – Annual periods beginning on Additional disclosures only
Capital Disclosures or after 1 January 2007
IFRIC 10: Interim Financial Reporting Annual periods beginning on None
and Impairment or after 1 November 2006
IFRIC 1 1: IFRS 2 – Group and T reasury Annual periods beginning on Where the company grants equity settled
Share T ransactions or after 1 March 2007 share options and awards to employees 
of subsidiaries then the share based 
payment is treated as an additional 
investment in the subsidiary undertakings.
Standards, amendments to standards and interpretations not currently endorsed for use by the European Union and not yet available
for adoption
Title Implementation Anticipated effect on the Group
Amendment to IAS1: Presentation Annual periods beginning on Changes to the presentation 
of financial statements – or after 1 January 2009 of the primary statements
a revised presentation
Amendment to IAS 23: Annual periods beginning on None
Borrowing Costs or after 1 January 2009
IFRS 8: Operating Segments Annual periods beginning on Additional disclosures only
or after 1 January 2009
IFRIC 12: Service Concession Annual periods beginning on Unlikely to have a material effect
Arrangements or after 1 January 2008
IFRIC 13: Customer Loyalty Annual periods beginning on None
Programmes or after 1 July 2008
IFRIC 14: IAS 19 – The limit on a Annual periods beginning on None
defined benefit asset, minimum funding or after 1 January 2008
requirements and their interaction
The directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact
on the financial statements of the Group except for additional disclosures when the relevant standards come into effect.
2 Significant accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, in accordance with IFRS for the first time.
The disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRSs are given in note 33.The financial
statements have also been prepared in accordance with IFRS adopted for use in the European Union.
28 Offshore Hydrocarbon Mapping plc
Annual Report 2007
for the year to 3 1 August 2007
Notes forming part of the financial statements 29 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
2 Significant accounting policies – continued
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the
Company (its subsidiaries) made up to 31 August 2007 each year. Control is achieved where the Company has the power 
to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
The results of subsidiaries acquired in the year are included in the Consolidated Income Statement from the effective date
of acquisition.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into
line with those used by the Group.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Business combinations
The acquisition of subsidiaries is accounted for using the purchase method.The cost of the acquisition is measured at the
aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments
issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business
combination.The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition
under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups)
that are classified as held for resale in accordance with IFRS 5 Non Current Assets Held for Sale and Discontinued
Operations, which are recognised and measured at fair value less costs to sell.
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the
business combination over the Groups’ interest in the net fair value of the identifiable assets, liabilities and contingent
liabilities recognised. If, after reassessment, the Group’s interest exceeds the cost of the business combination, the excess is
recognised immediately in the Income Statement.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group’s interest in the fair value
of the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition.
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any impairment is recognised
immediately in the Income Statement and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit
from the synergies of the combination. Cash generating units to which goodwill has been allocated are tested for impairment
annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash
generating unit is less that the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying
amount b/f of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying
amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
Revenue recognition
Revenue represents sales in respect of the provision of oil exploration services to external customers at invoiced amounts 
less value added tax or local taxes on sales. Revenue is recognised in line with the performance of these services,to the extent
that the performance entitles the Group to receive consideration in line with the terms of the service contracts under which
the Group operates. Included within revenue are amounts in respect of data acquisition offshore,data modelling and data
interpretation services provided to external customers. Reimbursable expenses billed to customers are included in revenue.
Research and development
Expenditure on pure and applied research is charged as an expense in the year in which it is incurred. Development costs
which are expected to generate probable future economic benefits are capitalised in accordance with IAS 38 “Intangible
Assets” and amortised on a straight line basis over their useful economic lives. All other development expenditure is
charged to the Income Statement.
Under IAS 38, an internally-generated intangible asset arising from the Groups’ product development is recognised only 
if all of the following conditions are met:
• the technical feasibility of completing the intangible asset so that it will be available for sale,
• its intention to complete the intangible asset,
• its ability to use or sell the intangible asset,
• it is probable that the asset created will generate future economic benefits,
• the availability of adequate technical, financial and other resources to complete the development and to use or sell the
intangible asset, and
• the development cost of the asset can be measured reliably. 2 Significant accounting policies – continued
Financial instruments
Financial assets and financial liabilities are recognised in the Group’s Balance Sheet when the Group becomes a party to 
the contractual provisions of the instrument.
T rade receivables 
T rade receivables are measured at fair value with appropriate allowances for estimated irrecoverable amounts
recognised in the Income Statement. All amounts are subsequently valued at amortised cost using the effective interest
method.
Cash and cash equivalents 
Cash and cash equivalents comprise cash in hand and demand deposits, and other short-term highly liquid investments
that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Bank borrowings 
Interest-bearing loans and overdrafts are initially recognised at fair value and subsequently at amortised cost. Finance
charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an
accruals basis in the Income Statement using the effective interest method and are added to the carrying amount of the
instrument to the extent that they are not settled in the period in which they arise.The Group does not capitalise any
interest with respect to borrowings.
Loans and receivables
Loans made from the parent company to its subsidiaries are initially recognised at fair value and are subsequently stated 
at amortised cost using the effective interest method.Where the fair value of such loans is less than the loan amount the
difference is treated as an increase in the investment in that subsidiary.
T rade payables 
T rade payables are initially measured at fair value. All amounts are subsequently valued at amortised cost using the
effective interest method.
Equity instruments 
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risk and rewards 
of ownership to the lessee. All the other leases are classified as operating leases.
Assets held under finance leases are recognised as assets of the Group at their fair value or, if lower, at the present value 
of the minimum lease payments, each determined at the inception of the lease.The corresponding liability to the lessor is
included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and
reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance
charges are charged directly against income.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease.
Foreign currencies
In preparing the financial statements of the individual companies that comprise the Group, transactions in currencies other
than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transactions. At
each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the
rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign
currencies are translated at the rates prevailing at the date when the fair value is determined. Non-monetary items that 
are measured in terms of historical cost in a foreign currency are not retranslated.
On consolidation, income statements of foreign operations are translated into sterling at monthly average rates which
approximate to the actual rate for the relevant accounting periods. Assets and liabilities are translated at exchange rates
ruling at the balance sheet date. Exchange differences on all balances, except foreign currency loans accounted for as net
investment hedges, are taken to the Income Statement. Exchange differences arising on consolidation of the net investments
in overseas subsidiaries and joint ventures, together with those on foreign currency loans accounted for as net investment
hedges, are taken to equity. An intra-group monetary item for which settlement is neither planned nor likely in the
foreseeable future is, in substance, a part of the Group’s net investment in the foreign operation, Exchange differences arising
on a monetary item that forms part of the Group’s net investment in a foreign operation recognised in a separate
component of equity.
Investments
The parent company’s investments in subsidiary undertakings are stated at cost.
30 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 31 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
2 Significant accounting policies – continued
Depreciation
Depreciation is provided to write off the cost, less estimated residual values, of all tangible fixed assets, except for assets 
in the course of construction, over their expected useful lives. It is calculated at the following rates:
Plant and machinery – one to eight years straight line
Computer equipment – 20% to 50% straight line
Office equipment – 14.3% to 100% straight line
Impairment of fixed assets
The need for any fixed asset impairment write-down is assessed by comparison of the carrying value of the asset against the
higher of realisable value and value in use.
Intangible assets
Patent costs 
Costs of obtaining patents are capitalised and amortised on a straight line basis over their useful life from the date they
are awarded which ranges from ten to seventeen years.
Software developed internally 
Software developed internally is capitalised and amortised on a straight line basis over its useful life which ranges from
two to ten years.
Multi-client data library
The cost of collecting and processing electromagnetic and seismic data for onward licensing to clients on a non-exclusive
basis is capitalised and held in the Balance Sheet as an intangible asset.The carrying cost of the electromagnetic data is
held on an identified prospect basis with the costs being reduced as sales occur or, if insufficient sales are realised,
amortised on a straight line basis over a period of three years starting in the first month of the next half year following
completion of the data library product.The carrying cost of seismic data is amortised on a straight line basis over a
period of five years. All sales of information from the library attract a cost based on regular review of operating margins.
Stocks and long term contracts
Stocks of spare parts and consumables are carried at the lower of cost or net realisable value.
Long-term contracts are assessed on a contract by contract basis and are reflected in the Income Statement by recording
revenue and related costs as contract activity progresses.Where the outcome of each long-term contract can be assessed
with reasonable certainty before its conclusion, the attributable profit is recognised in the Income Statement as the
difference between the reported revenue and related costs for that contract. As soon as a contract is expected to be 
loss making overall, all future contract losses are provided for in the period.
T axation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year.The Group’s liability for current tax is calculated using 
rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets 
and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits, and 
is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the
temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investment in subsidiaries except where
the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will
not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is 
no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the Income Statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends 
to settle its current tax assets and liabilities on a net basis. 2 Significant accounting policies – continued
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.The Group has no
defined benefit retirement schemes.
Share-based payments
The Group has applied the requirements of IFRS 2 “Share Based Payments”. In accordance with the transitional provisions,
IFRS 2 has been applied to all grants of equity instruments after 7 November 2002 that were vested at 1 September 2005.
The Group operates a number of equity-settled share-based payment schemes under which shares are issued to certain
employees.The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-
line basis over the vesting period. For schemes with only market based performance conditions, those conditions are taken
into account in arriving at the fair value at grant date. Accordingly, no subsequent adjustment to the amortised fair value is
made for achievement or otherwise of those conditions. For schemes that include non-market based conditions or no
conditions, a “true-up” model is applied to the expense at each reporting date based on the expected number of shares that
will eventually vest.
3 Critical accounting judgements and key sources of estimation uncertainty
The Group issues equity-settled share-based payments to certain employees.The payments are measured at fair value
(excluding the effect of non market-based vesting conditions) at the date of grant.The fair value is calculated using the
option pricing models and is expensed on a straight-line basis over the vesting period of the options and awards.
The preparation of the financial statements requires the use of estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the
year. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results
ultimately may differ from those estimates.Where significant estimates or assumptions have been applied in estimating
balances in the financial statements, these have been disclosed in the relevant notes to those balances. Significant judgements
and estimates in these financial statements have been made with regard to taxation (note 10), the fair value valuation of 
the acquisition of a subsidiary (note 27), share based payments (note 29) and the useful life of intangible and tangible assets
(notes 14 and 15). An explanation of key uncertainties or assumptions used by management in accounting for these items 
is explained where material in the respective notes.
Impairment of goodwill
The Group is required to test, on an annual basis, whether goodwill has suffered any impairment.The recoverable amount is
determined based on value use calculations.The use of this method requires the estimation of future cash flows and the
choice of a discount rate in order to calculate the present value of the cash flows. Actual outcomes may vary. More
information including carrying value is included in note 27.
Useful lives of intangible assets and property, plant and equipment
Intangible assets and property, plant and equipment are amortised or depreciated over their useful lives. Useful lives are
based on the management’s estimates of the period that the assets will generate revenue, which are periodically reviewed
for continued appropriateness. Changes to estimates can result in significant variations in the carrying value and amounts
charged to the consolidated Income Statement in specific periods. More details including carrying values is included in notes
14, 15 and 27.
Fair value of financial instruments
The Group determines the fair value of financial instruments that are not quoted, based on estimates using present values
or other valuation techniques.Those techniques are significantly affected by the assumptions used, including discount rates
and estimates of future cash flows.Where market prices are not readily available, fair value is either based on estimates
obtained from independent experts or quoted market prices of compariable instruments. In that regard, the derived fair
value estimates cannot be substantiated by comparison with independent markets and, in many cases, may not be capable 
of being realised immediately.
Share based payments
The Group has two types of equity-settled share-based remuneration schemes for employees. Employee services received,
and corresponding increase in equity, are measured by reference to the fair value of the equity instruments at the date of
grant, excluding the impact of any non-market vesting conditions.The fair value of share options is share options is
estimated by using valuation models, such as Black-Scholes and binominal lattice, on the date of grant based on certain
assumptions.Those assumptions are described in note 29 and include, among others, the dividend growth rate, expected
volatility, expected life of the options and number expected to vest. More details including carrying value is disclosed in 
note 29.
Determination of fair values of intangible assets acquired in business combinations
The fair value of multi-client data library, patents and consortium fees acquired in a business combination is based on the
discounted estimated cash flows expected to be derived from the use an eventual and/or eventual sale of the asset.
32 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 33 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
4 Business and geographical segments
A business segment is a group of assets and operations engaged in providing products or services that are subject to risks
and returns which are different from those of other business segments. At 31 August 2007 the Group is organised into two
reportable business segments – Controlled Source ElectroMagnetic (CSEM) business and Well and Surface Seismic business.
Controlled Source ElectroMagnetic (CSEM) 
The Group adds value by providing interpretations of data which lowers the client’s risk of unsuccessful offshore
exploration. Controlled Source ElectroMagnetic (CSEM) surveying detects the presence and extent of hydrocarbon
accumulations before drilling.The Group has not divided financial information for its CSEM activities into further different
segments as it offers only one CSEM product range to its clients who are international and state owned oil companies.
The risk and profitability of the Group’s operations is similar in different geographical regions of the world. Most of 
the Group’s plant and equipment is deployed on survey vessels and, as the CSEM surveys are executed worldwide with
equipment often being relocated to meet capacity requirements, the Group is not able to allocate assets specifically 
to any geographical region.
Well and Surface Seismic (WSS)
RDSP Acquisition, Inc is the parent company of Rock Solid Images (RSI), the industry leader in the integration 
of fundamental rock physics with well data and surface seismic in order to interpret geophysical signatures in terms 
of reservoir properties.
The acquisition which took place shortly before the year end, will allow highly valuable information to be gained from 
the intelligent combination of CSEM and seismic data, calibrated by well log information.The Group considers that these
two remote sensing measurements are completely complimentary and, when properly combined, can lead to quantitative
measurement of important rock and fluid properties such as permeability and hydrocarbon saturation.
As the acquisition took place nine days before the year end, the segment information relating to the Well and Surface
Seismic business is not considered material, however additional information relating to the trading and assets of the 
Well and Surface Seismic business is detailed in note 27.
The following tables present revenue and gross profit, and certain asset and liability information regarding the Group’s two
business segments for the years ended 31 August 2007 and 2006:
WSS
CSEM (9 days only) Total CSEM WSS T otal
2007 2007 2007 2006 2006 2006
£’000 £’000 £’000 £’000 £’000 £’000
Continuing operations revenue
External revenue 17,645 86 17,731 10,422 – 10,422
Segment gross profit 2,898 43 2,941 1,363 – 1,363
Expenses 4,084 3,109
Group operating loss (1,143) (1,746)
Net capital investment
Capital additions
– goodwill – 10,422 10,422 –––
– multi-client data library 1,528 740 2,268 472 – 472
– software 125 1887 2,012 152 – 152
– patent costs 150 435 585 70 – 70
– consortium fee – 155 155 –––
– tangible fixed assets 753 458 1,211 707 – 707
2,556 14,097 16,653 1,401 – 1,401
Depreciation and amortisation charges (1,545) (9) (1,554) (1,694) – (1,694)
1,011 14,088 15,099 (293) – (293)
Balance sheet
Segment assets 28,680 13,496 42,176 9,71 9 – 9,71 9
Segment liabilities (4,552) (1,667) (6,219) (2,558) – (2,558)
Total net assets 24,128 11,829 35,957 7, 1 61 – 7, 1 61 4 Business and geographical segments – continued
Secondary reporting format – geographical segments
The Group’s operations are analysed between Europe, Africa, the Americas and Asia Pacific.The following table provides
analysis of the Group’s revenue by location of client, which is not always the same as the location of the contracted activity:
Revenue Revenue
2007 2006
£’000 £’000
Europe 13,861 4,671
Africa – 4,185 
Americas 1,540 82 
Asia Pacific 2,330 1,484 
17,731 10,422 
The following table is an analysis of the carrying amount of total assets, and additions to property, plant and equipment and
intangible assets, analysed by the location in which the assets are located:
T otal assets Capital expenditure
2007 2006 2007 2006
£’000 £’000 £’000 £’000
Europe 25,115 6,741 1,780 822 
Africa 397 420 – – 
Americas 14,646 – 14,106 1
Asia Pacific 181 – 93 –
Unallocated – including plant and machinery on vessels 1,837 2,558 674 578 
42,176 9,71 9 16,653 1,401
The total assets located in Europe include £18,905,000 of cash and cash equivalents (2006: £3,428,000).
5 Group operating loss
2007 2006
£’000 £’000
The Group operating loss is arrived at after charging/(crediting):
Net foreign exchange losses 92 96 
Research and development expenses 694 401
Depreciation of tangible fixed assets 1,437 1,624 
Amortisation of intangible fixed assets 45 6 
Operating lease rentals – property 86 53 
– vessels, plant and equipment 6,470 2,733
Cost of inventories recognised as expense 888 364 
Staff costs (note 6) 3,477 2,185 
Auditors’ remuneration for audit services (see below) 67 21
Amounts payable to the auditors and their associates by the parent company and its UK subsidiary undertakings in respect
of non-audit services were £8,000 (2006: £17 ,000).
A more detailed analysis of auditors’ remuneration on a worldwide basis is provided below:
2007 2006
£ £
Recurring remuneration
Fees payable to the Company’s auditors for the audit of the Company’s annual accounts 20 6
Fees payable to the Company’s auditors and their associates for other services to the Group 47 15
including the audit of the Company’s subsidiaries pursuant to legislation
67 21
Further assurance services
T ax services – 3
Other services 8 14
8 17
34 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 35 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
6 Employees
The average number of employees (including executive directors) during the year was as follows:
Group 2007 2006
Management, sales and administration 25 10
Scientists 23 14
Operations 50 14
98 38 
Staff costs (including directors) consist of:
2007 2006
£’000 £’000
Wages and salaries 2,790 1,741
Social security costs 298 174 
Other pension costs 37 24 
Share based payments charge (see note 29) 352 246 
3,477 2,185
The Company has no employees and has incurred no staff costs in the year (2006: £nil).
7 Directors’ remuneration
2007 2006
£’000 £’000
Directors’ emoluments 504 367 
Company contributions to directors’ personal pension schemes 26 19 
Amounts paid to third parties in respect of directors’ services 6 7 
Share based payments charge (see note 29) 67 163
603 556
The total amount payable to the highest paid director in respect of emoluments was £201,271 (2006: £151,084).
Group pension contributions of £10,720 (2006: £9,600) were made to his personal pension plan during the year.
More detail of directors’ emoluments can be found in the Remuneration Report which has been presented voluntarily 
by the directors and is, accordingly, unaudited.
8 Finance income
2007 2006
£’000 £’000
Interest on bank deposits 154 168 
154 168 
9 Finance costs
2007 2006
£’000 £’000
Interest on bank deposits and loans 1 – 
Other interest payable 8 – 
9 –  36 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
10 Income tax expense
2007 2006
£’000 £’000
UK Corporation tax
Corporation tax – – 
Foreign tax
Current tax on foreign income for the year 59 88 
T otal current tax 59 88 
The tax assessed for the period is higher than the standard rate of corporation tax in the UK.The differences are explained
below:
2007 2006
£’000 £’000
Loss on ordinary activities before tax (998) (1,578)
Loss on ordinary activities at the standard rate of corporation tax in the UK of 30% (2006:30%) (299) (473)
T ax effect of:
Expenses not deductible for tax purposes (22) 4 
Research & development enhancement (93) (57)
Share based payments charge 96 74 
T ransfers to unrecognised assets 321 477 
Foreign tax expense deduction – (25)
Foreign tax paid 56 84 
Under provision in respect of previous years – 4 
Income tax expense as reported in the Income Statement 59 88
11 Loss per share
Loss per ordinary share has been calculated using the weighted average number of shares in issue during the relevant
financial periods.
The weighted average number of ordinary shares in issue for 2007 is 31,523,761 (2006: 30,049,652).
Earnings, being the loss after tax, are £1,057 ,000 (2006: loss of £1,666,000).
2007 2006
Number Number
Reconciliation of denominator for diluted EPS calculation
Number of shares used in calculation of basic EPS 31 ,523,761 30,049,652
Dilutive potential ordinary shares held under Share Option and Share Award schemes – – 
Number of shares used in calculation of diluted EPS 31 ,523,761 30,049,652
In, both 2007 and 2006, the loss for the periods has resulted in any potential ordinary shares held under Share Option plans
and Share Award and Annual Bonus Plans being anti-dilutive and, in accordance with IAS 33 “Earnings per share”, these
shares have therefore been excluded from the calculation of diluted EPS. At 31 August 2007 there were 2,752,233 ordinary
shares held under the Company’s Share Option Plans and Share Award and Annual Bonus Plans which could potentially
dilute the basic EPS in the future.
Refer to note 31 regarding post balance sheet events. 37 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
12 Loss for the financial year
The Company has taken advantage of the exemption allowed under section 230 of the Companies Act 1985 and has not
presented its own Income Statement in these financial statements.The Group loss for the year includes a loss after tax and
before dividends of £146,000 (2006: £nil) which is dealt with in the financial statements of the parent company.
13 Goodwill
£’000
Cost or valuation
At 1 September 2006 – 
Acquisition of subsidiary (note 27) 10,422 
Exchange differences (193) 
At 31 August 2007 10,229 
Accumulated Impairment losses
At 1 September 2006 and 31 August 2007 – 
Net book value
At 31 August 2007 10,229 
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are
expected to benefit from that business combination. Before recognition of impairment losses, the carrying amount of
goodwill, which is comprised of several CGUs, had been allocated as follows:
2007
£’000 
Controlled Source ElectroMagnetic (CSEM) business –
Well and Surface Seismic (WSS) business 10,229 
10,229 
The recoverable amounts of the CGUs are determined from value in use calculations.
The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected
changes to selling prices and direct costs during the year. Management estimates discount rates using pre-tax rates that
reflect current market assessments of the time value of money and the risks specific to the CGUs.The growth rates are
based on industry forecasts. Changes in selling prices and direct costs are based on past practices and expectations of
future changes in the market.
The Group prepares cash flow forecasts derived from the most recent financial forecasts for the next year and extrapolates
cash flows for the following fifteen years based on estimated growth rates. A pre-tax discount rate of 14.0% is used in the
cash flow projections. 38 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
14 Intangible assets
Multi-client Patent Consortium
data library Software costs fees T otal
Group £’000 £’000 £’000 £’000 £’000
Cost or valuation
At 1 September 2005 326 – 108 – 434
Additions 472 152 70 – 694
At 31 August 2006 798 152 178 – 1,128
Additions 1,528 125 150 – 1,803
Acquisition of subsidiary 740 1,887 435 155 3,217
T ransfers on disposals (810) – (2) – (812)
Exchange differences (15) (34) (8) (3) (60)
At 31 August 2007 2,241 2,130 753 152 5,276
Amortisation
At 1September 2005 – – 1 – 1
Provided for the year – 5 1 – 6
At 31August 2006 – 5 2 – 7
Provided for the year – 40 5 – 45
Exchange differences – (4) – – (4)
At 31 August 2007 – 41 7 – 48
Net book value
At 31 August 2007 2,241 2,089 746 152 5,228
At 31 August 2006 798 147 176 – 1,121
The remaining amortisation life of the Group’s multi-client data library varies from two to five years.
As explained further in note 27 , the Group acquired Rock Solid Images on 22 August 2007. In line with IAS 38 “Intangible
Assets” the fair value of the purchased intangible assets was determined and is shown in note 27.
Amortisation is charged within administrative expenses so as to write of the cost of the purchased intangible assets over
their estimated useful lives.The assets, initial values and periods used are as follows:
Cost at acquisition Useful 
Purchased intangibles £’000 economic life
Multi-client data library 740 5 years
Software 1,887 10 years
Patent costs 435 15 years
Consortium fees 155 10 years
3,217 
As Rock Solid Images was purchased nine days before the Group’s year end, the remaining period of amortisation for
acquired intangible assets is close to the useful economic life at the date of acquisition, which was 22 August 2007.
The cost of acquisition shown above, is similar to the carrying amount at 31 August 2007. 39 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
15 Tangible fixed assets
Assets in the
Plant and Computer Office course of
machinery equipment equipment construction T otal
Group £’000 £’000 £’000 £’000 £’000 
Cost or valuation
At 1 September 2005 4,288 407 132 934 5,761
Additions 11 119 10 567 707 
Disposals (874) (1) – – (875)
Transfers 1,501 – – (1,501) – 
At 31 August 2006 4,926 525 142 – 5,593 
Additions 657 63 16 17 753 
Acquisition of subsidiary 4 435 19 – 458 
Disposals (179) (3) (16) – (198)
Transfers 17 – – (17) –
Exchange differences – (20) (1) – (21) 
At 31 August 2007 5,425 1,000 160 – 6,585 
Depreciation
At 1 September 2005 1,327 189 68 – 1,584 
Provided for the year 1,510 135 43 – 1,688 
Disposals (469) (1) – – (470) 
At 31 August 2006 2,368 323 1 1 1 – 2,802 
Provided for the year 1,351 132 26 – 1,509 
Disposals (131) (4) (13) – (148) 
Exchange differences – (12) (1) – (13) 
At 31 August 2007 3,588 439 123 – 4,150 
Net book value
At 31 August 2007 1,837 561 37 – 2,435 
At 31 August 2006 2,558 202 31 – 2,791
16 Subsidiaries
Group
undertakings
Company £’000 
Cost and net book value
At 1 September 2005 and 2006 1
Acquisition of subsidiaries 5,779
At 31 August 2007 5,780
The Company’s investments represents a holding of 100% of the ordinary share capital of the following principal
subsidiaries:
Country of 
registration/
Name Nature of business incorporation
OHM Limited Provision of services to the oil exploration and production industry England & Wales
OHM Inc Marketing the group’s activities USA
OHM US Group Inc North American holding company for Rock Solid Images USA
RDSP I, L.P Rock Solid Images trading company USA 17 Inventories
Group Group
2007 2006 
£’000 £’000 
Fuel, at cost 390 – 
Stock of spares & consumables 244 152
634 152
18 Trade and other receivables
Group Group Company Company
2007 2006 2007 2006 
£’000 £’000 £’000 £’000 
T rade receivables 3,562 1,666 – – 
Less: provision for impairment of trade receivables – – – – 
3,562 1,666 – – 
Amounts owed by group undertakings – – 36,443 12,577
Other receivables 482 241 – – 
Prepayments and accrued income 638 309 – – 
4,682 2,216 36,443 12,577
All amounts shown under Group receivables fall due for payment within one year.The Company’s receivables includes loans
to subsidiary undertakings and falls due for payment outwith one year.
19 Cash and cash equivalents
Group Group
2007 2006 
£’000 £’000 
Cash at bank and on hand 1,968 3,439
Short-term bank deposits 17,000 – 
Cash and cash equivalents 18,968 3,439
Bank overdraft repayable on demand – – 
18,968 3,439
Maturity of short-term bank deposits have original maturity of three months or less.
All bank deposits are fully liquid with the exception of the restricted cash amounting to £23,000 which is held as security 
by the bank in an interest bearing account to secure a bank guarantee issued by the bank on our behalf to one of our
customers.The guarantee term is from 14 June 2007 until 90 days after submission of last invoice, but in no event later 
than 13 August 2008.
40 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 41 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
20 Trade and other payables
Group Group Company Company
2007 2006 2007 2006
£’000 £’000 £’000 £’000 
T rade creditors 2,004 1,749 – – 
Other payables 3 – – – 
Accruals and deferred income 3,189 749 41 – 
5,196 2,498 41 – 
T rade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs.The average
credit period taken for trade purchases is 49 days (2006: 58 days).
The directors consider that the carrying amount of trade payables approximates to their fair value.
21 Financial Instruments
The Group had no material financial instruments other than short term debtors and creditors during both this and the prior year .
Credit risk
The Group’s credit risk primarily relates to its trade receivables.The Group performs ongoing credit evaluations of its
clients and generally does not require collateral from its clients.
Financial assets
The Group financial assets comprise cash at bank. Fixed rate financial assets for 2007 are pounds Sterling and US Dollar
deposits held in a fixed term moneymarket account with notice periods varying from four days to 63 days. In 2006 fixed
rate financial assets are Dollar deposits.
As the financial assets disclosed below are cash, the fair value is the same as the book value.
It is,and has been throughout the year under review,the Group’ s policy that no trading in financial instruments shall be undertaken.
Floating rate Fixed rate
financial financial
Total assets assets
Currency as at 31 August 2007 £’000 £’000 £’000
Sterling 17,722 722 17,000 
Norwegian Kroner 8 8 –
Malaysia Ringgits 30 30 –
US Dollars 1,208 465 743 
18,968 1,225 17,743
Floating rate Fixed rate
financial financial
T otal assets assets
Currency as at 31 August 2006 £’000 £’000 £’000
Sterling 2,156 2,156 – 
US Dollars 1,283 1,283 –
3,439 3,439 –
Financial liabilities
The Group’s financial liabilities include short term creditors, non-current finance lease obligations, and line of credit facility
for which the fair value is the same as the book value.
Currency exposure
As at 31 August 2007 , the Group had net foreign currency monetary assets denominated in currency other than the
functional currency of the Group as noted above. 42 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
21 Financial Instruments – continued
Foreign currency risk
The Group is exposed to foreign exchange risk arising from various currencies, primarily US dollars and pounds Sterling.
The Group also has overseas subsidiaries which operate in North America, Europe and Asia and whose revenues and
expenses are denominated predominantly in US Dollars. In order to protect the Group’s US Dollar balance sheet from
movements in exchange rates, the Group finances its net investment in non pounds Sterling overseas subsidiaries primarily
(but not exclusively) by means of borrowings denominated in their functional currency.The Group is therefore exposed to
exchange movements in reserves on the retranslation of these companies at the closing rate.
Some of the sales of the Group’s businesses are to clients in foreign locations.These sales are priced in local currency but
invoiced in the currencies of the clients involved.Where possible, the Group’s policy is to eliminate all significant currency
exposures on sales at the time of sale through forward currency contracts.
22 Borrowings
2007 2006
£’000 £’000 
Non-current
Line of credit 89 – 
89 – 
2007 2007 2006 2006
Analysis of borrowings by currency and average interest rates paid £’000 % £’000 % 
Sterling – – – – 
US Dollars 89 7.75 – – 
89 – 
The US Dollar borrowings are secured over all the assets of one of the Company’s subsidiaries.The interest rate is the US
prime rate and the borrowings mature on 31 August 2009.
23 Deferred tax
Group Group Company Company
2007 2006 2007 2006
£’000 £’000 £’000 £’000 
Deferred tax liability
Capital allowances in advance of depreciation (29) (71) – –
Goodwill on business combination (note 27) (717) – – –
T rading losses 29 71 – –
(717) – – –
Unrecognised deferred tax asset
Carry forward losses 10,531 6,781 – –
Unrecognised deferred tax asset 3,157 2,034 – –
At 31 August 2007 , the Group had corporation tax losses carried forward subject to agreement with tax authorities in 
the United Kingdom, the United States and Norway amounting to £10,531,000 (2006: £6,781,000).
The unrecognised deferred tax asset has been calculated using prospective income tax rates in the United Kingdom, the
United States and Norway. In line with the Group’s accounting policy on deferred taxation, the potential deferred tax asset
has not been recognised in these financial statements as the full utilisation of these losses in the foreseeable future is
uncertain.
T emporary differences associated with investments made by the Group.
At 31 August 2007 there was no recognised deferred tax liability for taxes that would be payable on the unremitted
earnings of certain Group’s subsidiaries, as the directors have determined that undistributed profits of subsidiaries 
will not be distributed in the foreseeable future.
There are no income tax consequences attaching to the payment of dividends by the Company to its shareholders. 43 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
24 Finance leases 
Finance leases which expire:
Present Present 
Minimum Future value of Minimum Future value of 
lease finance lease lease finance lease
payments charges payments payments charges payments
2007 2007 2007 2006 2006 2006
£’000 £’000 £’000 £’000 £’000 £’000 
Within one year 17 (2) 15 – – – 
In the second to fifth years inclusive 118 (18) 100 – – – 
After five years – – – – – – 
135 (20) 115 – – – 
Included in current liabilities 73
Included in non-current liabilities 42 
115 
The typical terms of leases are 36 months with $1 buyout at the end of the term. For the year ended 31 August 2007 
the average effective borrowing rate was 1 1.7%
The obligations under finance leases are secured by the lessors’ rights over the leased assets.
25 Operating lease arrangements
2007 2006
£’000 £’000 
Minimum lease payments under operating leases recognised as an expense in the period 6,556 2,786
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-
cancellable operating leases, which fall due as follows:
2007 2006
£’000 £’000 
Within one year 4,385 236 
In the second to fifth years inclusive 14,241 3 
After five years – – 
18,626 239
Operating lease payments represent rentals payable by the Group for certain of its office properties, office equipment and
charter costs payable on vessels used by the Group for gathering CSEM survey data.
The increase in operating lease commitments relates to the five year vessel charter of the OHM Express which was entered
into in June 2007. 26 Share capital
At 31 August At 31 August
2007 2006
£’000 £’000 
Authorised
50,000,000 (31 August 2006: 43,000,000) ordinary shares of 1p each 500 430 
Allotted, called up and fully paid
42,637 ,148 (31 August 2006: 30,049,652) ordinary shares of 1p each 426 300 
Ordinary shares of 1p each
Number £’000 
In issue at 1 September 2006 30,049,652 300 
Issued on 29 November 2006 1,500,000 15 
Issued between 17-22 August 2007 1 1,087 ,496 1 1 1
In issue at 31 August 2007 42,637 ,148 426 
Share Option Scheme
At 31 August 2007 the following share options were outstanding in respect of the ordinary shares:
Date of grant Number of shares Period of option Exercise price per share
2 September 2002 137 ,180 September 2002 – September 2012 7.10p
28 November 2002 457 ,267 November 2002 – November 2012 7.10p
1 December 2003 141,031 December 2003 – December 2013 29.81p
1 December 2003 109,744 December 2003 – December 2013 29.81p
1 March 2004 940,008 March 2004 – March 2014 170.00p
1,785,230
The 457 ,267 share options granted on 28 November 2002 were exercised at a price of 7.10p on 17 September 2007.
Share Award Plan
At 31 August 2007 the following share awards were outstanding in respect of the ordinary shares:
Date of grant Number of shares Period of exercise Exercise price per share
1 February 2006 581,622 February 2009 – February 2016 1.00p
1 December 2006 250,607 December 2009 – December 2016 1.00p
1 December 2006 134,774 December 2009 – December 2016 1.00p
967,003
Overall 2,752,233 share options and share awards were outstanding at 31 August 2007.
Refer to the Statement of Changes in Equity on pages 26 to 27 for more details on movements in reserves.
44 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 45 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
27 Acquisition of subsidiary
On 22 August 2007 , the Group acquired Rock Solid Images by purchasing 100% of the share capital of RDSP Acquisition,
Inc, for £1 1.957 million. RDSP Acquisition, Inc, is the holding company of a group of companies involved in providing data,
technologies and expertise to maximise existing investment in oil and natural gas well and seismic data by transforming
qualitative interpretations into quantitative results.This transaction has been accounted for by the purchase method of
accounting.
Fair value Fair
Book adjustments value
value (provisional) (provisional)
Note £’000 £’000 £’000
Net assets acquired
Property, plant and equipment 15 458 – 458
Goodwill 2,020(2,020)–
Multi-client data library 14 – 740 740
Software 14 831 1,056 1,887
Patents 1437398435
Consortium fees 14 – 155 155
T rade and other receivables 879 – 879
Cash and cash equivalents 142 – 142
T rade and other payables (879) – (879)
Finance leases (1 19) – (1 19)
Inter company loans (1,446) – (1,446)
Deferred tax liability 23 – (717) (717)
1,923 (388) 1,535
Goodwill 13 10,422
Total consideration 1 1,957
Satisfied by:
Cash 6,266
Directly attributable costs 278
Fair value of shares issued in Offshore Hydrocarbon Mapping plc (see below) 5,413
1 1,957
Net cash outflow arising on acquisition
Purchase consideration 6,266
Directly attributable costs 278
Cash and cash equivalents acquired (142)
6,402
The goodwill is attributable to the anticipated profitablility and the significant synergies expected to arise after the Group’s
acquisition of RDSP Acquisition, Inc.There is considerable potential for total rock and fluid property measurement from 
the intelligent combination of CSEM and seismic data.This combination should create new products with exciting
application in reservoir management and enhanced recovery from client’s oil and gas reserves.
The fair value of the shares issued was based on the closing market price of the 1,926,352 ordinary shares of 1p each on 
22 August 2007 which was 281 pence.
The acquired business contributed revenues of £86,000 and a net loss of £4,000 to the Group for the period from 
22 August 2007 to 31 August 2007. If the acquisition had occurred on 1 September 2006, Group revenue would have been
£4,342,000 higher and Group loss attributable to equity holders of the parent would have been £2,069,000 higher, although
this loss includes £2,687 ,000 of charges directly related to the acquisition.These amounts have been calculated using the
Group’s accounting policies and by adjusting the results of the subsidiary to reflect the additional depreciation and
amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment 
and intangible assets had applied from 1 September 2006, together with the consequential tax effect. 28 Capital commitments
Group capital commitments approved and committed as at 31 August 2007 were £305,000 (2006: £62,000).
The Company had no capital commitments as at 31 August 2007 (2006: £nil).
29 Share-based payments
Details of each of the employee share plans in place are given below and, where applicable, in the Remuneration Report.
Share Option Plans
The Group has entered into share option agreements with its executive directors and certain key employees through the
Group’s Share Option Plans which are equity settled. Most of these agreements were entered into before the Company’s
Initial Public Offering on 1 1 March 2004. No grants under these plans have been made since June 2005.These plans consist
of an approved Management Incentive Scheme and an unapproved Share Option Scheme. Share options are granted at the
middle market price of the Company’s shares on the date of grant, or in respect of options granted before the Company’s
shares were publically traded, at the director’s best estimate of fair value at the date of grant.The number of share options
that vest will be determined by the achievement of performance targets set by the Remuneration Committee and the
vesting period varies between one and three years.
The performance targets to be achieved are a mixture of individual performance goals and market based targets which
compare the total shareholder return of the Company’s shares with the London FTSE AiM index and the Philadelphia oil
services index. If the share options remain unexercised after a period of 10 years from the date of grant, they will expire.
Share options are normally forfeited if the employee leaves the Group before the share options vest.The price that the
employee must pay the Company when exercising each share option varies.
Share Award and Annual Bonus Plans
The Group has entered into share award agreements with its executive directors, certain key employees and all permanent
employees through the Group’s Share Award and Annual Bonus Plans which are equity settled.The number of share awards
to be granted is calculated by taking an agreed percentage of the employee’s salary and dividing this by the average closing
price of the Company’s shares in the five business days immediately before the date of grant.The number of share awards
that vest will be determined by the achievement of performance targets set by the Remuneration Committee and the
vesting period varies between one to three years.
The performance targets to be achieved for these plans are a mixture of Company related financial performance targets and
market based targets and compare the total shareholder return of the Company’s shares with the London FTSE AiM index
and the Philadelphia oil services index. If the share awards remain unexercised after a period of 10 years from the date of
grant, they will expire. Share awards are normally forfeited if the employee leaves the Group before the share awards vest.
The employee must pay the Company an amount of 1 pence when exercising each share award.
Details of share options and share awards outstanding during the year were as follows:
2007 2006
Weighted Weighted 
average average
2007 exercise price 2006 exercise price
Number (in pence) Number (in pence)
At 1 September 2,645,868 74.93 2,1 10,617 100.80
Granted 385,381 1.00 656,790 1.00
Forfeited (279,016) 93.82 (121,539) 1 12.19
Expired – 0.00 – 0.00
Exercised – 0.00 – 0.00
At 31 August 2,752,233 62.07 2,645,868 74.93
Exercisable at 31 August 1,730,358 1,604,970
Of the share options and awards outstanding at 31 August 2007 and 31 August 2006 the exercise prices are as follows:
Share Award Plan 967 ,003 1 .00 pence 656,790 1 .00 pence
Share Option Plan 594,447 7.10 pence 594,447 7.10 pence
Share Option Plan 250,775 29.8 1 pence 321 ,289 29.8 1 pence
Share Option Plan 940,008 170.00 pence 940,008 170.00 pence
Share Option Plan – 180.00 pence 133,334 180.00 pence
2,752,233 2,645,868
No share options or awards were exercised during 2007 or during 2006. However on 17 September 2007 457 ,267 share
options were exercised by Mr. David Pratt at a price of 7.10 pence.The closing mid market share price on 17 September
2007 was 249.12 pence.
46 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 47 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
29 Share-based payments – continued
The weighted average exercise price of the share options outstanding under the Share Option Plans was at 31 August 2007
96.10 pence (2006: 99.30 pence) and under the Share Award and Annual Bonus Plans it was 1.00 pence (2006: 1.00 pence).
In total, the share options and awards outstanding at 31 August 2007 had a weighted average exercise price of 62.66 pence
(2006: 74.93 pence), and a weighted average remaining contractual life of 7.04 years (2006: 6.82 years). In 2007 share awards
were granted on 1 December and 21 December 2006 and the aggregate of the estimated fair values of the share awards
granted on these dates is £418,000. In 2006 share awards were granted on 1 February 2006 and the aggregate of the
estimated fair values of the share awards granted on that date is £494,000.The weighted average fair value of the share
awards granted during the year was 108.38 pence (2006: 75.22 pence).
Included in staff costs (note 6), is an expense arising from share based payment transactions of £352,000 (2006: £246,000) 
all of which relate to the fair value of equity settled share based payments. Of this total £36,000 (2006: £166,000) relates 
to the Share Option Plans and £316,000 (2006: £80,000) relates to the Share Award and Annual Bonus Plans.The fair value
of these equity settled share based payments has been obtained by using two option pricing models.
The Monte Carlo simulation model was used to obtain the fair value of share options and awards which have market
related performance conditions.The Cox, Ross & Rubinstein binomial model was used to obtain the fair value of all 
other share options and awards.
The main input assumptions into the various models are as follows:
Cox, Ross 
Monte Carlo Rubinstein 
model binomial model
Expected volatility 55% 66%
Expected life 10 years 10 years
Risk free rate 4.93% 4.75%
Dividend yield Nil % Nil %
Expected volatility was determined by calculating the historical volatility of the Company’s share price over the three years
prior to grant. For each new grant, the historical volatility is considered for a period in line with the expected life of the
share awards and options granted.The expected life used in the models has been adjusted, based on management’s best
estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
30 Related party disclosures
Loans and transactions concerning directors and officers of the Company.
During the year the Group paid £1,000, (2006: £5,000) to East Hill Management Company, LLC, in which Mr. Landon Clay 
is a director, in respect of director’s services.
During the year the Group also paid £5,000, (2006: £nil) to East Hill Management Company, LLC, in which Mr. Jeffery Scott
Garner is a President and Investment and Managing Member of the General Partner of East Hill University Spinout Funds
LP , in respect of director’s services.
Related party transactions with subsidiaries
T ransactions between the Company and its subsidiaries, which are related parties, are as follows:
Amounts owing from related party Amounts owing to related party
2007 2006 2007 2006
£’000 £’000 £’000 £’000
OHM Limited 28,906 12,577 – –
OHM US Group Inc 7 ,537 – – –
36,443 12,577 – –
During the year no goods and services were provided to/by subsidiary undertakings.
Remuneration of key management personnel:
Key management personnel comprise the executive directors and certain additional senior management who joined the
Group towards the end of the year.The directors’ remuneration is detailed in note 7 and in the Remuneration Report.The
senior management salaries and short term employee benefits for the year amounted to £31,000 and the post employment
benefits amounted to £4,000. 31 Post balance sheet events
On 17 September 2007 , Mr. David Pratt, Chief Executive Officer, exercised 457 ,267 share options.
There were no other events between the balance sheet date and the date the financial statements were authorised for issue
that require disclosure.
32 Explanation of transition to IFRS
This is the first year that the Group has presented its financial statements under IFRS.The following disclosures are required
in the year of transition.The last financial statements under UK GAAP were for the year ended 31 August 2006 and the
date of transition to IFRS is therefore 1 September 2005.
First-time adoption exemptions applied
The requirements for the first-time adoption of IFRS are set out in IFRS 1“First Time Adoption of International Financial
Reporting Standards”. In general, IFRS 1 requires that accounting policies be adopted that are compliant with IFRS and that
these policies are applied retrospectively to all periods presented. However, under IFRS 1, a number of exemptions are
permitted to be taken in preparing the balance sheet as at the date of transition.These exemptions are explained below:
– The Group has elected to apply the provisions of IFRS 2 “Share Based Payments” to all share options and share award
grants made after 7 November 2002, but not vested at 1 September 2005.
Explanation of reconciling items between UK GAAP and IFRS
(a) T ransition date and first time adoption of IFRS
The Group’s transition date to IFRS is 1 September 2005. All adjustments on first time adoption which related to
periods prior to this date were recorded in shareholders' equity on the date of transition.
There was no adjustment on first time adoption by the Company.
(b) Intangible assets
The costs of obtaining patents were capitalised by the Group under UK GAAP and amortised over their useful life from
the date they were awarded. However under IAS 38 “Intangible Assets”, the recognition criteria for intangibles has
resulted in the recognition of more intangible assets and lower amortisation charges than under UK GAAP .The patents
are amortised over their useful life which ranges from 10 to 15 years.
Costs in relation to those intangible assets and software that had not been recognised under UK GAAP , but now qualify
for recognition in accordance with IAS 38 were previously written off to the Income Statement.
Software developed internally, which was previously expensed, has been capitalised under intangible assets as required
under IFRS.This software is amortised over its useful life which ranges from two to ten years.
(c) Employee benefits (share based payments)
Under UK GAAP charges were based on the intrinsic value of awarded shares at grant date. Under IFRS 2 “Share Based
Payments”, the charge to the Income Statement is based on the fair value of all share based awards at grant date.The
cost is calculated using option pricing models and, for equity settled awards, applies to all share options and share awards
granted after 7 November 2002 and not vested at 1 September 2005.The cost is amortised through the Income
Statement over the vesting period of the options and awards.
The accounting for share based payments has no net impact on total shareholders’ equity for the periods under review.
(d) Cashflow Statement
The Cashflow Statement has been prepared in conformity with IAS 7 “Cashflow Statements”.There are no material
differences between the Cashflow Statement presented under IFRS and the Cashflow Statement presented under UK
GAAP .The only difference from UK GAAP is presentational.
(e) Income tax
The Group does not currently recognise its deferred tax asset and accordingly, there are no recorded tax effects
resulting from reconciling items.
48 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued 49 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued
32 Explanation of transition to IFRS – continued
Group income statement for the year ended 31 August 2006
Effect of
UK GAAP transition As reported
in IFRS format Reclassification to IFRS under IFRS
Note £’000 £’000 £’000 £’000
Revenue 10,422 – – 10,422 
Cost of sales 7 ,549 1,510 – 9,059 
Gross profit 2,873 (1,510) – 1,363 
Administrative expenses A 4,436 (1,510) (1 18) 2,808 
Loss on disposal of fixed assets 301 – – 301
Group operating loss (1,864) – 118 (1,746)
Finance income 168 – – 168 
Loss before taxation (1,696) – 118 (1,578)
Income tax expense (88) – – (88)
Loss for the period (1,784) – 118 (1,666)
The order and description of items presented as ‘UK GAAP in IFRS format’ have been adjusted to ease the direct
comparison with IFRS presentation. In particular the depreciation charge on plant and equipment deployed on survey
operations has been reclassified from administrative expenses to cost of sales.
Standard £’000
Note A
Patents additions capitalised IAS 38 (101)
Patents amortisation IAS 38 1
Software additions capitalised IAS 38 (152)
Software amortisation IAS 38 5
Share based payments charge IFRS2 129
Total IFRS adjustments to administrative expenses (1 18) 32 Explanation of transition to IFRS – continued
Group balance sheet for the year ended 31 August 2006
Effect of transition to IFRS on 1 September 2005
IAS 38 IFRS 2
UK GAAP ‘Intangible ‘Share based As reported
in IFRS format Assets’ payments’ under IFRS
£’000 £’000 £’000 £’000
Assets
Non-current assets
Intangible assets – multi-client data library 798 – – 798 
– software – 147 – 147 
– patent costs 102 74 – 176 
Plant and equipment 2,791 – – 2,791
3,691 221 – 3,912 
Current assets
Inventories 152 – – 152 
T rade and other receivables 2,216 – – 2,216 
Cash and cash equivalents 3,439 – – 3,439 
5,807 – – 5,807 
Total assets 9,498 221 – 9,719 
Liabilities
Current liabilities
T rade and other payables 2,558 – – 2,558 
Net assets 6,940 221 – 7,161
Shareholders’ equity
Share capital 300 – – 300 
Share premium 12,178 – – 12,178 
Share based payments reserve 1 17 – 379 496 
Retained earnings (5,655) 221 (379) (5,813)
Total shareholders’ equity 6,940 221 – 7,161
50 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Notes forming part of the financial statements continued Notes forming part of the financial statements continued
51 Offshore Hydrocarbon Mapping plc
Annual Report 2007
32 Explanation of transition to IFRS – continued
Group balance sheet for the year ended 31 August 2005
Effect of
transition 
to IFRS on
1 September 2005
IAS 38 As reported
UK GAAP in “Intangible  under
IFRS format Assets” IFRS
£’000 £’000 £’000
Assets
Non-current assets
Intangible assets – multi-client data library 326 – 326 
– software – 
– patent costs 131 (25) 106 
Plant and equipment 4,177 – 4,177 
4,634 (25) 4,609 
Current assets
Inventories 194 – 194
T rade and other receivables 1,1 12 – 1,1 12 
Cash and cash equivalents 4,357 – 4,357 
5,663 – 5,663 
Total assets 10,297 (25) 10,272 
Liabilities
Current liabilities
T rade and other payables 1,692 – 1,692 
Net assets 8,605 (25) 8,580 
Shareholders’ equity
Share capital 300 – 300
Share premium 12,178 – 12,178 
Share based payments reserve – 250 250
Retained earnings (3,873) (275) (4,148)
T otal shareholders’ equity 8,605 (25) 8,580 52 Offshore Hydrocarbon Mapping plc
Annual Report 2007
Company registration number
04329960
Registered office
c/o Pinsent Masons
30 Aylesbury Street
London
ECIR OER
Directors
Dr. Pierre Jean Marie Henri Jungels CBE
(Non-executive Chairman)
David Charles Newall Pratt (Chief Executive Officer)
Dr. Lucy Margaret MacGregor (Chief Scientific Officer)
Robert Ian Auckland (Chief Financial Officer)
Gary Ernest Jones (Non-executive director)
Keith Lough (Non-executive director)
Secretary
Robert Ian Auckland
Nominated advisor and broker
KBC Peel Hunt Ltd
1 1 1 Old Broad Street
London
EC2N IPH
Registrars
Capita Registrars 
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
W est Y orkshire
HD8 0LA
Bankers
Royal Bank of Scotland plc
Aberdeen Bridge of Don Branch
18 Ellon Road
Bridge of Don
Aberdeen
AB23 8EA
Solicitors
Pinsent Masons
30 Aylesbury Street
London
EC1R OER
Public relations
Aquila Financial Limited
181 Union Street
London
SE1 0LN
Auditors
BDO Stoy Hayward LLP
Ballantine House
168 West George Street
Glasgow
G2 2PT
Offshore Hydrocarbon Mapping plc
Shareholder information Designed and produced by JacksonBone.
Printed in England by Pureprint Group using energy from sustainable sources and vegetable-based inks. Offshore Hydrocarbon Mapping plc
Annual Report 2007
Offshore Hydrocarbon Mapping plc
The T echnology Centre
Aberdeen Science and Energy Park
Claymore Drive
Bridge of Don
Aberdeen
AB23 8GD 
www.OHMsurveys.com
info
@
OHMsurveys.com
T elephone +44 (0)870 429 6581
Fax +44 (0)870 429 6582
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