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In 2012 the ASX announced changes to the Listing Rules that would impact reporting by petroleum companies. The new Rules stipulated that all reporting should be compliant with the 2007 Society of Petroleum Engineers’ Petroleum Resource Management System (PRMS).
As a recognised expert in reserves and resources evaluation and reporting, RISC was engaged by the ASX to assist with the roll-out and explanation of the change through a series of joint ASX-RISC public meetings. In addition, RISC provided training on PRMS to ASX compliance officers.
Background
The ASX’s objective is to promote investor confidence and market integrity in the reporting of reserves and resources to support efficient and informed capital markets for ASX-listed resources companies.
New reporting requirements were developed following extensive consultation over two years. Feedback from 122 written submissions and from 54 roundtables and consultation meetings held by ASX across Australia during late 2011 and early 2012 were considered. These new requirements provide a consistent, robust and transparent regime for reserves and resources reporting to investors.
In September 2012 the ASX issued its consultation paper detailing the proposed amendments to the ASX Listing Rules, and the associated Guidance Notes, applicable to reserves and resources reporting by ASX-listed mining and oil and gas exploration and production companies (resources companies).
During the 12 month transition period for companies to comply with the new reporting requirements, RISC staff Geoff Barker and Bruce Gunn assisted in explaining the use of PRMS and its relation to the Listing Rules through a series of public lectures delivered at Australian capital cities. RISC also provided training in PRMS to the ASX compliance officers to ensure that they had a thorough and consistent knowledge of the system.
Outcome
RISC was able to outline the fundamentals of the 2007 SPE-PRMS, illustrate the links between oil field activities, PRMS and ASX rules, and relate these to the (new) disclosures. This assisted companies to comply with the ASX reporting rules that came into effect in December 2013.
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