An Australian independent oil and gas producer with Canadian and Australian stakeholders requested RISC to prepare an annual reserves and resources audit including Net Asset Valuation (NAV) for their fields. The report needed to be PRMS, SEC, ASX, NI 51-101 and COGE compliant and assist their management in Bourse annual filing statements.
The preparation of an annual reserves and resources report that is PRMS, ASX, SEC, NI 51-101, COGE compliant in a single report requires a thorough working understanding of the similarities and differences between resources and reserves and evaluation methodologies. It also requires sign off by Qualified Reserves Auditors and Evaluators that meet ASX and NI 51-101 requirements with the specific Bourse compliance and disclosure requirements addressed.
Our approach was to harmonise between the Reserves and Resources evaluation methodologies in terms of determination of production forecasts. Our NAV and Bourse disclosure and compliance approach was guided by the relevant Bourse requirements, under the direction of our experienced Bourse Qualified Reserves Auditors.
Our Qualified Reserves Auditors and Evaluators provided advice on annual filing requirements in terms of presentation and relevant disclosure of the Reserves and Resources, and were suitably experienced and qualified to prepare and sign off mandatory Bourse documents such as the TSX’s NI 51-101F2 “Report on Reserves and Resources by Independent Qualified Reserves Auditor”.
We were able to complete and present a single report that was PRMS, SEC, ASX, NI 51-101 and COGE compliant, rather than multiple reports. By using our experience to ensure Reserves and Resources evaluation standards were met, RISC completed the audit significantly quicker and at less cost than the preparation of multiple reports.
RISC’s Qualified Reserves Auditors and Evaluators provided more than a report relied upon by a syndicate of five stakeholders and twelve lenders. They provided advice on annual filing requirements and presented to reserves committees, culminating with the presentation of their findings and observations to the companies joint Australian and Canadian Boards.Back to previous page