If you want more the SPE PRMS is available online. However, is very general description. A key factor is economics. For example, you can have a gas discovery such as Gorgon (40 Tcf) but cannot book as Reserves until such time as you have a GSA or LNG SPA as, until you do, it is not economic. Gorgon was part of the problem when Shell was found to have overstated its Reserves in the mid noughties.
When the new ASX Listing Rules come in all should be reporting on the same basis. That said, I still see plenty of ASX announcements referring to reserves and resources with no competent person statement and the companies do not get pulled up.
BPT Price at posting:
$1.33 Sentiment: Buy Disclosure: Held
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