ETR (ASX) reserves report

Originally posted by ThinkinLoudly ↑

by my reading of material ex chap 5 asx listing rules, a reserves report should be released with notice of agm ... on or before 3 nov 14 :

==========================================================================
5.37 An oil and gas exploration entity must include in its annual report:
(a) the petroleum tenements held by the oil and gas exploration entity and its child entities and their location; and
(b) the percentage interest it or they hold in each petroleum tenement.

5.38 An oil and gas entity that reports to the Securities and Exchange Commission (SEC) of the United States of America and files SEC compliant Forms 10 K and 20 F Reports with the SEC annually, is not required to comply with the annual reserves statement requirements under rules 5.39 and 5.40.

5.39 Subject to rule 5.38, an oil and gas entity must include a reserves statement in its annual report which includes all of the following information.

5.39.1As at the oil and gas entity’s end of financial year balance date, the oil and gas entity’s petroleum reserves holdings in tabular form reported on the following basis:

subject to rule 5.39.2, by the oil and gas entity’s total 1P petroleum reserves and 2P petroleum reserves (split between developed and undeveloped petroleum reserves and by product); and

by total aggregated 1P petroleum reserves and 2P petroleum reserves by product and geographical area (split between developed and undeveloped petroleum reserves by geographical area).

5.39.2 If the oil and gas entity has material unconventional petroleum resources, it must separately identify the portion of the total 1P petroleum reserves and 2P petroleum reserves reported under the first bullet point of rule 5.39.1 that are based on unconventional petroleum resources.

5.39.3 A reconciliation of the oil and gas entity’s petroleum reserves holdings against that from the previous year. The reconciliation can be reported on the basis of the oil and gas entity’s total 1P petroleum reserves and 2P petroleum reserves by product or by total aggregated 1P petroleum reserves and 2P petroleum reserves by geographical area, and must include an explanation of any material changes in those holdings from the previous year.

5.39.4 If any material concentrations of undeveloped petroleum reserves in material oil and gas projects have remained undeveloped after 5 years from the date they were initially reported, the oil and gas entity’s reserves statement in the annual report for that year and every subsequent year must include:

an explanation of why the undeveloped petroleum reserves have not been developed; and

a statement of the oil and gas entity’s intention with regard to the future development of the undeveloped petroleum reserves.

5.39.5
A summary of the governance arrangements and internal controls that the oil and gas
entity has put in place, including the frequency and scope of any reviews or audits undertaken, with respect to its estimates of petroleum reserves and the estimation process
========================================================================
It seems to me that a whole bunch of realities will need to be presented. Of course, that's me, not CTR or the ASX or ASIC.

Time will tell.

Also, I'd be surprised if PL is not ion the feotal position at the moment ... its been sometime since he's had a 3B fix ... or maybe he's a closet junkie and had a sneaky and not disclosed ... who would have thought???

cheers

also some interesting content re disclosure requirements re drilling at 5.30 ...http://www.asx.com.au/documents/rules/Chapter05.pdf

Expand

TL. I think that they will be far more concerned about the Remuneration Resolution!!!!!