risc validation report

one of the issues facing those parties considering investment in WCL, be it by way of a GSA, J/V or equity, is "can WCL get the gas out of the ground, and in an economically feasible manner?

WCL has spent well over 12mths conducting feasibility investigations, field development plans, and has years of production data to hand.

Obviously, WCL's work confirmed that field development was a more than economic proposition, hence the move to secure lucrative GSA's.

So the Board of WCL engaged experts to independently "validate" all that work completed by WCL mgt.

Those experts were RISC Advisory group.

I have no idea just to whom the contents of this Report will be made available.
But clearly it is of importance.

So it was of interest to me to read that Drillsearch used RISC to do the same thing in some of their field development plans.

Given that WCL has chosen to not provide any detailed info to its s/h, regarding the outcome of the RISC Report, I thought s/h might be interested in what Drillsearch did?

THIS FROM DRILLSEARCH ASX RELEASE
"...The revision follows the latest independent Reserves Audit Review by RISC and DeGolyer and MacNaughton.

Appraisal and development work continued during the quarter with planning and preparation for a static gradient survey of the Flax field undertaken along with well integrity checks within the Flax, Juniper and Yarrow Fields. During the December quarter, Drillsearch received the YFJ (Yarrow, Flax and Juniper) preliminary Field Development Plan from RISC. The preliminary plan outlined a number of development options open to Drillsearch, all of which will be reviewed while the company considers the best economic case.

RISC Consents
Information on the Reserves and Resources in this release relating to the PEL91, PRL14, 17, 18 and PEL101 assets is based on an independent review and audit conducted by RISC Operations Pty Ltd (RISC) and fairly represents the information and supporting documentation reviewed. The review and audit was carried out in accordance with the SPE Reserves Auditing Standards and the SPE-PRMS guidelines under the supervision of Mr. Geoffrey J Barker, a Partner of RISC, a leading independent petroleum advisory firm. Mr. Barker is a member of the SPE and his qualifications include a Master of Engineering Science (Petroleum Engineering) from Sydney University and more than 30 years of relevant experience. Mr. Barker meets the requirements of qualified petroleum reserve and resource evaluator as defined in Chapter 19 of the ASX Listing Rules and consents to the inclusion of this information in this report.

About RISC
RISC is an independent advisory firm who works in partnership with companies to support their interests in the oil and gas industry. RISC offers the highest level of technical, commercial and strategic advice to clients around the world. RISC services include the preparation of independent reports for listed companies in accordance with regulatory requirements. RISC is independent with respect to Drillsearch in accordance with the Valmin Code, ASX listing rules and ASIC requirements.