Recent market announcements suggest that not all ASX listed oil and gas companies are prepared for the significant changes to the ASX Listing Rules which take effect from 1 December 2013.
ASX is unlikely to have much tolerance for companies that don’t comply with the new rules after 1 December given the time companies have had to get ready for these changes.
The new rules involve more than just classifying and reporting estimates in accordance with the SPE Petroleum Resources Management System (PRMS), which most companies are already doing.
Key changes include:
Other Listing Rules changes that will affect listed oil and gas companies from 1 December include the requirement that companies must now include a reserves statement in their annual reports, and the changes to the requisite experience and qualifications for evaluators and when companies are required to obtain their consent when reporting.
 A ‘material oil and gas project’ is defined in the Listing Rules as “one in which an oil and gas entity or a child entity has an economic interest (whether alone or jointly with others), where that interest is, or is likely to be, material in the context of the overall business operations or financial results of the entity and its child entities (on a consolidated basis).” ASX Guidance Note 32 provides a list of factors which an oil and gas company should consider in determining whether a particular oil and gas project is a material oil and gas project.
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