A company whose principal activities consist of exploration for mineral, oil or gas may not progress to the next stage of development or to a stage where it is able to generate revenue. Other industry specific risks must also be considered.

Oil & Gas Reserves as a Proxy for Value (20 April 2015)
Reserves volumes as reported by Oil and Gas Companies are governed by government regulations (Resource Owner) and by the appropriate Stock Exchange regulations (listed companies). The presentation will address what is meant by the term reserves and how that can vary depending on the requirements of the regulators in different countries and regions around the world. We will investigate some of the key variables that go into the calculation of reserves and discuss the uncertainties that exist, and how oil companies address these uncertainties. In this time of price volatility and price uncertainty, we will look at how product prices are incorporated in reserves estimation and how they impact on reserves volume and reserves value. Finally, we will address the statement that reserves are a proxy for value – true or false?

Speaker
Tony Harrison
Technical Director, Gaffney, Cline and Associates
• 38 years experience with Santos, KEC, Maersk Oil and GCA
• Experience spans petroleum geoscience, reservoir engineering, reserves, planning and senior management
• Member of the world wide SPE Reserves Committee (2004-2007), and played a key role in development of 2007 PRMS
• Twice been SPE Distinguished Lecturer on reserves and resource compliance and reporting
• Personally supervised the development and implementation of SPE compliant reserves reporting systems in three oil companies

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