Oslo Børs is today presenting its new ”Guidelines for the disclosure of hydrocarbon reserves, contingent resources and results from exploration activities”.
Oslo Børs has in recent years observed a need for a framework for the reporting of oil and gas reserves from the oil and gas companies. Oslo Børs has during 2006 drawn up such guidelines, in cooperation with key parties in the oil and gas industry.
The new guidelines (circular 2/2007) will contribute to a more standardised reporting, and increased accessibility of reserves data.
The Guidelines do not establish any new classification system/definitions, but prescribe the use of recognized classification systems already in use in the industry (from Society of Petroleum Engineers, Norwegian Petroleum Directorate etc).
The Companies will annually file this information (normally with focus on proven plus probable reserves) to Oslo Børs.
The guidelines are available on the website www.oslobors.no/ob/sirkulaere from today, Thursday 25 January 2007.
