Undeveloped Reserves, Project Commercial Maturity and the Five Year Time Limit - Room for Alternative Interpretations?

DEDICATED SESSION RESERVES - Summary: “Reclassifying Proved reserves as Probable, establishing commercial maturity for undeveloped reserves categories rather than for a project, and disclosing proved undeveloped reserves under the five year time limit in a way that may not fully meet SEC requirements, are some of the topics that seem to have developed in the industry in the last few years. The presentation will address these issues, existing standards, regulations and best practices. The presentation will provide an opportunity to exchange views on the above mentioned issues, which will benefit from further industry clarification to avoid certain approaches, not supported by existing standards or regulations, from further spreading.”