Changes to oil and gas reporting under Listing Rule 5
Listed oil and gas entities should note that the revised Listing Rule 5 Additional reporting on mining and oil and gas production and exploration activities requirements regarding public reporting on oil and gas activities came into effect on 1 July 2022. Any disclosures about new and updated reserves made from 1 July 2022 onwards must comply with amended Listing Rule 5 and Guidance Note 32 Reporting on Oil & Gas Activities.
30 June 2022 annual reports
If the entity does not publish new or amended reserve statements from 1 July 2022 to the date of the annual report, the entity is not required to comply with these updated disclosure requirements in their 30 June 2022 annual report. That is, superseded Listing Rule 5 can be used.
However, if new or amended reserves statements are made post 1 July 2022, but before the annual report is finalised, oil and gas entities should consider adopting revised Listing Rule 5 early, and include the enhanced (increased) reserves disclosure in their 30 June 2022 annual report. This will ensure consistency between the disclosures in the annual report and the announcements of updated reserve statements. We also recommend clear disclosure in the annual report about the date on which the reserves disclosed have been measured.