Although the Competent Person (CP) is engaged by the Company, the function of a CPR is to provide an independent view on the Reserves or Resources of the Company's asset(s) for potential investors. For public listings the CPR should be dated not more than six months from the date of the prospectus.
RPS has prepared CPRs for transactions on all the major stock exchanges and is expert in the specific reporting requirements of those exchanges, including:
- London (Main List and AIM)
- Toronto (TSV and TSX)
- Singapore (SGX)
- Australia (ASX)
- Malaysia (KLSE)
In some of these markets the CPR may have a different title such as Expert's Report, Mineral Expert's Report, Qualified Person's Report or Independent Reserves Report.
Across the various jurisdictions, the contents of a CPR are broadly similar and all rely on Reserves and Resource definitions from accepted industry standards such as PRMS or COGEH. As an example, the European Securities and Markets Authority (ESMA) requires a CPR to include;
- Description of the licenced area, licence terms, fiscal terms, work obligations and environmental and abandonment obligations
- Overview of the geological setting and description of the petroleum geology of the licenced areas
- Historic production/expenditures – an appropriate selection of historic production statistics and operating expenditures over a minimum of a three-year period
- Tabulation of Prospective Resources, Contingent Resources, and Reserves and discussion of associated development plans and schedule
- Valuation of reserves – an estimate of net present value of Reserves including discussion of discount factors, commodity prices, fiscal terms, etc.
- Environmental and facilities – commentary on facilities which are of material significance in the field abandonment plans and associated environmental protection matters
- Infrastructure – including discussion of location and accessibility of the property and HSE aspects
In some instances, a site visit may be required. If not, a statement that no site visit has been undertaken is required.
All our CPRs are signed by a CP who is a professionally qualified engineer or geologist.