What is a Competent Person's Report?
A Competent Person's Reports (CPR) is required as part of a prospectus or admission document for an oil and gas or minerals company in its Initial Public Offering (IPO) or to support other public fund-raising initiatives. RPS has delivered hundreds of reports to banks, accounting firms and financial sponsors who rely on the CPR when raising money on the capital markets, or to support merger and acquisition (M&A) activity, and have been a trusted CPR provider since 2003. Â
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:
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;
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.Â
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This half-day seminar investigates the classification and categorization of Reserves and Resources within the SPE-PRMS system. The seminar is aimed at non-technical professionals or those who wanting a high-level overview.
Download the course outline
Jim Bradly
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