09.00 Chairman’s Welcome

Craig Beattie
Vice President, Subsurface Technical Assurance International Division
Nexen Inc.

09.15 Gain Insight Into The Latest Updates On The United Nations Framework Classification (UNFC) For Fossil Energy And Mineral Reserves And Resources

• Examine UNFC categories and examples of classes
• What are the benefits of an overall framework classification?
• Understand how the terminology works
• Determine how it relates to other terminologies such as PRMS

Michael Lynch-Bell
Chairman
United Nations Framework Classification Ad-Hoc Committee on Reserves and Resources

10.00 Interactive Panel Discussion: Reserves Pricing: Moving From Year-End Pricing To An Average Annual Price

• What is now required of operators when it comes to pricing reserves?
• How will SEC updates to pricing have an impact on operator’s reserves practices?
• What impact will this have on long-term forecasts?

Interactive panellists include:

11.15 Assessing The Value Of Contingent Resources

• Understand characteristics of volumes that dictate classification as Contingent Resources
• What do 1C, 2C and 3C categories mean?
• What do Chance of Discovery, Chance of Development and Chance of Commerciality mean, in the context of Contingent Resources?
• How should we value Contingent Resources?

Graeme Simpson
Director- Advisory
RPS Energy

12.00 Reserves Categorisation Exercise: Assess The Outlook For Probable/possible Reserves And Unproved/undeveloped Reserves

This practical exercise will enable you to weigh up the outlook for both probable/possible reserves and unproved, undeveloped reserves. The room will be split into two groups for discussion and then each group will feedback the outcome of their discussions.

Group 1) Probable and possible reserves outlook

• Probable and possible undeveloped reserves and evidence required to support them
• Explore how the optional disclosure of probable, possible reserves in SEC filings is now allowed
• What is the potential impact of this change?

Group 2) Unproved, undeveloped reserves outlook

• Examine definitions of unproved, undeveloped reserves
• Where do the gaps/discrepancies lie?
• What is the evidence required to support them?

Facilitated by Jim Ross
Managing Director
Ross Petroleum

13.45 Accounting For Extractive Activities: An Update On The IASB’s Research Project

• Objectives of the research project and the path ahead How to account for extractive activities:
• What are minerals or oil & gas assets?
• When should these assets be recognised in the financial statements?
• Should these assets be measured at historical cost or fair value?
• Defining minerals and oil & gas reserves for financial reporting purposes
• Types of reserve disclosures that should be included in a financial report

Glenn Brady
Project Manager
International Accounting Standards Board (IASB)

14.30 Beyond Compliance – The Benefits Of Best Practices In Reserves Management

Changes to SEC reserves disclosure rules have made the news this year, but even if your company does not report to the SEC, these rules should be of interest to you because:

• SEC rules are based, in general, on the SPE-PRMS
• Sound reserves management processes will benefit decision making
• The confidence of investors can be gained by following appropriate processes
• Biases can be reduced when a comprehensive system is in place

Doug MacDonald
Product Champion
Schlumberger Information Solutions

15.45 Interactive Operator-Led Roundtable Discussion Session:
Consider The Remaining Challenges And New Developments In The Reserves Reporting Landscape

Consolidate what you have learnt to take back effective strategies and techniques to apply to your reserves practices. This interactive session is your opportunity to ask the panel remaining questions that you have that include:

• Effectively interfacing reserves practices with international standards
• Key issues and factors involved with booking your reserves
• Determine what changes to the year-end pricing updates will mean for reserves reporting

Facilitated by:

16.30 Chairman’s Close And End Of Main Conference