REPORTING CODE DOWNLOADS

2016 SAMREC/SAMVAL VERSION OF THE CODES ARE MANDATORY FROM 1 JANUARY 2017

The correct reference for the SAMOG Code is:
THE SOUTH AFRICAN CODE FOR THE REPORTING OF OIL AND GAS RESOURCES (THE SAMOG CODE), 2015 EDITION

The Oil and Gas Committee deliberated long and hard upon the position that the SAMCODES Standards Committee (SSC) should take with respect to providing reporting rules and guidelines to Qualified Reserves Evaluators (QREs) preparing public reports in South Africa. At the outset, it should be noted that there are international efforts to standardise the definitions of petroleum reserves and resources. In 2002, the Calgary Chapter of the Society of Petroleum Evaluation Engineers (SPEE-Calgary) working with industry and regulators developed the Canadian Oil and Gas Evaluation Handbook (COGEH) that was adopted by the Canadian Securities Administrators (CSA) as the technical reference for the petroleum reserves and resources disclosure rules (NI 51-101). Note that in Canada, the maintenance of NI 51-101 has been delegated to the Alberta Securities Commission (ASC).

In 2007, the Society of Petroleum Engineers (SPE), the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers (SPEE) and the World Petroleum Council (WPC) jointly developed a classification system known as the Petroleum Resources Management System (PRMS). In 2007, the second edition of COGEH adopted the PRMS classification system. While PRMS and COGEH guidelines are very closely aligned as both are built on the prior SPE guidance, there are some minor differences. There is an ongoing project to merge COGEH and PRMS. One or both are referenced explicitly or implicitly as the technical guidelines in oil and gas disclosure rules recently developed in the US, Europe, Hong Kong and Australia.

Under these circumstances, the SSC has not prepared a separate set of rules and guidelines but has rather provided the position status of the SSC with respect to its recognition of the international standards for best practice definitions and guidelines for preparing a report by a reporting entity which is compliant with this Code as well as the public reporting standard that would enable that information to be presented into the public domain in a manner that would be considered commensurate with the best securities exchange rules and practices.

The SAMOG Committee has developed a working relationship with the Alberta Securities Commission (ASC) in order to assist with the practical application and maintenance of this SAMOG Code which disclosure requirement is primarily based upon NI 51-101. It must be noted that COGEH is closely aligned with PRMS but it is recommended that oil and gas QRE reporting under this Code should ensure familiarity with both PRMS and COGEH to the extent that reference hereinafter to either of these reporting standards will mean that both will have been taken into account by the QRE.

The SSC will maintain surveillance of the potential changes to PRMS and NI51-101 as they may influence the interpretation and application of the SAMOG Code.

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SAMOG Figure 1 represents the globally accepted standard for oil and gas resource and reserve classifications.