We were contracted to conduct the annual audit of this company’s reserves. We reviewed the available technical and commercial data to establish an independent view of reserves in accordance with the PRMS. In addition, the audit had to meet standards set by the London Stock Exchange (LSE) and the Securities and Exchange Commission (SEC); the company is listed on the LSE and this audit was prepared as part of its requirements. We established 1P and 2P reserves and contingent resources for each property in the company’s portfolio including those where it had only a partial interest. An asset valuation of the properties was conducted using Discounted Cash Flow in accordence with SEC regulations. The ultimate product of the work was an independent reserves statement which will be appended to the company’s annual report. 170 individual assets were evaluated.
