Regulatory Alerts2022-09-27
Guidance on Disclosure Requirements for Petroleum Reporting Entities
The Financial Services Regulatory Authority (FSRA) issued this guidance to align the Abu Dhabi Global Market’s listing framework with global standards by mandating that Petroleum Reporting Entities prepare resource disclosures in accordance with the Petroleum Resources Management System (PRMS). The document establishes mandatory initial, quarterly, and annual reporting obligations for material Prospective Resources, Contingent Resources, and Petroleum Reserves, requiring clear identification of evaluation dates, estimation methods, and proximate cautionary statements. It further defines materiality assessments for petroleum projects, outlines prospectus valuation report requirements, and clarifies disclosure protocols for geophysical surveys, drilling results, unconventional resources, and sustainable operations.