S-34.1, r. 3 - Regulation respecting petroleum exploration, production and storage licences, and the pipeline construction or use authorization

Section 47 Disposition versions

2018-09-20

47. The notice of commercial discovery must also contain an estimate of the contingent resources and, where applicable, the petroleum reserves established in accordance with the Canadian Oil and Gas Evaluation Handbook (COGEH) by an independent qualified reserves evaluator and the data and analyses that allowed the establishment of the estimate. The notice of commercial discovery must explain the nature of the contingencies that do not allow to qualify contingent reserve resources and steps that must be carried out to lift the contingencies. Should there be a calculation of the reserves, the notice of commercial discovery will have to give the risked net present value of future net revenue in accordance with Parts 1 to 3 of Form 51-101F1 of Regulation 51-101 respecting Standards of Disclosure for Oil and Gas Activities (chapter V-1.1, r. 23), with the necessary modifications, determined by a qualified independent reserves evaluator.

O.C. 1253-2018, s. 47.

Not in force

In force: 2018-09-20

47. The notice of commercial discovery must also contain an estimate of the contingent resources and, where applicable, the petroleum reserves established in accordance with the Canadian Oil and Gas Evaluation Handbook (COGEH) by an independent qualified reserves evaluator and the data and analyses that allowed the establishment of the estimate. The notice of commercial discovery must explain the nature of the contingencies that do not allow to qualify contingent reserve resources and steps that must be carried out to lift the contingencies. Should there be a calculation of the reserves, the notice of commercial discovery will have to give the risked net present value of future net revenue in accordance with Parts 1 to 3 of Form 51-101F1 of Regulation 51-101 respecting Standards of Disclosure for Oil and Gas Activities (chapter V-1.1, r. 23), with the necessary modifications, determined by a qualified independent reserves evaluator.

O.C. 1253-2018, s. 47.