SGX to update rules for mineral, oil, and gas firms

Mainboard aspirants will be required to establish "reserves" for mineral assets.

The Singapore Exchange (SGX) proposed four new updates to its rules for mineral, oil, and gas (MOG) companies so "they remain aligned with industry developments."

According to a press release, the first proposed change requires Mainboard aspirants to establish ‘reserves’ whilst Catalist listing aspirants should establish at least ‘inferred resources’ for minerals assets and ‘contingent resources’ for oil and gas assets.

Moreover, rather than requiring companies to establish “exploration and exploitation rights”, the rules will require companies to show plans to obtain the necessary approvals required to proceed with development. A qualified person should give the basis for why expecting all required approvals will be granted, along with the company’s intention to proceed with development within a reasonable time frame.

A summary Quarterly Production Report (QPR) will replace a full QPR in some instances to improve the readability of the content for investors.

The summary QPR will contain key information relating to updates of the company’s ‘resources’ and ‘reserves’ and is required for certain events relating to annual updates and significant changes in the company assets.

SGX added that the content of the summary QPR must comply with table 1 of the Australasian code for reporting of exploration results, mineral resources and ore reserves (JORC Code) for minerals companies and key streamlined requirements set out in the SGX Practice Notes for oil and gas companies.

Other rule amendments to remove duplicated requirements, and for greater clarity are also proposed.

The suggested changes were made in consultation with a working group constituted in 2015 which comprised MOG specialists including technical experts, corporate finance advisers and senior executives from SGX-listed issuers.

The public can submit feedback on the proposed Listing Rule changes till 28 February 2018. Full details of the public consultation including the questions SGX posed are found on the website.

If adopted, SGX expects to implement the Listing Rule changes in 2018.

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