ERC Equipoise has decades of experience in reserves and resource determination and valuation. Our staff contains Competent Person’s as recognized by the London Stock Exchange, Reserves Auditors and Evaluators as recognized by the Society of Petroleum Engineers, as well as certified NI 51-101 reserves evaluators.
Depending on the requirements of your company, ERC Equipoise provides Independent reports that are generated using either a “bottom-up” or “top-down” approach. We are experienced in the use of risk analysis and the application of probabilistic and deterministic tools, to ensure that our reports comply with the most recent standards as developed by the SPE. We are also familiar with other reporting standards including SEC, NI 51-101 and UNFC.
Our reports are tailored to meet their required function, which can include:
• Equity Raises
• Debt Financing
• Defence Documents
• Company Acquisitions and Divestments
• Independent technical audits for directors’ and shareholders’ “comfort”
• Annual returns under “SEC 10K” or “UK SORP” accounting standards
• Public Disclosures
When generating Independent reserve reports, ERC Equipoise can either provide technical or commercial reserves for clients. In the event that a client requests commercial reserves, we can take field accounting statements (Lease Operating Statements), as well as royalty and/or PSA agreement information and generate net cash flows and reserves for clients pre-tax. The analysis can be taken further, to include after-tax analysis and, upon receipt of corporate level tax information, through to full corporate consolidation.
Acquisition and Divestment Support
ERC Equipoise is pleased to provide support for clients going through an acquisition or divestment process. Our staff has experience in the A&D process as buyers, sellers, advisors, auditors and investment banking brokers. As a result we are well versed in all aspects of the A&D process. We provide independent evaluations to go into a dataroom, reviews of data contained with datarooms, and technical advisory services throughout the buy or sell process.
In addition, ERC Equipoise has a full Data Services team, capable of assisting in data management and preparation for an A&D process.
ERC Equipoise’s subsurface team provides sufficient depth and breadth for us to undertake the complete range of subsurface tasks you would expect in a large oil company environment. As a result, we offer a complete portfolio management service to smaller companies who require up to date and accurate valuations of their asset base, but do not wish to retain the staff to do so. To ensure consistency, a dedicated team of subsurface professionals is made available to you, dependent on your needs. Our single page asset summary sheets provide you with all you need to know about each prospect and discovery.
ERC Equipoise’s equity experience has a 30 year pedigree of involvement by our senior staff. It is founded on expertise gained providing fair and equitable valuations of both producing fields and exploration assets for the major state ‘privatisations’ of Britoil, Wytch Farm, British Gas and Enterprise Oil in the early 1980s.
This expertise was recognised by the Industry in the appointment of ERC Equipoise principals in the role of Expert in numerous re-determinations through the 80s and 90s, with the Audrey, Blenheim, Scott, Nelson, Snorre and East Brae Field re-determinations being highlights. In parallel with this we have carried out many Equity support roles where we either prepare and present technical submissions on behalf of one of the parties to an Equity dispute, or else provide for them a critical advisory and editorial role of their own technical work. From 1998 through to now, this support role has predominated, and clients include BP (Markham), Shell (Schiehallion), Conoco (Galleon), Centrica (Goldeneye) and Santos (Bayu Udan).
In addition to equity valuations our firm’s Directors have significant experience serving as Experts for other petroleum industry issues such as FPSO Contracts, Gas and Oil Contracts and Taxation matters.
The role required of an Expert plays to our strengths at ERC Equipoise. It requires efficient data organisation and management, technical rigour in structural definition from seismic data in both the time and depth domains, a good understanding of reservoir genesis and behaviour determined both from borehole data and regional geological studies. We have years of experience in combining these disciplines to produce accurate estimates of hydrocarbon in place and, if necessary, potential deliverability. Another key skill developed in both the equity and asset valuation is the ability to assess and compare what may be wildly different approaches to the solution of the same problem, and assimilating the most cogent elements of each into a balanced resolution.
Governments are taking increasingly active roles in the management of their natural resources. ERC Equipoise is able to provide a variety of services, to aid government ministries in making choices regarding their oil and gas resources.
• Technical Advice to maximise commercial recovery
• Commercial Advice, including contract formulation