Many of the requirements focus on the reporting of projects that are material to the report company to ensure they appropriately balance compliance costs for listed companies with meaningful disclosure for investors.

The rules will be underpinned by an updated Australasian Code for Reporting Exploration Results (The JORC Code) that is expected to be released by the Joint Ore Reserves Committee in mid-December.

For oil and gas companies there will be a requirement to report in accordance with the Society of Petroleum Engineers – Petroleum Resources Management System and for the disclosure of additional information when estimates of reserves, contingent resources and prospective resources are disclosed for material projects.

Miners will be required to report in accordance with the JORC 2012 code and to disclose additional information when exploration results, estimates of mineral resources and ore reserves and production targets are disclosed for material projects.

The rules also streamline the requirement for prior written consent of the competent person for public reports and provide the ability for companies to report historical or foreign estimates of mineralisation for material projects, subject to certain conditions being satisfied.

Both oil and gas and mining companies will be required to include an annual petroleum reserves statement or annual mineral resources and reserves statement – as the case may be – in their annual report.

ASX-listed mining and oil and gas companies will be given a 12-month transition period with the rules coming into effect on December 1, 2013.

“The new rules are the culmination of two rounds of extensive consultation with ASX-listed mining and oil and gas companies, JORC, industry and investor groups, the professionals responsible for estimating reserves and resources and ASIC [Australian Securities and Investments Commission],” ASX chief executive officer Elmer Kupper said.