Andrew Pitchford and Peter Stephenson have joined the team at RISC in the Perth office, strengthening the company's static and dynamic modelling capability. Both have already worked together on several projects, involving geological modelling and dynamic simulation.

Andrew is a principal geoscientist and brings extensive 3D geological modelling experience plus exploration and economic skills to RISC. Peter is a principal reservoir engineer with extensive dynamic simulation and field review experience. Both have worked on projects in Australia and internationally. The range of skills at RISC now includes familiarisation with all standard commercial software packages for both static and dynamic modelling.

Scott Mildren and Jerry Meyer have taken the leap from academia to the real world to set up a petroleum geomechanics and image log consultancy, JRS Petroleum Research.

Previously, both were part of the industry focused 'stress group' led by Professor Richard Hillis at the Australian School of Petroleum. "Having undertaken many contract research projects at the ASP, private consulting was a logical next step", says Scott. They share a wealth of technical experience having provided geomechanical solutions for companies such as Shell Todd Oil Services, Shell Brunei, Santos, Unocal and BP.

Prof. John Kaldi, Head of the ASP, said, "All at ASP are sorry to see Jerry and Scott leave but they wished to pursue commercial opportunities that sit beyond the remit of the ASP. We wish them all well. It's exciting to see a company like this being formed from the ASP and I am delighted that Prof. Richard Hillis of the ASP was invited to be a director of JRS Petroleum Research."

JRS aims to provide an innovative range of services from image log processing and interpretation to seal evaluation. "Our flexibility is a key asset, not just in terms of the services we provide, but also in the development of our own in-house software. We have the capability to adapt and modify to meet our clients' specific needs", said Jerry.

In addition to petroleum related applications, the company has also applied its expertise to solving problems related to CO2 sequestration, geothermal energy and coal bed methane. According to Scott, "Our academic background ensures that we are applying cutting edge research to provide innovative solutions. Not only can we do the specific jobs, such as wellbore stability, but we also have the capacity and experience to perform more complex research based projects."

Any enquiries regarding JRS Petroleum Research or its services can be directed to:

Scott Mildren
scott.mildren@jrspet.com

Jeremy Meyer
jerry.meyer@jrspet.com

Ph: +61 8 83326683
www.jrspet.com

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In another presentation at the APPEA Conference, Brent Steedman, KPMG Assurance Partner and leader of KPMG's Oil and Gas Centre of Excellence, looked at the impact of proposed changes relating to the impending implementation of International Accounting Standards (IAS) in relation to accounting for exploration costs and how these changes considerably impact small to medium independents.

"There are significant changes occurring in the international arena on how a company should account for exploration expenditure and, one way or another, Australian oil and gas companies will be required to make changes", informed Steedman.

"As Australian companies cannot or will not be permitted to continue with existing practices, it is important that oil and gas executives be proactive in the debate, clearly analyse the opportunities and implications, and develop communication strategies on how best to manage the situation."

National Chairman of KPMG's Energy and Natural Resources Group, Alison Kitchen, confirmed that Australia's emerging and established companies in the oil and gas industry will face some of their biggest challenges to date.

"Overall, how these critical issues are interpreted and managed by Australian small to medium independents will impact the perception of these companies' success in the Australian oil and gas industry", concluded Kitchen.

The full results of the 'KPMG 2004 Equity Market Survey: Independent and Mid-Tier Resource Companies' will be released later in 2004.

Further information:
Alison Kitchen
Partner, KPMG
Chairman
KPMG Energy and Natural Resources Group, Australia
Mobile: 0412 348 715
Ph: +61 3 9288 5345
Email: akitchen@kpmg.com.au

Brent Steedman
KPMG Partner
Leader of KPMG's Oil and Gas Centre of Excellence in Perth
Ph: +61 8 9263 7184
Email: bsteedman@kpmg.com.au

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