Oil and gas explorers and producers will have an extra month to lodge their financial reports, which are legally required under the Chapters 2M and 7 of the Corporations Act. 

The extension to reporting season has been granted by the Australian Securities Investment Commission for the industry as it battles with the combined impact of the COVID-19 pandemic and oil price crash. 

ASIC said the rule would specifically apply to entities who have been impacted due to current remote work arrangements, travel restrictions and other impacts of COVID-19.

Both unlisted and listed companies' reports for the year ending 31 December, will now be due on July 7, 2020, and listed entities will also need to provide half-year reports by then. 

"Where possible, entities should continue to lodge within the normal statutory deadlines, having regard to the information needs of shareholders, creditors and other users of their financial reports, or to meet borrowing covenants or other obligations," ASIC said in a statement yesterday. 

Companies taking advantage of the deferred dates will need to advise the market on when they expect to lodge their reports. 

In another measure to support energy companies and the broader market, ASIC will not take action against companies which do not hold their annual general meetings within five months after the end of the financial year. Entities can hold their AGM up to seven months after year end.