Australia’s geothermal energy industry has taken an importantr step forward with the release of the Australian Code for Reporting of Exploration Results, Geothermal Resources and Geothermal Reserves.
The code has been developed as a joint initiative between The Australian Geothermal Energy Group (AGEG) and the Australian Geothermal Energy Association (AGEA). This is the world’s first uniform code to guide the reporting of geothermal data to the market and is designed to underpin the quality of the Industry’s relationship with the market.
The development of a Geothermal Reporting Code, and its adoption by operating companies to shape the way they report their geothermal exploration results, resources and reserves, is an important step in the development of Australia’s geothermal energy industry.
As a new industry emerges, it is faced with the challenge of building understanding and reputation in the market place, with investors, regulators and the public. This is a challenge facing Australia’s geothermal energy industry today.
The development of a Geothermal Reporting Code, and its adoption by operating companies to shape the way they report their geothermal exploration results, resources and reserves, is an important step in the development of Australia’s geothermal energy industry.
It is appropriate that the Geothermal Industry itself has taken this step to help govern the way it reports publicly.
The Geothermal Code is a reporting code that covers the way geothermal exploration results, resource and reserve assessments are classified and publicly reported. It does not cover the way assessments are made.
The Geothermal Code covers:
The Australian Geothermal Energy Association has decided that it requires its members to comply with the Geothermal Code from its release in August 2008.
The Code is not yet endorsed by the Australian Securities Exchange Limited or any regulator in the Australian financial markets and the use of the Code by a company or entity does not imply acceptance by regulators of the content of a report written under the Code.
The Australian Geothermal Code follows the principles, framework and key concepts already established by the minerals industry and their JORC Code. For example, it adopts the principles of Transparency, Materiality and Competence to present investors with a baseline estimate of what reserves and resources are available to a given project.
It is notable that the JORC Code, and now the Geothermal Code, conform to the International Reporting Template (CRIRSCO, 2006) that covers the public reporting of exploration results, resources and reserves for the global mining industry.
The Lexicon for Geothermal Exploration, Resources and Reserves has been prepared to facilitate understanding of geothermal energy concepts and the methods used to determine geothermal resources and reserves. However, it does not form part of the Geothermal Code.
The Geothermal Code and Lexicon will be maintained on the websites of AGEG and AGEA.
www.pir.sa.gov.au/geothermal/ageg
The Geothermal Code has been prepared by the Australian Geothermal Code Committee. This Committee was initiated by the Australian Geothermal Energy Group and has advanced to be a committee of both the Australian Geothermal Energy Group and the Australian Geothermal Energy Association.
Correspondence with the Committee should be through a Secretariat supported by PIRSA:
The Secretary, Australian Geothermal Code Committee
Mr Tony Hill
Principal Geologist, Petroleum and Geothermal Group
Primary Industry and Resources SA
GPO Box 1671
Adelaide SA 5001
Email: Hill.TonyJ@saugov.sa.gov.au
Click here to view the Australian Code for Reporting of Exploration Results, Geothermal Resources and Geothermal Reserves
Click here to view the Geothermal lexicon
9 September 2008
