The Design and Implementation of the Austalian Geothermal Reporting Code - A World First Standard Reporting Code for Geothermal Reserves and Resources

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Conference Paper: The Design and Implementation of the Austalian Geothermal Reporting Code - A World First Standard Reporting Code for Geothermal Reserves and Resources

Abstract

This paper will describe the development and implementation of the Australian Geothermal Reporting Code (the “Geothermal Code” or the “Code”) and will give an over-view of the Code itself. The Code is the world’s first standardized reporting code for exploration results and estimates of geothermal reserves and resources and may form the basis for an international reporting methodology which in turn may free up cross border capital.

The Code was developed through 2007-08 by a committee of company, technical and regulatory stakeholders, jointly sponsored by the Australian Geothermal Energy Association (AGEA) and the Australian Geothermal Energy Group (AGEG). A number of models from the energy and minerals sectors were considered but the Australian minerals reporting code was found to be both adaptable and acceptable to regulators and formed the basis of the new Geothermal Code. The Code was launched in August 2008 and its use is mandatory for stock-exchange listed members of AGEA when making Public Reports to the market involving Geothermal Reserves, Resources and Exploration Results.

The Geothermal Code seeks to regulate and standardize the way companies present relevant reports to the market by making them transparent, material and competently compiled. It does not seek to regulate or standardize the way technical persons compute or estimate those quantities or results, although some conventional methodologies are suggested and significant deviations from these methodologies need to be noted when making a report under the Geothermal Code.

Geothermal Resources may be classified as Inferred, Indicated or Measured, in order from lowest to highest technical confidence as judged by the Competent Person. After consideration of Modifying Factors including demonstrating the likelihood of economic extraction of the geothermal energy, Indicated or Measured Resources may be converted to Probable or Proven Geothermal Reserves respectively.

Although developed primarily for Public Reporting of stock exchange listed companies, the Geothermal Code has wider potential. If an international version was adopted, it would allow financiers and investors a standard platform to comparatively value any company with geothermal reserves or resources and hence allow a freer flow of cross border capital.

Authors 
Malcolm Ward, Graeme Beardsmore, Anthony Budd, Barry Goldstein, Fiona Holgate, Graham Jeffress, Adrian Larking, Jim Lawless, Peter Reid and Adrian Williams






Conference 
GRC Annual Meeting; Reno, NV; 2009/10/04


Published 
Geothermal Resources Council, 2009





DOI 
Not Provided
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Online 
Internet link for The Design and Implementation of the Austalian Geothermal Reporting Code - A World First Standard Reporting Code for Geothermal Reserves and Resources

Citation

Malcolm Ward, Graeme Beardsmore, Anthony Budd, Barry Goldstein, Fiona Holgate, Graham Jeffress, Adrian Larking, Jim Lawless, Peter Reid, Adrian Williams. 2009. The Design and Implementation of the Austalian Geothermal Reporting Code - A World First Standard Reporting Code for Geothermal Reserves and Resources. In: GRC Transactions. GRC Annual Meeting; 2009/10/04; Reno, NV. Davis, CA: Geothermal Resources Council; p. 37-40