Code for Reporting Geothermal Resouces and Reserves

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The Australian Code for Reporting of Exploration Results,Geothermal Resources and Geothermal Reserves

Geothermal Code Presentation

The Australian Code for Reporting of Exploration Results,Geothermal Resources and Geothermal Reserves, 2nd Edition 2010, 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.

An important building block
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.

Scope
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:

  • all forms of geothermal energy, for example, conventional volcanic based energy, hydrothermal aquifers and hot rocks;
  • all uses of geothermal energy, including geothermal thermal energy for electricity generation, direct use in industrial processes or space heating, or as supplemental energy;
  • the minimum and mandatory requirements for public reports
Status
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.

Alignment with other Codes
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.

Australian Code for Reporting Exploration Results, Geothermal Resources and Geothermal Reserves, 2nd Edition 2010 (pdf)

NEW FEATURES OF THE 2ND EDITION

Annex 1: Competent Person Accountability - Complaints and Disciplinary Procedures
Annex 1 is intended to govern and apply to complaints received by the AGEG in respect of alleged breach or breaches of the Code of Ethics by a Competent Person, as defined in the Geothermal Reporting Code Second Edition (2010) or later versions or edits.

Application for Inclusion on the Register of Practising Geothermal Professionals
The Australian Geothermal Energy Group Incorporated (AGEG) maintains a Register of Practicing Geothermal Professionals (Register) as a courtesy service to the geothermal sector in Australia. Inclusion on the Register is one of the pre-requisites for being a Competent Person under the Geothermal Reporting Code Second Edition (2020) (GRC). However, the Register is NOT a Register of Competent Persons under the GRC. Person eligible for inclusion on the Register are not limited to Competent Persons under the GRC but include other persons practicing in the geothermal sector. Registration requires demonstration of relevant training and/or work experience and registrants must be actively working in the Geothermal Industry.

Geothermal Lexicon
The Lexicon for Geothermal Exploration, Resources and Reserves, 2nd Edition 2010, 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.

Geothermal Reserves and Resources Lexicon, 2nd Edition 2010 (pdf)

How to find the Geothermal Code and Lexicon
The Geothermal Code and Lexicon will be maintained as information only from the AGEG website www.pir.sa.gov.au/geothermal/ageg and the AGEA website www.agea.org.au.


Australian Geothermal Code Committee
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 AGEG Secretariat supported by DMITRE:
      Ms Yolanda Lopez
      Business Support Officer,
      Energy Resources Division
      Dept for Manufacturing, Innovation, Trade, Resources and Energy
      GPO Box 1264
      Adelaide SA 5001
      Email: yolanda.lopez2@sa.gov.au

Feedback and Revision Process
This is the second edition of the Geothermal Code. It is anticipated that experience and learning with application of the Code will identify opportunity for improvement or need for amendment. Feedback is encouraged and should be directed through the AGEG Secretariat.

The Geothermal Code Committee will release updated editions as the need determines.

NOTE: For independent commentary on the Geothermal Drilling Program and the AGEG-AGEA Geothermal Resource and Reserve Code - visit www.aar.com.au/pubs/res/foressep08.htm

The Framework
The Code uses a classification taking into account levels of geological knowledge and confidence and Modifying Factors which directly affect the likelihood of commercial delivery. It makes the key distinction that 'Geothermal Reserves' are deemed energy that is commercially recoverable now, while  'Geothermal Resources' require further work to be classified as 'Geothermal Reserves'.

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