The Australian Code for Geothermal Reserves and Resources Reporting: Practical Experience

Abstract

The recent trend for financing of geothermal development companies through stock market listings presents a welcome market-driven mechanism for funding the exploration and development of geothermal prospects. However, this process depends heavily upon being able to demonstrate the value added at successive stages within the long development path from exploration to power generation, and in particular for investors to have confidence in the claims made by developers about the energy resources and reserves available within each project.
In 2008 the Australian geothermal industry established a formal reporting code for geothermal Reserves and Resources. It is based largely on the JORC Code for mineral deposit, adapted for geothermal energy. The need for the Code, its principles and its course of development are described in a companion paper (Williams et al, 2010).
By the time of WGC2010, the Code will have been in operation for two years. A Code Compliance Sub-Committee has been established to review Public Reports made under the Code and report back to the governing body. This paper will describe the practical experience gained in the first two years of operation and some lessons learned.