News
Oct 10, 2009Borealis’ Dan Yang on Geothermal Reporting and Reserves Committee
The Geothermal Reporting and Reserves Committee (the Committee), sponsored by the Canadian Geothermal Energy Association (CanGEA), was established in December 2008 to develop a code for public reporting of geothermal resources and reserves. The code was developed for the overall industry and will serve to increase investor confidence and consistency of public reporting within the industry.
CanGEA’s sister organization, AGEA (Australian Geothermal Energy Association) recently collaborated with the Australian Geothermal Energy Group to jointly produce a methodology for estimation, quantification of geothermal resources and reserves. The resulting document, The Geothermal Reporting Code (2008 Edition) was the world’s first Code for public reporting of geothermal data. Key elements of the Australian Code have been adopted and/or formed the basis of the Canadian Code.
The Canadian Code (currently in its’ initial draft) will provide a basis for transparency, consistency and confidence in public reporting of geothermal information with the following primary objectives:
1. Provide a reporting basis that is satisfactory to investors, shareholders and capital markets such as the Canadian Securities Exchanges, in a similar manner that existing Canadian Codes provide for reporting of mineral and petroleum resources (National Instruments 43- 101 and 51-101, respectively).
2. Be applicable to geothermal plays in both Canada and internationally since the Canadian Securities Markets are utilized for the exploration and development of both local and international geothermal plays for companies based in Canada and other jurisdictions.
Although the Draft Code is a work in progress and will stay in draft form during its initial implementation, Dr. Daniel Yang & Borealis Geopower are pleased to be part of such visionary project for geothermal development in Canada and internationally. A special thanks goes out to Committee Chair Lee Deibert with Meridian Environmental and the rest of the committee members, including Subir Sanyal (Geothermex Inc.), Alison Thompson (CanGEA), Ian McDonald (Nexen Inc.), John McIlveen (Jacob & Company Securities Inc.) for all their time and energies to make this project a reality.
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