CALGARY, Jan. 18 /CNW/ - The Canadian Geothermal Energy Association (CanGEA) announces the release of the Canadian Geothermal Code for Public Reporting. The Canadian Geothermal Code for Public Reporting provides a minimum set of requirements for the public reporting of Exploration Results, Geothermal Resources and Geothermal Reserves. The Code will provide a basis for transparency, consistency and confidence in the public reporting of geothermal information.
The Canadian Geothermal Code for Public Reporting was prepared by the Canadian Geothermal Code Committee (CGCC), established in December 2008. The primary objectives determined by the Committee were to provide a reporting basis that would be satisfactory to investors, stakeholders and capital markets such as the Canadian Securities Exchanges, and to develop a Code that would be applicable to geothermal plays in both Canada and internationally. The Code, a first in Canada, will serve to increase investor confidence and interest in the geothermal energy sector through the standardization of geothermal reporting.
Lee Deibert, CanGEA Director and CGCC Chairman had this to say about the Code, "This key initiative has been completed for the benefit of our members and the industry overall. With the increasing level of activity in Canadian geothermal public and private financings, mergers & acquisitions, and the development of geothermal opportunities in Canada, the Code represents a key part of any investment and development strategy."
It is anticipated that public reporting using the Code will be undertaken by all CanGEA members involved in exploration and/or operation of geothermal properties. The use of the Code will be on a voluntary compliance basis (industry self-regulation) until 2011 when Code compliance will be a mandatory requirement for CanGEA membership. CanGEA members involved in the financial community, including geothermal investors, financial advisors and financial institutions will also benefit from standardized and transparent reporting of geothermal assets. CanGEA will be holding Code training seminars throughout the upcoming months.
Alison Thompson, CanGEA Founder and Chair commented, "The Canadian Geothermal Code for Public Reporting establishes the industry standard and we are pleased that CanGEA has strengthened our leading role in the international geothermal community. The Canadian Securities Exchanges are already host to many of the premier players in the geothermal world and this Code is expected to further facilitate the industry's growth."
CanGEA collaborated with the Australian Geothermal Energy Association (AGEA) in the development of the Code.
CanGEA is a national, not-for-profit association that works on behalf of our members to facilitate and promote the responsible and sustainable growth of high temperature geothermal energy in Canada, which, we believe, can provide competitive, emissions free, renewable, base-load energy to Canadians and export markets. 5,000 MW by 2015!
SOURCE CANADIAN GEOTHERMAL ENERGY ASSOCIATION (CANGEA)
For further information: For further information: The Canadian Geothermal Energy Association (CanGEA), Brian Toohey, B.Eng, Reservoir Engineer, Canadian Geothermal Code Committee Member & Business Development Coordinator, firstname.lastname@example.org, www.cangea.ca