PACE Initiative

The South Australian Government committed A$22.5 million in funding for 2004–09 to attract further mineral and petroleum exploration investment in a new program called PACE — Plan for ACcelerating Exploration. The initiative included funding of $2m/y available for collaborative drilling over the full five years. PACE collaborative drilling has provided a significant boost to exploration in South Australia when considering that, as part of the initiative, industry will match this, taking the total to $20m over five years.

In 2007 the original $22.5m five-year PACE initiative for Theme 2 was extended by two years with total funding of $30.9m through to 2011.

PACE aims to provide best-practice industry standard geoscientific information, facilitate land access for exploration, facilitate development of multiple land use policies, and provide enhanced educational resources.

PACE funding is available for proposals from industry to undertake cooperative petroleum or geothermal exploration drilling projects, jointly funded by the proponent company and PIRSA. The primary aim is accelerated exploration success for South Australia. Five rounds of PACE drilling grants have been held: Rounds 2 and 3 (2005), Round 4 (2006) and Round 5 (2007) have included petroleum and geothermal projects.

In the first call in 2004, 27 mineral grant applications were successful and funding totalling A$1.75 million awarded. In Round 2 in early 2005, nearly 70 proposals were received and 44 were granted funding totalling A$2.4 million. Three geothermal submissions (Eden Energy Ltd, Petratherm Ltd and Scopenergy Ltd) were granted a total funding of A$291 000 under Round 2. Petratherm and Scopenergy has completed their PACE programs. 

In December 2005 the South Australian Government released the results of the collaborative drilling bids under Round 3. Nearly 80 proposals were submitted and A$2 million in grants were allocated to 35 companies. One petroleum and two geothermal bids were successful. Stuart Petroleum Ltd, Geothermal Resources Ltd and Green Rock Energy Ltd received funding of A$100 000, A$100 000 and A$68 000 respectively.

In December 2006 the South Australian Government released the results of the collaborative drilling bids under Round 4. Nearly 80 proposals were submitted and A$2 million in grants were allocated to 33 companies. Three geothermal bids were successful. Torrens Energy Ltd, Eden Energy Ltd and Geodynamics Ltd. Torrens Energy and Geodynamics have withdrawn their applications, whilst Eden drilled in December 2007 and has completed its PACE project.  

Round 5 was announced in August 2007. PIRSA received 66 proposals and $2m in grants were allocated to 29 companies. Three petroleum/geothermal bids were successful: Torrens Energy, SAPEX Limited and Petratherm all received funding of $100 000.

More detailed information on the PACE initiative is available on PIRSA's Minerals website.

 

Grant
 Date
 Recipient
 Project
 Amount ($)
PACE 2
 April 2005
 Petratherm
 Paralana Geothermal Project, South Australia
 140 000
PACE 2 April 2005 Scopenergy
 Limestone Coast Geothermal Project,  South Australia
 130 000
PACE 2 April 2005 Eden Energy
 Witchellina Project, South Australia 21 000
PACE 3
 December 2005
 Geothermal Resources
 Curnamona Geothermal Project,  South Australia
 100 000
PACE 3 December 2005 Stuart Petroleum
 Fractured basement play Worrior field
 100 00
PACE 3 December 2005 Green Rock Energy
 Lake Blanche Project (withdrawn)
 68 000
PACE 4
 December 2006 Torrens Energy
 Heatflow exploration in the Adelaide Geosyncline (withdrawn)
 100 000
PACE 4 December 2006 Eden Energy
 Renmark (Chowilla) Geothermal Project, South Australia
 100 000
PACE 4 December 2006 Geodynamics
 High temperature borehole image logging of Habanero 3, Cooper Basin, South Australia (withdrawn)
 100 000
PACE 5
 February 2008
 Torrens Energy
 Parachilna 2D seismic
 100 000
PACE 5 February 2008 SAPEX Ltd
 Arckaringa Basin CSG Drilling Project
 100 000
PACE 5 February 2008 Petratherm
 Evaluation of shear wave splitting as an exploration tool
 100 000
PACE 6 May 2010
 Gradient Energy Ltd
 Leigh Creek Temperature, Adelaide Geosyncline
 80 000
PACE 6 May 2010 Strike Energy Ltd
 Coal Seam Gas, Eromanga / Lake Eyre Basins
 80 000
PACE 6 May 2010 Terratherma Ltd
 Coorichina, Torrens Hinge Zone
 40 000