PACE Initiative

PACE — unlocking South Australia’s mineral and energy potential

The South Australian Government committed A$15 million in funding for 2004–09 to attract further mineral and petroleum exploration investment in a new program called PACE — Plan for Accelerating Exploration. An additional A$7.5 million towards PACE initiatives was announced by the Premier on 20 September 2004. PACE was recently extended by an additional two years with total funding of $30.9 million over 7 years (2004 - 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. Four rounds of PACE drilling grants have been held: Rounds 2 and 3 (2005) and Round 4 (2006) 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$191 000 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$68 000 and A$100 000 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 all received funding of A$100 000.

More detailed information on the PACE initiative is given in the PACE brochure (pdf) and on PIRSA's Minerals website.