Georgina Energy PLC ADDITIONAL WELL RE-ENTRY OPPORTUNITIES

RNS Number : 0336C

Georgina Energy PLC

29 August 2024

 

 

29^th August 2024

 

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF (A) ARTICLE 7(1) OF UK MAR IN SO FAR AS IT RELATES TO ORDINARY SHARES ISSUED BY GEORGINA ENERGY PLC

 

Georgina Energy plc

("Georgina", "Georgina Energy" or the "Company")

 

 ADDITIONAL WELL RE-ENTRY OPPORTUNITIES & OPERATIONAL UPDATE

 

Georgina Energy Plc, GEX.L is pleased to announce progress on the evaluation of additional high potential targets for its well re-entry and development program, and an update on its core Hussar and Mt Winter prospects.

 

Additional Well Re-Entry Opportunities

 

Georgina's technical team is evaluating potential additional well re-entry targets within the Centralian Superbasin, including the Amadeus and Officer Basins, covering 2 million km² of Neoproterozoic to Cambrian sediments, with potential to recover material volumes of helium, hydrogen and natural gas.

 

·    10 priority targets have been identified, of a possible 168 currently plugged and abandoned wells, complementing the Hussar and Mt Winter prospects, all meeting Georgina's cost and risk criteria for re-entry and flow testing.

·    The top two candidates for re-entry will be determined, subject to ownership and rights to the wells.

·    As part of this evaluation process and re-entry strategy, the Company has executed a Confidentiality Agreement with a well-established producing Australian Oil & Gas exploration & production company.

·    We look forward to updating shareholders on the potential broadening of our portfolio of assets.

 

Core Activity

 

Georgina continues to advance its Hussar and Mt Winter prospects:

 

·      Approval has been sought to re-enter the Hussar 1 well extending its original depth of 2040 metres to c.3400 metres to penetrate the subsalt Townsend Formation, analogous to the helium, hydrogen and gaseous hydrocarbon bearing Heavitree formation in the Amadeus Basin. In line with previous guidance, Georgina expects drilling operations to commence in December.  

 

·      Pending approval following the 11 September 2024 on-ground meeting with the Traditional Aboriginal Landowners for EPA155 Mt Winter, Georgina remains on target to re-enter and deepen the well to penetrate the subsalt Heavitree formation and test for helium, hydrogen and natural gas.

 

·      The off-take MOU with Harlequin Energy Limited has been extended for an additional 12 months; this is a non-exclusive agreement with the Company remaining in potential discussions with other parties.  

 

Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:

 

"While our main focus is the commencement of drilling at Hussar before year end, for which we are fully financed, and the award of the Mt Winter Exploration Permit, we are excited about the possible additions of complementary well re-entry projects.

 

We look forward to keeping our shareholders informed, with several updates expected in the coming weeks and through to the commencement of drilling of Hussar."

 

END

 

Enquiries

 

Georgina Energy

Tony Hamilton	via [e-mail]
Mark Wallace

Tavira Financial Ltd - Financial Adviser and Joint Broker

Jonathan Evans	[phone]
Oliver Stansfield

 

Oak Securities - Joint Broker

Jerry Keen	[phone]
Henry Clarke
Dillon Anadkat

 

Financial PR	[e-mail]
Violet Wilson	[phone]
Letaba Rimell

 

Notes to Editors

 

Georgina Energy aims to become a leading player in the global energy market and is focused on establishing itself among the top producers of helium and hydrogen worldwide. With a strategic approach and leveraging the experienced management team's expertise, Georgina Energy aims to capitalize on opportunities in these critical energy sectors.

 

The projects benefit from established infrastructure and a reliable supply chain, offering significant resource potential through low-risk, cost-effective drilling projects.

 

Georgina Energy has two principal onshore interests held through its wholly owned Australian subsidiary, Westmarket O&G.  The first, the Hussar Prospect is located in the Officer Basin in Western Australia and Westmarket O&G holds a 100% working interest in the exploration permit.  The second, the EPA155 Mt Winter Prospect, is located in the Amadeus Basin in the Northern Territory, which Georgina Energy has a right to earn an initial 75 per cent. interest in (with the potential to reach 90 per cent.).

 

In line with market demand trends, Georgina Energy is well-positioned to capitalize on the growing gap between supply and demand for hydrogen and helium with the resource potential of EPA155 Mt Winter and EP513 Hussar projects for their potential accumulations.

 

For more information visit https://www.georginaenergy.com

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