Georgina Energy PLC Operational Update

RNS Number : 7060G

Georgina Energy PLC

03 October 2024

 

 

3 October 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")

 

 Operational Update

 

Georgina Energy Plc, GEX.L is pleased to provide the following operational update.

 

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

"This is a very busy period for Georgina as we focus on multiple workstreams to fulfil obligations for the Hussar drilling permit in order to commence operations in December. Additionally, following the successful meeting on 11^th September with the CLC and the traditional landowners for the Mt Winter prospect, we expect to receive formal confirmation from both groups shortly. Concurrently, we have completed the evaluation of the additional re-entry targets which will shape our post-Hussar and Mt Winter work programme, and have approached several parties regarding potential opportunities."

 

EP513 Hussar

 

·      Drilling Permits: Land Council clearance has been requested from traditional landowners. Well design, safety plans, well management, and re-entry programs are in place for December 2024 operations.

·      Nominated Operator Approval: Georgina's 100% owned subsidiary, Westmarket Oil & Gas Pty Ltd, has been formally approved as the nominated operator for Hussar by DEMIRS.

·      Seismic Reprocessing: Georgina has signed a data sharing agreement for seismic data reprocessing to provide revised mapping of the Officer Basin, which will be submitted with our drilling program to DEMIRS.

·      Site Inspection: The Company anticipates being on site at Hussar in November to complete a site inspection and environmental survey with the traditional landowners addressing heritage matters; a requirement of the drill permit granting process from DEMIRS. Other preparatory requirements and clearances have been applied for ahead of operations commencement in December.

·      Resource Evaluation: Georgina Energy has received the first draft report from the independent competent person based on seismic data reprocessing, AEM PTP data and revised mapping. The report is under review and will be released upon completion.

 

EPA155 Mount Winter

 

·      Approval EPA155: Following our positive meeting with the traditional landowners and the CLC on 11^th September, we expect to receive formal confirmation on the outcome for the EPA155 application shortly. In anticipation of the successful outcome, Georgina has engaged independent consultants to reprocess the 2D seismic data.

 

Additional targets and scoping study

 

·      Additional Targets: The Company has completed its review of potential re-entry targets for post-completion of the developments at Hussar and Mt Winter. There are several potential targets and Georgina has approached various parties to determine interest in either a farmout or direct interest. Subject to formal agreements, the Company will advise on any outcomes.

·      Scoping Study: An independent consultant has been appointed to conduct a scoping study, which will include both EP513 and EPA155 if the EPA155 application is successful. The study will provide capital and operating cost estimates, with sensitivity analysis, for the proposed gas separation and purification plant to be owned and operated by the offtake group.

 

 

 

 

 

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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 via [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.

 

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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