Mining, Minerals&Mtl - Completion of acquisition of Georgina Energy plc
30/07/2024 07:00
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RNS Number : 2607Y Mining, Minerals & Metals PLC 30 July 2024
30 July 2024
Mining, Minerals & Metals plc (to be re-named Georgina Energy plc)
("Georgina" "Georgina Energy" or the "Company")
Completion of acquisition of Georgina Energy plc
and
Enlarged share capital admitted to trading on the London Stock Exchange
Mining Minerals & Metals plc is pleased to announce the completion of its
acquisition of Georgina Energy Plc ("Georgina") and the admission of its
enlarged share capital of 90,088,396 ordinary shares of 5 pence each
("Ordinary Shares") at an issue price of 12.5 pence each ("Issue Price") to
trading on the Official List and the London Stock Exchange from 8:00a.m. on 30
July ("Admission") under the name "Georgina Energy Plc", which will be
effective once processed by Companies House and the TIDM code "GEX".
Tavira Financial Ltd is acting as Financial Adviser and Joint Broker to the
Company alongside Oak Securities (a trading name of Merlin Partners LLP) who
are acting as Joint Broker to the Company.
Admission Highlights
· Successful fundraise of £5.0 million (before expenses) through
the issue of 40,000,000 Ordinary Shares at the Issue Price
· On Admission and based on the Issue Price, the Company will have
a market capitalisation of approximately £11.2 million.
· Georgina is an early-stage well redevelopment company which has a
strategy of actively pursuing the exploration, commercial development and
monetisation of helium, hydrogen and hydrocarbon interests located in
Australia.
· The Board believes there is a clear and realistic pathway to
production with drilling expected to commence in Q4 2024.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"We are delighted to have successfully delivered Georgina Energy to the Main
Market of the London Stock Exchange whilst also raising £5.0 million. The
Company continues to progress with highly opportune and low-risk projects in
Australia and, upon listing, the favourable market conditions offer a
promising outlook for a top-tier hydrogen and helium production company with a
strong global presence.
We believe Georgina Energy has the potential to be a leading player in the
energy market and we are incredibly excited for the future of the company. I
would like to thank everyone involved thus far and look forward to continuing
to work with all our stakeholders as we embark on this exciting journey."
About Georgina Energy
Significant Gas Potential
Georgina holds 100% of the working interest in the Hussar Prospect and has a
right to earn a 75% interest in the Mount Winter Prospect
(with the potential to reach 90%) covering 3,951 Km² held over the
two project areas in Western Australia, a proven region with significant gas
potential.
Hussar Prospect
The Hussar Prospect hosts unrisked 2U Prospective (Recoverable) Resources of
c.155 BCFG (155 million MCF) of Helium and c.173 BCFG (173 million MCF) of
Hydrogen, and c.1.75 TCFGE of Hydrocarbons.
Hussar is considered by independent consultants to be one of the most
potentially lucrative resource basins in the Asia Pacific region due to its
significant helium, hydrogen, oil & natural gas potential.
Subject to permitting and processing of additional seismic and AEM-PTP
surveys, Georgina anticipates re-entering and deepening Hussar during 2024.
Mount Winter Prospect
The Mount Winter Prospect hosts unrisked 2U Prospective (Recoverable)
Resources of c.148 BCFG (148 million MCF) of helium and c.135
BCFG (135 million MCF) of hydrogen, and c.1.22 TCFGE (Trillion
Cubic Feet Equivalent) of hydrocarbons.
The Mt Winter-1 well was drilled in 1982 to a depth of 2,650m TD but did not
penetrate the subsalt Heavitree Formation hydrogen, helium & natural gas
reservoir target but reached TD in salt just above it. All 3 previously
drilled wells have penetrated the Heavitree and encountered high
concentrations of helium (up to 9%) and hydrogen (up to 11%).
Georgina has an initial programme to complete seismic and then re-enter the
existing well to develop the gases.
Highly Experienced Management Team
The Board is comprised of experienced professionals in the oil & gas
exploration space with technical capacity and an expert understanding of
development and sales. Anthony Hamilton (Chief Executive Officer) has over 35
years' extensive experience in mining, oil & gas and exploration and
production. Mark Wallace (Chief Finance Officer) has over 25 years'
experience in the global financial markets. John Heugh (Executive Technical
Director) has over 50 years' of experience and was the founding director and
MD of Central Petroleum Ltd listed on the ASX. Roy Pitchford (Non-Executive
Director) brings over 30 years' executive and managerial expertise during his
career in the resource development area.
Differentiated and Low Risk
Georgina adopts a low risk, differentiated strategy and is already well
advanced in its exploration activities in relation to its UK peer group as it
is essentially a well re-redevelopment company. There is proven gas flowing
from the original drilled wells, established infrastructure for the projects
as well as a recognised supply chain. Both target sites have previously been
drilled and the road access remains usable. Georgina intends to supply from
the wellhead under off-take agreements to mitigate infrastructure costs. Given
the established infrastructure and reliable supply chain, the Board and
management team are aiming for Georgina to become a leading global producer of
helium and hydrogen.
Helium Market Dynamics
Georgina gives investors a chance to benefit from supply and demand dynamics.
There is a global short supply of helium and significant increases in demand,
including space launch usage, has led to further price increases.
Change of Name
The Company's change of name to "Georgina Energy Plc" will take place once
Companies House has issued a new certificate of incorporation reflecting the
change of name. The change of name is expected to become effective imminently
and the Company will make a further announcement following the completion of
the change of name.
The Company's website is www.Georginaenergy.com
Total Voting Rights and Change of ISIN
Following Admission, the Company will have 90,088,396 Ordinary Shares in
issue. In accordance with the FCA's Disclosure Guidance and Transparency
Rules, the Company confirms that following Admission, the Company's enlarged
issued ordinary share capital will comprise 90,088,396 Ordinary Shares. The
Company does not hold any Ordinary Shares in Treasury. Therefore, following
Admission, the above figure may be used by shareholders in the Company as the
denominator for the calculations to determine if they are required to notify
their interest in, or a change to their interest in the Company, under the
FCA's Disclosure Guidance and Transparency Rules.
The Company ISIN has changed to GB00BSMN5L80 and the previous ISIN
GB00BF7L9148 is expired following the share consolidation effective on
Admission.
END
Enquiries
Georgina Energy
Tony Hamilton via Camarco
Mark Wallace
Tavira Financial Ltd - Financial Adviser and Joint Broker
Jonathan Evans +44 (0)20 3833 3719
Oliver Stansfield
Oak Securities - Joint Broker
Jerry Keen +44 (0)203 973 3678
Henry Clarke
Dillon Anadkat
Camarco - Financial PR
Tilly Butcher +44 (0)203 757 4980
Letaba Rimell georginaenergy@apcoworldwide.com (mailto:georginaenergy@apcoworldwide.com)
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 Mount 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 Mount Winter and Hussar projects for
their potential accumulations.
For more information visit https://www.georginaenergy.com
(https://www.georginaenergy.com/)
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