REG - Georgina Energy PLC - Acquisition of EPA155 Mt Winter Interest

Georgina EnergyAnnouncement

22/01/2025 11:45

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RNS Number : 3131U  Georgina Energy PLC  22 January 2025

22 January 2025

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")

Acquisition of EPA155 Mt Winter Interest

Georgina Energy Plc, GEX.L, a helium, hydrogen and natural resources
development company in Australia, is pleased to announce that it has reached
an agreement to acquire 100% of EPA155 (Mt Winter) held by Mosman Oil &
Gas' subsidiary Oilco Pty Ltd, subject to the execution of formal Contracts of
Sale.

The purchase consideration for the deal is AU$350,000, which will be funded
from Georgina's current cash reserves. This exit from the Amadeus Basin is in
line with Mosman's strategy, having announced similar disposals earlier in the
month. The deal allows Georgina to continue as planned with preparations ahead
of being granted the exploration permit for Mt Winter. Under this agreement,
Georgina is entitled to 100% of the returns from any future production, less a
modest 2.5% royalty to Mosman. Additional production royalties will include
10% of sales receipts, less certain deductions, to the Northern Territory
Government under the Petroleum Royalty Act 2023 NT, and c.3-4% (negotiable) on
the same basis to the Central Land Council, benefiting the relevant
Traditional Owners.

Georgina remains fully funded and is working towards drilling approval from
DEMIRS and drilling the Hussar prospect in the Western Australian Officer
Basin where it is targeting a massive prospect of c.350 km(2) for helium,
hydrogen and natural gas.

In relation to the Mt Winter (EPA155) project, the Company is currently
negotiating the execution of the pre-grant Aboriginal Land Rights Act
Agreement ("ALRA Agreement"). The Company's lawyers will file a formal notice
with the Northern Territory Department of Mining and Energy (DME) under the
Petroleum Act 1984 (NT) to secure the granting of the exploration permit. Upon
the granting of the exploration permit, and in accordance with the Sale and
Purchase Agreement between Oilco and Westmarket Oil and Gas, the Company's
100% interest will be registered. The Company will then proceed with the
planned seismic reprocessing and remapping prior to submission of an
application for drilling approval for the Mt Winter 1 re-entry.

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

"The agreement to acquire 100% of the revised Mt Winter exploration permit has
significant potential benefits to the Company for a very reasonable price. I'd
like to thank the Mosman team for their co-operation to this point, working
together to accomplish our respective objectives. This deal further
strengthens Georgina's portfolio and increases the potential shareholder value
from this asset. This slight change in the ownership structure will not affect
our expected timeline to develop Mt Winter and we are progressing well with
the outstanding requirements."

Terms of Agreement:

·      Purchase consideration AU$350,000 cash for the purchase of the
total interest of EPA155 to be funded from current cash reserves.

·      Royalty of 2.5% of gross sales from the well head.

·      Deposit of AU$50,000 cash on execution of the formal Sale and
Purchase Agreement.

·      Balance of AU$300,000 cash payable on formal granting of EPA155
exploration permit.

·      The farm-in agreement between the Company and Mosman will be
superseded by the purchase

·      The Company will no longer require a Joint Operating Agreement
('JOA") between the Joint Venture parties upon the successful completion of
the Sale and Purchase Agreement.

END

Enquiries

Georgina Energy

Tony Hamilton via georginaenergy@apcoworldwide.com
(mailto:georginaenergy@apcoworldwide.com) Mark Wallace

Tavira Financial Ltd - Financial Adviser and Joint Broker

Jonathan
Evans
+44 (0)20 3833 3719 (tel:+442038333719)

Oliver Stansfield

Oak Securities - Joint Broker

Jerry
Keen
+44 (0)203 973 3678 (tel:+442039733678)

Henry Clarke

Dillon Anadkat

Financial PR via georginaenergy@apcoworldwide.com
(mailto:georginaenergy@apcoworldwide.com)

Violet
Wilson
+44 (0)203 757 4980

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, the permit is anticipated to be granted within
the next 3 months, 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.).

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

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