REG - Georgina Energy PLC - EPA155 Mt Winter Approval Update

Georgina EnergyAnnouncement

11/12/2024 07:00

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RNS Number : 5620P  Georgina Energy PLC  11 December 2024

 

11 December 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")

 

 EPA155 Mt Winter Approval Update

 

Georgina Energy Plc, GEX.L is pleased to confirm that following the successful
meeting in Alice Springs on 11(th) September between the Central Land Council
("CLC") and the Traditional Owners ("TOs"), the CLC has been formally
instructed to commence negotiations regarding the grant of the Company's
selected priority area within the EPA 155 permit area, which includes the
proposed Mt Winter 1 well target.

 

Meeting Approvals EPA155

 

Georgina, through its wholly owned subsidiary, Westmarket Oil & Gas Pty
Ltd ("Westmarket"), has received formal written notification from the CLC that
the Traditional Owners have approved and instructed the CLC to commence
negotiations on the terms of an Aboriginal Land Rights Act NT (1976) ("ALRA")
agreement to grant Georgina's selected priority area of EPA 155 which includes
the proposed Mt Winter 1 re-entry well.

 

The Central Land Council (CLC) have notified the Northern Territory Minister
for Mining and Energy and the Commonwealth Minister for Indigenous Australians
of their decision.

 

The granting of EPA155 is subject to the formality of ratification of the
forthcoming ALRA agreement by the Minister for the Department of Mining and
Energy, the Hon. Gerard Maley.

 

The next key steps in the process are:

 

1.   Submission of formal notice to DME

 

Following the execution of the Aboriginal Land Rights Act Agreement ("ALRA
Agreement") the Company's lawyers will submit a formal notice to the Northern
Territory Department of Mining and Energy (DME) pursuant to the Petroleum Act
1984 (NT) for the granting of a full exploration permit to the applicants,
Oilco Pty Ltd ("Oilco").

 

2.   Granting of Exploration Permit

 

Upon granting of the permit and pursuant to the terms of the Farm-in Agreement
between Oilco and Westmarket Oil and Gas (a wholly owned subsidiary of
Georgina), the Georgina Energy's interest of an initial 75% will be
registered.

 

The expected timeline from the negotiation of the ALRA Agreement to the
granting of EPA155 is anticipated to take approximately 2-3 months.

 

3.   Farm-in Agreement Obligations

 

Upon the granting of EPA155, Georgina, as Operator, will pay Oilco the sum of
$15,000, and will meet all other obligations pursuant to the Farm-in
Agreement, including the requisite seismic reprocessing and analysis.

 

4.   Negotiation of Joint Operating Agreement (JOA)

 

Upon the successful completion of the seismic reprocessing and analysis, the
Company will also negotiate the terms of a Joint Operating Agreement ('JOA")
between the Joint Venture parties.

 

5.   Advancing Mt Winter to Pre-Drill Stage

 

Upon granting of EPA155, Georgina will initiate a full programme to take Mt
Winter to the pre-drill stage. This includes finalising well design, site
preparation, and pre-drill regulatory and operational requirements.

 

 

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

 

"The granting of the revised Mt Winter Exploration Permit with the prospect
will be seen as a significant milestone and the result of hard work undertaken
by the Georgina team, in particular, Mr Liddle OAM. We're very pleased to move
forward with the development of Mt Winter, fulfil the outstanding requirements
and pursue our low-risk, high-reward re-entry strategy."

 

 
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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