REG - Georgina Energy PLC - Operational Update

Georgina EnergyAnnouncement

06/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241106:nRSF0568La&default-theme=true

RNS Number : 0568L  Georgina Energy PLC  06 November 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

 

 

6 November 2024

 

Georgina Energy plc

 

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

 

Operational Update

 

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

 

Hussar EP513 ("Hussar")

 

The preliminary site visit involving Traditional Owners representatives,
specialist Traditional Owner Rangers, Aztech Well Construction engineers,
Georgina representatives and Lowecol Environmental consultants is scheduled to
occur from 24-27 November. The preliminary site visit with related parties
will provide reports to DEMIRS in support of its drilling application. In
addition, the Hussar resource upgrade and the reprocessing of the seismic data
continues with the revised mapping, all of which will also be submitted to
DEMIRS. The Company remains on target to commence operations in December with
casing inspection and pressure test as a preliminary to re-entry.

 

Mt Winter EPA155 ("Mt Winter")

 

Following the successful meeting in Alice Springs on 11 September 2024, the
Company has been advised by its Indigenous Relations Consultant that the CLC
ratification of the Traditional Owners approval of the granting process for
the Mt Winter EP(A)155 project is anticipated to complete in December 2024.
Georgina continues to reprocess and remap the 2D seismic data in line with its
farm-in obligations.

 

Target Evaluation

 

Further to the Company's announcement on 8 October 2024 on the signing of an
NDA concerning potential farm-in rights to major helium, hydrogen and natural
gas subsalt prospects, the Company's wholly owned subsidiary, Westmarket Oil
& Gas has executed a further confidentiality agreement with a second
well-established Australian oil  and  gas production and exploration company
as it continues to negotiate potential farm-in rights to two or more potential
primary subsalt helium, hydrogen and natural gas targets post Hussar and Mt
Winter.

 

Scoping Study

 

The Company is advancing a comprehensive conceptual scoping study with an
independent international consultancy for a large-scale separation plant for
hydrogen, helium and natural gas products at or near the Hussar site. The
study will include evaluation of helium, hydrogen and LNG production
profitability as well as ammonia/urea production from hydrogen and hydrocarbon
components. The study will include capital and operating costs estimates and
concept estimates of the revenue from gases produced at the wellhead to be
sold to third parties under the offtake agreement. It is anticipated first
draft of the scoping study will be delivered in January 2025.

 

Fully Funded

 

The Company is fully funded for its work programme at Hussar (including the
re-entry well), to meet its obligations under the Mt Winter farm-in, and for
general working capital. The Company received approximately £4.2m ("Net
Proceeds") in August following the  31 July 2024, being the date the enlarged
share capital was admitted to trading on the Equity Shares (Transition)
category of the official list and the main market of London Stock Exchange.
The use of Net Proceeds is set out in the Prospectus dated 11 July 2024.

 

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

"The Company continues to move along with re-entering Hussar and bringing Mt
Winter to pre-drill as part of our programme to develop low-risk helium,
hydrogen and natural gas projects in Australia. All the work programmes are
fully funded from our recent listing."

 

 

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, is 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
(https://www.georginaenergy.com/)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUPGGAGUPCGQA