REG - Georgina Energy PLC - Operational Update

Georgina EnergyAnnouncement

20/12/2024 07:00

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RNS Number : 8141Q  Georgina Energy PLC  20 December 2024

 

20 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")

 

 Operational Update

 

Georgina Energy Plc, GEX.L is pleased to provide the following operational
update, highlighting progress at its flagship projects Hussar EP513 and Mt
Winter EPA155, as well as advancements in additional targets and the ongoing
scoping study.

 

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

 

"This has been a busy and productive period for Georgina as we focus on
multiple workstreams to fulfil obligations for both Hussar & Mt Winter. We
have achieved a successful outcome at Mt Winter and successfully completed a
preliminary site visit in support of the drilling approval for Hussar. Despite
challenges from severe weather, we continue our efforts to unlock the
significant value potential of our assets."

 

HUSSAR EP513

 

Severe weather conditions:

 

·    The preliminary site visit at Hussar EP513 has been completed,
involving key inspections and heritage monitoring.

·   Severe low pressure weather conditions have impacted the site and
regional area resulting in widespread flooding. This has temporarily
restricted site access and has caused several mine operations in the region to
suspend activities. The Company no longer expects to be onsite in December as
we will only commence drilling operations when it is deemed safe for personnel
and equipment to mobilise subject to the relevant drilling permits being
obtained.

·   Georgina is in close contact with local station owners and Shire
Councils to monitor site access Reports indicate that Q4 2024 has been the
wettest for over 80 years. The Company will provide updates as more
information becomes available.

 

Drilling Permit Status:

 

·    Further to our RNS of 2 December, all required reports for the Hussar
permit application have been submitted, with the exception of the
Environmental Impact Report and Heritage Monitoring report, which have been
delayed due to the adverse weather conditions and restricted site access.

·    DEMIRS (Department of Energy, Mines, Industry Regulation &
Safety) is scheduled to re-open on 3 January 2025. The mandated processing
time for permit applications is 15 days, although permits are usually granted
within 10 days. The Company remains confident that a drilling approval will be
secured shortly after DEMIRS returns on 3 January 2025.

 

Seismic Reprocessing:

 

·     Georgina has submitted reprocessed seismic data and revised
mapping of the greater Officer Basin with DEMIRS together with a detailed
re-assessment of the Hussar Prospect.

·    The Hussar seismic reprocessing and remapping has resulted in a
significant expansion of the structural closure, revealing additional
development opportunities within the field and enhancing the scope of future
field development.

 

Scoping Study:

 

·     The Company has received first draft of a scoping study focused on
the development of a large-scale gas separation and purification plant at
Hussar, to be owned and operated by the offtake group.

·    The study, led by an independent consultancy, provides capital and
operating cost estimates, along with sensitivity analysis to support
development decisions.

·    The proposed plant aims to process helium, hydrogen, and natural
gas, supporting the Company's clean energy strategy and enhancing project
economics.

 

 

MOUNT WINTER EPA155

 

ALRA Agreement:

 

·    Following the RNS on 11 December, the Company is currently awaiting
receipt of the draft ALRA agreement as the final part of the process to
obtaining ratification of the granting of the selected priority area of EPA155
from the Northern Territory Minister for the Department of Mining and Energy.

 

Seismic Reprocessing:

 

·    Georgina has engaged independent consultants to review the existing
resource potential of the Mt Winter prospect. This review will follow
completion of reprocessing and re-mapping of the existing 2D seismic data.

 

 

ADDITIONAL TARGETS

 

Potential farm-ins:

 

·     Georgina is actively negotiating potential farm-in agreements with
two listed oil and gas companies. These agreements focus on advanced prospects
already with proven occurrences of high concentrations of helium, hydrogen and
hydrocarbons.

·    The discussions are being held under Confidentiality Agreements.
Subject to successful binding farm-in agreements being executed, these
additional substantial targets will become priority targets following the
completion of work at  Hussar and Mt Winter.

·      The Company will advise on any successful farm-in agreements as
they arise.

 

 

ENDS

 

 

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

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