REG - Georgina Energy PLC - Operational Update

Georgina EnergyAnnouncement

10/01/2025 07:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250110:nRSJ8956Sa&default-theme=true

RNS Number : 8956S  Georgina Energy PLC  10 January 2025

 

10 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")

 

 Operational Update

 

Georgina Energy Plc (GEX.L), a helium, hydrogen and natural resources
development company in Australia, provides an operational update on EP513
Hussar and EPA155 Mt Winter.

 

EP513 Hussar

 

As announced in December 2024, the Company was required to submit an
Environmental Impact Report ("EIR") and heritage report as part of the final
application for the drilling permit.

 

Due to the expansion of the structural closure to approximately 350 km² - an
increase of 50 km² - the Company and its consultants are now required to
submit a revised EIR to the Department of Energy, Mines, Industry Regulation
and Safety of Western Australia ("DEMIRS") due to reflect the additional
development opportunities within the field and enhanced scope of future field
development. The existing heritage report will remain unchanged and shall be
used for the purposes of the submission.

 

This expanded EIR requires an additional site visit, which remains dependent
on safe access amid ongoing adverse weather conditions. The completion of the
expanded EIR and subsequent submission of the permit application to DEMIRS is
now expected to take approximately 60 days. Once the EIR and heritage report
are filed with the DEMIRS the application will be considered complete.

 

Georgina remains in close contact with the appointed DEMIRS compliance
management team and is confident that drilling approval will be granted upon
submission of the final application by Westmarket Oil & Gas Pty Ltd. The
Company continues to engage with station owners and Shire Councils within the
permit area to monitor the weather and will provide further updates as needed.

 

Scoping Study

 

Following the review of the initial draft of the scoping study for Hussar,
which included capital and operating cost estimates along with sensitivity
analysis for the proposed gas separation and purification plant to be owned
and operated by the offtake group, a revised and updated draft is expected in
February 2025.

 

 

EPA155 Mount Winter

 

The Company is currently negotiating the final draft of the ALRA agreement,
required for the ratification of EPA155 by the Northern Territory Minister for
the Department of Mining and Energy.

 

Georgina's independent consultants are currently reviewing the resource
potential of the Mt Winter incorporating reprocessed and re-mapped 2D seismic
data. A final report is expected in March 2025.

 

The company is also preparing a draft Joint Operating Agreement for review and
approval by farm-in partners.

 

 

Additional targets

 

Additional targets with advanced prospects and proven high concentrations of
helium, hydrogen and hydrocarbons remain a focus for post-Hussar and Mt Winter
development. The Company continues to progress negotiations with two listed
parties under Confidentiality Agreements. The Company's consultants have
completed reviews and submitted recommendations, and any conditional binding
farm-in agreements will be subject to successful negotiations.

 

 

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

 

"We are very pleased the Hussar opportunity is bigger than initially thought,
and all within our existing asset area. However, while unforeseen weather and
revisions of the Environmental Impact Report have shifted our timeline, we
remain systematically focused on unlocking the significant value potential of
our assets. This temporary shift does not alter our long-term vision or
strategy, and we remain confident in achieving our objectives at Hussar and Mt
Winter."

 

 

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 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/)

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  UPDGPUBUGUPAUMU