REG - Georgina Energy PLC - RESOURCE UPGRADE EP513 HUSSAR

Georgina EnergyAnnouncement

17/10/2024 07:00

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RNS Number : 4592I  Georgina Energy PLC  17 October 2024

 

17 October 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 ("the Company")

 

RESOURCE UPGRADE EP513 HUSSAR

 

Georgina Energy Plc, GEX.L is pleased to announce the following EP513 Hussar
resource upgrade.

 

The Company is pleased to confirm receipt of an updated addendum to the CPR of
May 23, 2024 (available on the GEX website
(https://wp-georgina-energy-2023.s3.eu-west-2.amazonaws.com/media/2024/10/2024.10.16-Hussar-Resource-Upgrade-Final73.pdf)
) from an Independent Competent Person following the synthesizing of new
seismic data, which greatly improves our understanding of the deeper structure
at Hussar. The Independent Competent Person is a practicing geologist and
geophysicist with over 30 years of experience in both the hydrocarbon and
energy industry as Head of Exploration of a highly successful producer and
explorer.

 

Resource Scale of EP513 Hussar

 

·      Georgina Energy engaged an Independent Competent Person to
synthesise the new seismic data which forms part of the of the Company's
submission to DEMIRS with its drilling permit application.

·      New seismic data and mapping confirms the presence of a
significant (300 km(2)) pre-salt structural closure at the depth of the target
reservoir, the Townsend Formation.

·      The resource estimates were revised using the deterministic
method for calculations.

·      The new seismic data recently made available to the Company by
DEMIRS has enabled more detailed seismic mapping results and improved seismic
sections through the well.

·      The previous CPR assessment of the Hussar Prospect, published in
the Company's prospectus, concluded that the prospect hosts unrisked 2U
Prospective (Recoverable) Resources of c.155 BCFG (155 million MCF) of helium
and c.173 BCFG (173 million MCF) of hydrogen, and c.1.75 TCFG of hydrocarbons.

·      The revised Competent Person's estimates unrisked 2U Prospective
(Recoverable) Resources of c.185 BCFG (185 million MCF) of helium and c.205
BCFG (205 million MCF) of hydrogen and c.1.909 TCFG of hydrocarbons,
representing an overall increase of approximately 20%.

 

 EP 513 Hussar Prospect
 Helium        BCFG  6.55  196    2,556   6.22  155    2046
 Hydrogen      BCFG  1.42  218    3,123   1.35  173    2501
 Hydrocarbons  BCFG  103   2,030  15,049  100   1,750  13,000

 

·      The new mapping has identified a structure of a greater aerial
extent than previously mapped. Georgina intends to complete its own
interpretation of the seismic database, based on a newly enhanced reprocessing
approach.

·      The Company will be on site in November to complete an
environmental survey with the Traditional Landowners; a requirement of the
granting of the drilling approval to re-enter the Hussar 1 Well in December
2024 which was originally drilled to a depth of 2,040 metres. The Company
plans to extend the depth to approximately 3,200 metres to penetrate the
subsalt Townsend target reservoir, which potentially hosts significant
accumulations of helium, hydrogen and natural gas.

·      The Company (as the approved nominated Operator) and Aztech Well
Construction are currently preparing to submit all the required documentation
for drilling approvals from DEMIRS which will include the remapped seismic and
November preparatory site inspection report.

 

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

"We are delighted with the significant increase of resources at Hussar. Our
planned preparatory site visit in November, followed by the commencement of
operations in December, marks the realisation of a 5-year journey for the
Georgina team. Alongside this, as we continue to make progress towards
obtaining the relevant drilling approvals for Hussar we continue towards
fulfilling requirements for the formal granting of EPA155 in the Northern
Territory, the Mt Winter Prospect representing, the next stage in our
development program. Our goal remains to achieve a positive outcome with our
low-risk projects in Australia."

 

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/)

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