REG - Mining, Minerals&Mtl - Operational Update

Georgina EnergyAnnouncement

08/08/2024 07:00

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RNS Number : 6322Z  Mining, Minerals & Metals PLC  08 August 2024

 

8 August 2024

 

 

Mining, Minerals & Metals plc (to be re-named Georgina Energy plc)

 

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

 

Operational Update

 

Mining Minerals & Metals plc (to be re-named Georgina Energy Plc) GEX.L is
pleased to announce the following operational update.

 

Following the successful completion of the acquisition and re-admission to the
LSE, the Company (Ticker: GEX) has initiated several operations as part of its
programme to re-enter for development the Hussar 1 well within its EP513
Hussar licence in the Officer Basin of Western Australia by December 2024.

 

Mining, Minerals & Metals plc is in the process of legally changing its
name to Georgina Energy plc and this change is expected to be finalised
shortly.

 

Operational Activities

 

·    Scoping Study: The Company has engaged an Independent Consultant to
undertake a Scoping Study to deliver estimates with sensitivity analysis for
capital and operating costs of the proposed gas separation and purification
plant planned to be owned and operated by the Offtake group as part of its
strategy to sell the gas at the wellhead.

 

·    Offtake MOU: The Company is also finalising the execution of an
extension to its current Offtake MOU agreement, the terms of which remain in
line with the proposed development of EP513 Hussar & EPA155 Mt Winter
projects, subject to formal agreements to include the reimbursement of
Georgina's development costs.

 

·    Drilling Permits: Georgina and its consultants are currently engaged
in securing land council clearance under its Native Title access agreement,
updating the environmental impact study and completing plans to be submitted
for DMIRS approval, including rig and operator safety plans and proposed
re-entry programme for the commercial development of its helium, hydrogen and
hydrocarbon interests in the Hussar Project.

 

·    Resource Evaluation: Georgina and its Consultants have secured access
to recently available reprocessed seismic data to assist in the better
definition of the potential Resource scale of the Hussar Project. An
Independent Competent Person will synthesize the new seismic data with
existing AEM-PTP survey data which will assist not only in better quantifying
the Resource scale at the Hussar Project but possibly other independent
structures within the highly prospective c.900,000 acres of EP513.

 

·    Re-entry Logistics: The Company has also begun logistics planning
discussions with various service providers as part of its ongoing re-entry
plans.  The road and access to site has further been enhanced by the planned
re-grading of the 1400m airstrip immediately adjacent to the Hussar well site
which can take Hercules C130 sized aircraft.

 

·    EPA155 Mt Winter Update: The Company also advises it anticipates
receiving a formal request to attend an on-ground meeting for EPA155 Mt Winter
which will be attended by the Company's Indigenous Consultant along with
Company representatives. The Company will make a formal announcement when
written confirmation has been received.

 

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

"We are delighted to have successfully delivered Georgina Energy to the Main
Market of the London Stock Exchange and are now launching our work programmes
to deliver low-risk projects in Australia for the development of our natural
gas, hydrogen and helium projects through our well re-development programme.
We believe our approach provides a low-risk opportunity to participate in the
potential development of significant assets and learnings at Hussar can then
be applied to EPA155 Mt Winter."

 

About Georgina Energy

 

Significant Gas Potential

 

Georgina holds 100% of the working interest in the Hussar Prospect and has a
right to earn a  75%  interest  in  the  EPA155 Mt  Winter  Prospect
(with  the  potential  to  reach  90%) covering 3,951 Km² held over the
two project areas in Western Australia, a proven region with significant gas
potential.

 

Hussar Prospect

 

The Hussar 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 TCFGE of Hydrocarbons.

 

Hussar is considered by independent consultants to be one of the most
potentially lucrative resource basins in the Asia Pacific region due to its
significant helium, hydrogen, oil & natural gas potential.

 

Subject to permitting and processing of additional seismic and AEM-PTP
surveys, Georgina anticipates re-entering and deepening Hussar during 2024.

 

EPA155 Mt Winter Prospect

 

The EPA155 Mt Winter Prospect hosts unrisked 2U Prospective (Recoverable)
Resources of c.148 BCFG (148 million  MCF)  of  helium  and  c.135
BCFG  (135  million  MCF)  of  hydrogen,  and  c.1.22  TCFGE (Trillion
Cubic Feet Equivalent) of hydrocarbons.

 

The EPA155 Mt Winter-1 well was drilled in 1982 to a depth of 2,650m TD but
did not penetrate the subsalt Heavitree Formation hydrogen, helium &
natural gas reservoir target but reached TD in salt just above it. All 3
previously drilled wells have penetrated the Heavitree and encountered high
concentrations of helium (up to 9%) and hydrogen (up to 11%).

 

Georgina has an initial programme to complete seismic and then re-enter the
existing well to develop the gases.

 

Highly Experienced Management Team

 

The Board is comprised of experienced professionals in the oil & gas
exploration space with technical capacity and an expert understanding of
development and sales. Anthony Hamilton (Chief Executive Officer) has over 35
years' extensive experience in mining, oil & gas and exploration and
production.  Mark Wallace (Chief Finance Officer) has over 25 years'
experience in the global financial markets. John Heugh (Executive Technical
Director) has over 50 years of experience and was the founding director and MD
of Central Petroleum Ltd listed on the ASX. Roy Pitchford (Non-Executive
Director) brings over 30 years' executive and managerial expertise during his
career in the resource development area.

 

Differentiated and Low Risk

 

Georgina adopts a low risk, differentiated strategy and is already well
advanced in its exploration activities in relation to its UK peer group as it
is essentially a well re-redevelopment company. There is proven gas flowing
from the original drilled wells, established infrastructure for the projects
as well as a recognised supply chain. Both target sites have previously been
drilled and the road access remains usable. Georgina intends to supply from
the wellhead under off-take agreements to mitigate infrastructure costs. Given
the established infrastructure and reliable supply chain, the Board and
management team are aiming for Georgina to become a leading global producer of
helium and hydrogen.

 

Helium Market Dynamics

 

Georgina gives investors a chance to benefit from supply and demand dynamics.
There is a global short supply of helium and significant increases in demand,
including space launch usage, has led to further price increases.

 

 

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.

 

The projects benefit from established infrastructure and a reliable supply
chain, offering significant resource potential through low-risk,
cost-effective drilling projects.

 

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 Hussar projects for
their potential accumulations.

 

For more information visit https://www.georginaenergy.com
(https://www.georginaenergy.com/)

 

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