EPA155 Mt Winter Approval Update

Georgina Energy PLC

11 December 2024

 

11 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")

 EPA155 Mt Winter Approval Update

Georgina Energy Plc, GEX.L is pleased to confirm that following the successful meeting in Alice Springs on 11^th September between the Central Land Council ("CLC") and the Traditional Owners ("TOs"), the CLC has been formally instructed to commence negotiations regarding the grant of the Company's selected priority area within the EPA 155 permit area, which includes the proposed Mt Winter 1 well target.

Meeting Approvals EPA155

Georgina, through its wholly owned subsidiary, Westmarket Oil & Gas Pty Ltd ("Westmarket"), has received formal written notification from the CLC that the Traditional Owners have approved and instructed the CLC to commence negotiations on the terms of an Aboriginal Land Rights Act NT (1976) ("ALRA") agreement to grant Georgina's selected priority area of EPA 155 which includes the proposed Mt Winter 1 re-entry well.

The Central Land Council (CLC) have notified the Northern Territory Minister for Mining and Energy and the Commonwealth Minister for Indigenous Australians of their decision.

The granting of EPA155 is subject to the formality of ratification of the forthcoming ALRA agreement by the Minister for the Department of Mining and Energy, the Hon. Gerard Maley.

The next key steps in the process are:

1.   Submission of formal notice to DME

Following the execution of the Aboriginal Land Rights Act Agreement ("ALRA Agreement") the Company's lawyers will submit a formal notice to the Northern Territory Department of Mining and Energy (DME) pursuant to the Petroleum Act 1984 (NT) for the granting of a full exploration permit to the applicants, Oilco Pty Ltd ("Oilco").

2.   Granting of Exploration Permit

Upon granting of the permit and pursuant to the terms of the Farm-in Agreement between Oilco and Westmarket Oil and Gas (a wholly owned subsidiary of Georgina), the Georgina Energy's interest of an initial 75% will be registered.

The expected timeline from the negotiation of the ALRA Agreement to the granting of EPA155 is anticipated to take approximately 2-3 months.

3.   Farm-in Agreement Obligations

Upon the granting of EPA155, Georgina, as Operator, will pay Oilco the sum of $15,000, and will meet all other obligations pursuant to the Farm-in Agreement, including the requisite seismic reprocessing and analysis.

4.   Negotiation of Joint Operating Agreement (JOA)

Upon the successful completion of the seismic reprocessing and analysis, the Company will also negotiate the terms of a Joint Operating Agreement ('JOA") between the Joint Venture parties.

5.   Advancing Mt Winter to Pre-Drill Stage

Upon granting of EPA155, Georgina will initiate a full programme to take Mt Winter to the pre-drill stage. This includes finalising well design, site preparation, and pre-drill regulatory and operational requirements.

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

"The granting of the revised Mt Winter Exploration Permit with the prospect will be seen as a significant milestone and the result of hard work undertaken by the Georgina team, in particular, Mr Liddle OAM. We're very pleased to move forward with the development of Mt Winter, fulfil the outstanding requirements and pursue our low-risk, high-reward re-entry strategy."

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Enquiries

Georgina Energy

Tony Hamilton	via [e-mail]
Mark Wallace

Tavira Financial Ltd - Financial Adviser and Joint Broker

Jonathan Evans	[phone]
Oliver Stansfield

Oak Securities - Joint Broker

Jerry Keen	[phone]
Henry Clarke
Dillon Anadkat

Financial PR via [e-mail]

Violet Wilson	[phone]
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, the permit is anticipated to be granted within the next 3 months, 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.).

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

 

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