Operational Update

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 [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, 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

 

END