Operational Update

Georgina Energy PLC

06 November 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

6 November 2024

Georgina Energy plc

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

Operational Update

Georgina Energy plc, GEX.L is pleased to provide the following update.

Hussar EP513 ("Hussar")

The preliminary site visit involving Traditional Owners representatives, specialist Traditional Owner Rangers, Aztech Well Construction engineers, Georgina representatives and Lowecol Environmental consultants is scheduled to occur from 24-27 November. The preliminary site visit with related parties will provide reports to DEMIRS in support of its drilling application. In addition, the Hussar resource upgrade and the reprocessing of the seismic data continues with the revised mapping, all of which will also be submitted to DEMIRS. The Company remains on target to commence operations in December with casing inspection and pressure test as a preliminary to re-entry.

Mt Winter EPA155 ("Mt Winter")

Following the successful meeting in Alice Springs on 11 September 2024, the Company has been advised by its Indigenous Relations Consultant that the CLC ratification of the Traditional Owners approval of the granting process for the Mt Winter EP(A)155 project is anticipated to complete in December 2024. Georgina continues to reprocess and remap the 2D seismic data in line with its farm-in obligations.

Target Evaluation

Further to the Company's announcement on 8 October 2024 on the signing of an NDA concerning potential farm-in rights to major helium, hydrogen and natural gas subsalt prospects, the Company's wholly owned subsidiary, Westmarket Oil & Gas has executed a further confidentiality agreement with a second well-established Australian oil  and  gas production and exploration company as it continues to negotiate potential farm-in rights to two or more potential primary subsalt helium, hydrogen and natural gas targets post Hussar and Mt Winter.

Scoping Study

The Company is advancing a comprehensive conceptual scoping study with an independent international consultancy for a large-scale separation plant for hydrogen, helium and natural gas products at or near the Hussar site. The study will include evaluation of helium, hydrogen and LNG production profitability as well as ammonia/urea production from hydrogen and hydrocarbon components. The study will include capital and operating costs estimates and concept estimates of the revenue from gases produced at the wellhead to be sold to third parties under the offtake agreement. It is anticipated first draft of the scoping study will be delivered in January 2025.

Fully Funded

The Company is fully funded for its work programme at Hussar (including the re-entry well), to meet its obligations under the Mt Winter farm-in, and for general working capital. The Company received approximately £4.2m ("Net Proceeds") in August following the  31 July 2024, being the date the enlarged share capital was admitted to trading on the Equity Shares (Transition) category of the official list and the main market of London Stock Exchange. The use of Net Proceeds is set out in the Prospectus dated 11 July 2024.

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

"The Company continues to move along with re-entering Hussar and bringing Mt Winter to pre-drill as part of our programme to develop low-risk helium, hydrogen and natural gas projects in Australia. All the work programmes are fully funded from our recent listing."

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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, 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

 

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