29th August
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")
ADDITIONAL WELL
RE-ENTRY OPPORTUNITIES & OPERATIONAL UPDATE
Georgina Energy Plc, GEX.L is pleased to announce progress
on the evaluation of additional high potential targets for its well
re-entry and development program, and an update on its core Hussar
and Mt Winter prospects.
Additional Well Re-Entry Opportunities
Georgina's technical team is
evaluating potential additional well re-entry targets within the
Centralian Superbasin, including the Amadeus and Officer Basins,
covering 2 million km² of Neoproterozoic to Cambrian sediments,
with potential to recover material volumes of helium, hydrogen and
natural gas.
· 10 priority
targets have been identified, of a possible 168 currently plugged
and abandoned wells, complementing the Hussar and Mt Winter
prospects, all meeting Georgina's cost and risk criteria for
re-entry and flow testing.
· The top two
candidates for re-entry will be determined, subject to ownership
and rights to the wells.
· As part of this
evaluation process and re-entry strategy, the Company has executed
a Confidentiality Agreement with a well-established producing
Australian Oil & Gas exploration & production
company.
· We look forward to
updating shareholders on the potential broadening of our portfolio
of assets.
Core Activity
Georgina continues to advance its
Hussar and Mt Winter prospects:
· Approval has been sought to re-enter the Hussar 1 well
extending its original depth of 2040 metres to c.3400 metres to
penetrate the subsalt Townsend Formation, analogous to the helium,
hydrogen and gaseous hydrocarbon bearing Heavitree formation in the
Amadeus Basin. In line with previous guidance, Georgina expects
drilling operations to commence in December.
· Pending approval following the 11 September 2024 on-ground
meeting with the Traditional Aboriginal Landowners for EPA155 Mt
Winter, Georgina remains on target to re-enter and deepen the well
to penetrate the subsalt Heavitree formation and test for helium,
hydrogen and natural gas.
· The
off-take MOU with Harlequin Energy Limited has been extended for an
additional 12 months; this is a non-exclusive agreement with the
Company remaining in potential discussions with other parties.
Anthony Hamilton, Chief Executive
Officer of Georgina Energy, commented:
"While our main focus is the
commencement of drilling at Hussar before year end, for which we
are fully financed, and the award of the Mt Winter Exploration
Permit, we are excited about the possible additions of
complementary well re-entry projects.
We look forward to keeping our
shareholders informed, with several updates expected in the coming
weeks and through to the commencement of drilling of
Hussar."
END
Enquiries
Georgina Energy
Tavira Financial Ltd - Financial
Adviser and Joint Broker
Oak Securities - Joint
Broker
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 EP513 Hussar projects for their
potential accumulations.
For more information
visit https://www.georginaenergy.com