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
11th 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."
END
Enquiries
Georgina Energy
Tavira Financial Ltd - Financial
Adviser and Joint Broker
Oak Securities - Joint
Broker
Financial PR via
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.
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