Georgina Energy PLC Enhances Resource Potential at Mt Winter Prospect
Key Ideas
  • Significant resource upgrade at Mt Winter prospect after reprocessing seismic data, indicating a shallower Heavitree formation intersection and increased 2U helium and hydrogen resources.
  • Georgina Energy's legal ownership set to increase from 75% to 100% following the full acquisition of the oil company.
  • Identification of a new 60km² structural closure in the permit area, offering potential for further exploration based on historical helium and hydrogen concentrations.
  • Reentry planning and engineering underway for exploration, along with negotiations for permits under Aboriginal Land Rights Access Agreement (ALRA); new investor-friendly website launched.
Georgina Energy PLC's CEO Anthony Hamilton discussed a notable resource upgrade at the Mt Winter prospect due to extensive reprocessing and interpretation of seismic data. The updated data revealed the potential for the Heavitree formation to be intersected at a shallower depth, reducing the target depth significantly. This upgrade led to a 15% increase in the net attributable 2U helium and hydrogen resources, as well as a 3% uplift in hydrocarbons. Hamilton also mentioned that the company's legal ownership will rise from 75% to 100% with the full acquisition of the oil company. Additionally, a new 60km² structural closure was identified in the permit area, offering promise for further exploration, especially considering past concentrations of helium and hydrogen. Plans for reentry and engineering work are in progress, alongside negotiations for exploration permits under the Aboriginal Land Rights Access Agreement (ALRA). Moreover, a more interactive and investor-friendly website has been launched to provide additional information. Overall, the developments suggest a positive outlook for Georgina Energy's exploration activities at Mt Winter.
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