Georgina Energy PLC Expands Resource Potential in Mt Winter Prospect, Australia
Key Ideas
  • Georgina Energy PLC's Mt Winter prospect in Australia's Northern Territory saw a 15% increase in net attributable 2U prospective recoverable resources of helium and hydrogen, with an additional uplift in natural gas.
  • The company plans to deepen the Mt Winter-1 well to target the Heavitree Formation, known for helium, hydrogen, and gas reservoirs, while also identifying a new structural closure for future exploration.
  • CEO Anthony Hamilton expressed satisfaction with the resource increase and the potential for further resource growth, highlighting the company's focus on developing low-risk projects in Australia.
  • Georgina Energy is in negotiations for an exploration permit and aims to hold a 100% working interest in EPA155 upon finalization, demonstrating its commitment to expanding its operations in the region.
Georgina Energy PLC (LSE:GEX) announced a significant resource upgrade at its Mt Winter prospect in Australia’s Northern Territory. The upgrade, attributed to new seismic reprocessing and mapping by independent expert Maki Petkovski, revealed a 15% increase in net attributable 2U prospective recoverable resources of helium and hydrogen, along with a 3% rise in natural gas reserves. The revised figures considered Georgina’s current 75% working interest, potentially rising to 90% upon financing the re-entry of the Mt Winter-1 well. This development builds on a prior competent person's report, underscoring the substantial subsurface potential at the site. Georgina plans to deepen the Mt Winter-1 well to about 2,900 meters to target the Heavitree Formation, a proven subsalt reservoir for helium, hydrogen, and gas. Furthermore, the company identified a new 60 square kilometer structural closure northeast of the current prospect, presenting a promising drill target pending additional seismic analysis. CEO Anthony Hamilton expressed excitement over the resource increase and the discovery of a new target structure, foreseeing significant growth potential for the company. Georgina is actively pursuing an exploration permit, aiming to secure a 100% working interest in EPA155. This strategic move aligns with the company’s commitment to advancing low-risk projects focusing on helium, hydrogen, and natural gas in Australia.
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