22 January 2025
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")
Acquisition of EPA155 Mt
Winter Interest
Georgina Energy Plc, GEX.L, a helium, hydrogen and natural
resources development company in Australia, is pleased to announce
that it has reached an agreement to acquire 100% of EPA155 (Mt
Winter) held by Mosman Oil & Gas' subsidiary Oilco Pty Ltd,
subject to the execution of formal Contracts of Sale.
The purchase consideration for the
deal is AU$350,000, which will be funded from Georgina's current
cash reserves. This exit from the Amadeus Basin is in line with
Mosman's strategy, having announced similar disposals earlier in
the month. The deal allows Georgina to continue as planned with
preparations ahead of being granted the exploration permit for Mt
Winter. Under this agreement, Georgina is entitled to 100% of the
returns from any future production, less a modest 2.5% royalty to
Mosman. Additional production royalties will include 10% of sales
receipts, less certain deductions, to the Northern Territory
Government under the Petroleum
Royalty Act 2023 NT, and c.3-4% (negotiable) on the same
basis to the Central Land Council, benefiting the relevant
Traditional Owners.
Georgina remains fully funded and is
working towards drilling approval from DEMIRS and drilling the
Hussar prospect in the Western Australian Officer Basin where it is
targeting a massive prospect of c.350 km2 for helium,
hydrogen and natural gas.
In relation to the Mt Winter
(EPA155) project, the Company is currently negotiating the
execution of the pre-grant Aboriginal Land Rights Act Agreement
("ALRA Agreement"). The Company's lawyers will file a formal notice
with the Northern Territory Department of Mining and Energy (DME)
under the Petroleum Act 1984 (NT) to secure the granting of the
exploration permit. Upon the granting of the exploration permit,
and in accordance with the Sale and Purchase Agreement between
Oilco and Westmarket Oil and Gas, the Company's 100% interest will
be registered. The Company will then proceed with the planned
seismic reprocessing and remapping prior to submission of an
application for drilling approval for the Mt Winter 1
re-entry.
Anthony Hamilton, Chief Executive Officer of Georgina Energy,
commented:
"The agreement to acquire 100% of the revised Mt Winter
exploration permit has significant potential benefits to the
Company for a very reasonable price. I'd like to thank the Mosman
team for their co-operation to this point, working together to
accomplish our respective objectives. This deal further strengthens
Georgina's portfolio and increases the potential shareholder value
from this asset. This slight change in the ownership structure will
not affect our expected timeline to develop Mt Winter and we are
progressing well with the outstanding
requirements."
Terms of Agreement:
· Purchase consideration AU$350,000 cash for the purchase of the
total interest of EPA155 to be funded from current cash
reserves.
· Royalty of 2.5% of gross sales from the well head.
· Deposit of AU$50,000 cash on execution of the formal Sale and
Purchase Agreement.
· Balance of AU$300,000 cash payable on formal granting of
EPA155 exploration permit.
· The
farm-in agreement between the Company and Mosman will be superseded
by the purchase
· The
Company will no longer require a Joint Operating Agreement ('JOA")
between the Joint Venture parties upon the successful completion of
the Sale and Purchase Agreement.
END
Enquiries
Georgina Energy
Tony Hamilton via
georginaenergy@apcoworldwide.com
Mark Wallace
Tavira Financial Ltd - Financial Adviser and Joint
Broker
Jonathan Evans
+44 (0)20 3833
3719
Oliver Stansfield
Oak
Securities - Joint Broker
Jerry Keen
+44 (0)203 973
3678
Henry Clarke
Dillon Anadkat
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.).