GCIGeorgina Energy gets set to list in London, as reverse takeover goes to vote, first day of dealings set for 30th July
The deal also encompasses a £5m equity raise.
FCA approval for the prospectus was announced on 11th July, and assuming the plans are approved, the listing will take place on 30th July, the day after the general meeting.
The proposals shareholders will vote on include the issuing of 57.5m new shares to satisfy the acquisition cost, the raising of £5m in new money at a price of 12.5p per share, and the consolidation of the shares at a ratio of 1:5.
MMM will also change its name to Georgina Energy, and the board will be reconfigured to reflect the nature of the new business, although old-time resources specialist Roy Pitchford will stay on as a non-executive.
Georgina Energy is UK-domiciled company with highly prospective helium, hydrogen and natural gas development assets in Australia.
It has two principal onshore interests held through its wholly owned Australian subsidiary, Westmarket O&G.
The first, the Hussar prospect, in which Westmarket O&G holds a 100% working interest, is located in the Officer Basin in Western Australia.
The second, the Mount Winter prospect, is located in the Amadeus Basin in Northern Australia, which Georgina has a right to earn an initial 75% interest in, with the potential to reach 90%.
View from VOX
Nothing is ever certain in exploration, but there’s certainly plenty of upside on offer here.
Hussar, the first project to be drilled, has a potential in-situ value of US$55bn of combined helium and hydrogen as well as US$5.24 billion in-situ value of natural gas, according to the company’s official announcements.
They are less specific in dollar terms about Mount Winter, but it is known that hydrogen and helium are present in significant percentages in what’s known as the Heavitree Formation target.
Georgina has an initial programme to complete seismic and then re-enter the existing well to develop the gases, so there will be plenty of newsflow, and likely lots of market interest too – helium in particular has been grabbing headlines lately. So, one to watch.
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