Georgina Energy updates on Hussar and Mt Winter projects, advances scoping study and farm-in talks
() , an Australia-focused natural resources explorer, issued an operational update on its flagship projects - the EP513 Hussar prospect in the Officer Basin, Western Australia, and the EPA155 Mt Winter Prospect in the Amadeus Basin, Northern Territory.
completed a preliminary site inspection at its 100%-owned Hussar EP513 prospect earlier in December, paving the way for well re-entry. As previously announced, the process of securing a drill permit from DEMIRS (Australian mining regulator) is rapidly advancing, with anticipating approval shortly after DEMIRS reopens on January 3, 2025. also said adverse weather conditions at the site had restricted site access, causing a temporarily pause on activities.
also updated on its seismic reprocessing programme at Hussar, which has now remapped the greater Officer Basin, resulting in a significant expansion of the structural closure, and revealing additional development opportunities within the field. The data has been submitted to DEMIRS in support of 's application.
also reported good progress at its other core project, the EPA155 Mt Winter prospect in the Amadeus Basin, Northern Territory. As previously announced, the grant of EPA155 to has now been greenlit by the Traditional Owners, with final approval by the government expected to take 2-3 months. said it has engaged 3rd party consultants to review Mt Winter's existing resource potential after finishes remapping previously acquired 2D seismic data.
Anthony Hamilton, CEO, commenting: "This has been a busy and productive period for Georgina as we focus on multiple workstreams to fulfil obligations for both Hussar & Mt Winter. We have achieved a successful outcome at Mt Winter and successfully completed a preliminary site visit in support of the drilling approval for Hussar. Despite challenges from severe weather, we continue our efforts to unlock the significant value potential of our assets."
View from Vox
Georgina continues to advance permitting and preparations for its two core assets in Australia, the EP513 Hussar and EPA155 Mt Winter. Despite the temporary delay due to adverse weather conditions in the area, both prospects are firmly on track for development next year, targeting significant prospective resources of natural gas, hydrogen and helium. Recently, Hussar received a 20% resource upgrade while both projects are expected to materially benefit from 2D seismic data reprocessing.
Looking ahead, investors can expect a scoping study for both assets that will provide capital, operating cost, and revenue estimates. has already received the first draft of the study, focused on the development of a large-scale gas separation and purification plant at Hussar, including evaluations of production profitability.
Hussar is considered one of the most lucrative resource basins in the Asia-Pacific region. Following the resource upgrade, the asset is estimated to host unrisked 2U prospective resources of 196 bcfg of helium, 218 bcfg of hydrogen and 2.03 tcfg of hydrocarbons. Once commenced, Hussar's well re-entry process is expected to take approximately 50 days.
Similarly, Mt Winter hosts unrisked 2U prospective resources of 148 bcfg of helium, 135 bcfg of hydrogen, and 1.22 tcgfe of hydrocarbons. After Mt Winter's permit is granted, will initiate a full programme to take it to a pre-drill stage. This includes finalising well design, site preparation, and pre-drill regulatory and operational requirements.
Additionally, is actively negotiating farm-in agreements with two major oil and gas companies, targeting other areas with proven high concentrations of helium, hydrogen and hydrocarbons. Subject to successful binding farm-ins, these additional targets will become priority areas following completion of work at Hussar and Mt Winter.
remains fully funded for its Australian operations from its recent listing. received c. £4.2m in August following its July 31, 2024 admission to trading on the LSE Main Market.
Follow News & Updates from Georgina Energy:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.