Georgina Energy Plc, GEX.L is pleased to announce the following EP513 Hussar resource upgrade.
The Company is pleased to confirm receipt of an updated addendum to the CPR of May 23, 2024 (available on the GEX website) from an Independent Competent Person following the synthesizing of new seismic data, which greatly improves our understanding of the deeper structure at Hussar. The Independent Competent Person is a practicing geologist and geophysicist with over 30 years of experience in both the hydrocarbon and energy industry as Head of Exploration of a highly successful producer and explorer.
Resource Scale of EP513 Hussar
· Georgina Energy engaged an Independent Competent Person to synthesise the new seismic data which forms part of the of the Company's submission to DEMIRS with its drilling permit application.
· New seismic data and mapping confirms the presence of a significant (300 km2) pre-salt structural closure at the depth of the target reservoir, the Townsend Formation.
· The resource estimates were revised using the deterministic method for calculations.
· The new seismic data recently made available to the Company by DEMIRS has enabled more detailed seismic mapping results and improved seismic sections through the well.
· The previous CPR assessment of the Hussar Prospect, published in the Company's prospectus, concluded that the prospect hosts unrisked 2U Prospective (Recoverable) Resources of c.155 BCFG (155 million MCF) of helium and c.173 BCFG (173 million MCF) of hydrogen, and c.1.75 TCFG of hydrocarbons.
· The revised Competent Person's estimates unrisked 2U Prospective (Recoverable) Resources of c.196 BCFG (196 million MCF) of helium and c.218 BCFG (218 million MCF) of hydrogen and c.2.030 TCFG of hydrocarbons, representing an overall increase of approximately 20%.
· The new mapping has identified a structure of a greater aerial extent than previously mapped. Georgina intends to complete its own interpretation of the seismic database, based on a newly enhanced reprocessing approach.
· The Company will be on site in November to complete an environmental survey with the Traditional Landowners; a requirement of the granting of the drilling approval to re-enter the Hussar 1 Well in December 2024 which was originally drilled to a depth of 2,040 metres. The Company plans to extend the depth to approximately 3,200 metres to penetrate the subsalt Townsend target reservoir, which potentially hosts significant accumulations of helium, hydrogen and natural gas.
· The Company (as the approved nominated Operator) and Aztech Well Construction are currently preparing to submit all the required documentation for drilling approvals from DEMIRS which will include the remapped seismic and November preparatory site inspection report.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"We are delighted with the significant increase of resources at Hussar. Our planned preparatory site visit in November, followed by the commencement of operations in December, marks the realisation of a 5-year journey for the Georgina team. Alongside this, as we continue to make progress towards obtaining the relevant drilling approvals for Hussar we continue towards fulfilling requirements for the formal granting of EPA155 in the Northern Territory, the Mt Winter Prospect representing, the next stage in our development program. Our goal remains to achieve a positive outcome with our low-risk projects in Australia."
