Georgina Energy plc, GEX.L is pleased to announce the progression of seismic data reprocessing and a comprehensive review of the resource potential for the Mt Winter Prospect within EPA 155, Northern Territory.
Prior to the approval from the Traditional Landowners and pending Ministerial approval, Georgina has engaged an Independent Competent Person to reprocess and remap the 2D seismic data, originally collated in 2002, in line with its farm-in obligations for EPA155 Mt Winter with Oilco Pty Ltd, a wholly owned subsidiary of Mosman Oil & Gas.
The previous CPR in the Company's prospectus cited potential net attributable 2U PRMS Prospective (Recoverable) Resources of 111 BCF Helium, (111 million MCF), 102 BCF Hydrogen, (102 million MCF) and 0.91 TCF natural gas. Subject to Georgina funding 100% of the first re-entry well, this 75% net attributable may increase to a 90% interest resulting in potential net attributable 2U Prospective (Recoverable) Resources of 133 BCF Helium, (132 million MCF), 122 BCG (122 million MCF) of Hydrogen and 1.1 TCF natural gas.
The Company plans to re-enter the Mt Winter 1 well, originally drilled in 1982 reaching a TD of 2,650m in the Gillen Salt, and extend the depth to c.3,400m to test the now targeted Helium, Hydrogen and natural gas potential in the subsalt Heavitree Formation reservoir.
On completion of the reprocessing and re-mapping of seismic data, a report will be tabled to the Company which will then be submitted to the partners for consideration. The partners will be finalising a Joint Operating Agreement ("JOA"), per the farm-in agreement, as Georgina completes its obligations to secure an initial 75% registered interest.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"In line with our strategy to achieve positive outcomes through well re-development, the reprocessed seismic data for Mt Winter will provide new and more accurate seismic contouring and profile mapping of the permit area within the Amadeus Basin. Peer group volumetric comparisons are overwhelmingly positive in favour of Georgina. Georgina remains focused on re-entering both the Hussar and Mt Winter wells as part of our program to develop low-risk helium, hydrogen and natural gas projects in Australia."
