Georgina Energy Plc, GEX.L is pleased to confirm that following the successful meeting in Alice Springs on 11th September between the Central Land Council ("CLC") and the Traditional Owners ("TOs"), the CLC has been formally instructed to commence negotiations regarding the grant of the Company's selected priority area within the EPA 155 permit area, which includes the proposed Mt Winter 1 well target.
Meeting Approvals EPA155
Georgina, through its wholly owned subsidiary, Westmarket Oil & Gas Pty Ltd ("Westmarket"), has received formal written notification from the CLC that the Traditional Owners have approved and instructed the CLC to commence negotiations on the terms of an Aboriginal Land Rights Act NT (1976) ("ALRA") agreement to grant Georgina's selected priority area of EPA 155 which includes the proposed Mt Winter 1 re-entry well.
The Central Land Council (CLC) have notified the Northern Territory Minister for Mining and Energy and the Commonwealth Minister for Indigenous Australians of their decision.
The granting of EPA155 is subject to the formality of ratification of the forthcoming ALRA agreement by the Minister for the Department of Mining and Energy, the Hon. Gerard Maley.
The next key steps in the process are:
1. Submission of formal notice to DME
Following the execution of the Aboriginal Land Rights Act Agreement ("ALRA Agreement") the Company's lawyers will submit a formal notice to the Northern Territory Department of Mining and Energy (DME) pursuant to the Petroleum Act 1984 (NT) for the granting of a full exploration permit to the applicants, Oilco Pty Ltd ("Oilco").
2. Granting of Exploration Permit
Upon granting of the permit and pursuant to the terms of the Farm-in Agreement between Oilco and Westmarket Oil and Gas (a wholly owned subsidiary of Georgina), the Georgina Energy's interest of an initial 75% will be registered.
The expected timeline from the negotiation of the ALRA Agreement to the granting of EPA155 is anticipated to take approximately 2-3 months.
3. Farm-in Agreement Obligations
Upon the granting of EPA155, Georgina, as Operator, will pay Oilco the sum of $15,000, and will meet all other obligations pursuant to the Farm-in Agreement, including the requisite seismic reprocessing and analysis.
4. Negotiation of Joint Operating Agreement (JOA)
Upon the successful completion of the seismic reprocessing and analysis, the Company will also negotiate the terms of a Joint Operating Agreement ('JOA") between the Joint Venture parties.
5. Advancing Mt Winter to Pre-Drill Stage
Upon granting of EPA155, Georgina will initiate a full programme to take Mt Winter to the pre-drill stage. This includes finalising well design, site preparation, and pre-drill regulatory and operational requirements.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"The granting of the revised Mt Winter Exploration Permit with the prospect will be seen as a significant milestone and the result of hard work undertaken by the Georgina team, in particular, Mr Liddle OAM. We're very pleased to move forward with the development of Mt Winter, fulfil the outstanding requirements and pursue our low-risk, high-reward re-entry strategy."