Georgina Energy plc is pleased to announce the publication of its audited results for the year ended 31 January 2025 ("FY 2025"). A copy of the full annual report and accounts can be found on the Company's website at www.georginaenergy.com and a summary is outlined in the Appendix.
Highlights:
- Successful RTO of Mining, Minerals and Metals PLC and raise of £5 million in July 2024
- Significant resource upgrade at Hussar of approx. 20% and extension of resource area by 50km2
- Terms agreed to acquire 100% of Mt Winter from Mosman Oil & Gas; subject to completion
- 15% increase of helium and hydrogen at Mt Winter following seismic reprocessing; included identification of further 60km2 structural closure
- Outlook:
o Hussar:
§ Formal drilling approval for Hussar expected within weeks following successful submission of majority of required documentation to DEMIRS; Environmental Management Plan ("EMP") of expanded area due to be lodged imminently
§ Subject to formal approval, long lead items will be ordered for Hussar, along with contractors secured
§ Extension of resource area may provide additional future well target sites
o Mt Winter:
§ Aboriginal Land Rights Act Agreement from Central Land Council expected imminently, following which 100% acquisition will be approved
§ Well Management Plan, detailed HSE plan and comprehensive EMP will be submitted to the Northern Territory Department of Mining and Energy ("NTDME")
§ Identification of second larger target structure within licence area offers significant future potential to increase production
o The Company is progressing negotiations following the completion of a detailed review for potential advanced prospects with proven drilled occurrences of gas with high concentrations of helium, hydrogen and hydrocarbons under relevant Confidentiality Agreements. These potential targets are slated for re-entry and development following the completion of developments at Hussar and Mt Winter.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"We are pleased to publish the audited FY 2025 and now look forward to lifting the suspension of trading subject to FCA approval in the forthcoming days. Whilst we understand the frustration of the recent suspension, Georgina continues to focus on multiple workstreams to fulfil obligations for the Hussar drilling permit approval and completion of the Mt Winter acquisition along with preparing the re-entry plans for Mt Winter. We look forward to providing further updates in relation to our efforts and would like to thank shareholders for their patience and support."
Filing of FY 2025 with the National Storage Mechanism (NSM)
The Company is now working to format the FY2025 accounts into a the iXBRL format required for filing with the NSM and this workstream has commenced. The Company anticipates filing FY2025 with the NSM in the forthcoming days and subsequently requesting the lifting of suspension of the shares to trading by the Financial Conduct Authority.
Appendix
The Appendix contains the key reports and statements for FY2025. Please refer to the full annual report with regard to the notes to the accounts.