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Well the RNS says that Central Petroleum have terminated the agreement but it doesn't really matter. As I have posted earlier Hussar is very unlikely to be a one drill campaign, especially looking at the drills in the US where multiple drills are going into each helium play and the same for Mt Winter when they get round to it.

No need to raise £7M, no need to hand over 25% of the shares to Central Petroleum. Full steam ahead with fully funded Hussar.

Sensational news - which I would like to take full credit for - more later.

https://www.investegate.co.uk/announcement/rns/georgina-energy-plc--gex/termination-of-share-purchase-agreement-/9554792

StockFlopStar

…I sent an email last night again to GEX which which Anthony responded with a generic “that’s price sensitive and I can’t answer those questions” - I’ll post the email later when I’m back at my laptop so people can make their own mind up

any chance of seeing the email??

This is a real sad case share. It's so frustrating. And it's been like this all the way through. Why can't they just get on with the Hussar drill. I think they are gradually going to drive all the shareholders bonkers. What a shame.

ATB

I think that if Wallace and Grommet were intent on filling their pockets with shareholders cash then the share price would be more like 50p or £1. They not getting much with the current share price and m/cap.

I don't give a f*ck who is going to drill Mt Kitty. All I want to know is whether they are going to drill Hussar because they certainly won't be able to drill it without a rig and it doesn't look as if they have got a contract signed as yet and time is ticking by.

I'll re-post my post of 11.46 so it reads correctly and there is no more confusion.

Looking into the acquisition in more detail it transpires that Mt Kitty is not due to be drilled until July 2027 - and knowing GEX that deadline will probably be missed by a year or two - so there is no need for GEX to raise any funds as yet or to issue the shares to CTP. Besides the transaction will need approval from the Northern Territory Department of Mining and Energy who will probably take a year or more to get that done so again there is no rush or even any need to bother with it for now which begs the question: why are the joint partners not getting the rig contract signed for the Hussar drill/re-entry and the preparation work underway???

One simple RNS to say that the Hussar rig contract has been signed and that the work is underway could see the share price up to 10p within days. Come on you dozy gits - buck your ideas up please.

Sorry in my post I meant why are they not getting on with the Hussar drill/re-entry...........

So if they can't get on with the acquisitions due to approvals, etc then maybe it's about time they got the Hussar drill underway. And looking at what happened at HE1 pre their first drill then even with the ridiculous number of extra shares in issue (now 165 million) a £50M m/cap will be a share price of 30p and £100M will be 60p. Either will do - but then a very modest 10p or 15p will be quite enough to get everyone back in profit here.

Let's face it that raise was a shocker - but it's still okay as long as they just get on with the rig contract and getting the prep work done for the drill/re-entry.

Looking into the acquisition in more detail it transpires that Mt Kitty is not due to be drilled until July 2027 - and knowing GEX that deadline will probably be missed by a year or two - so there is no need for GEX to raise any funds as yet or to issue the shares to CTP. Besides the transaction will need approval from the Northern Territory Department of Mining and Energy who will probably take a year or more to get that done so again there is no rush or even any need to bother with it for now which begs the question: why are the joint partners not getting the rig contract signed and the preparation work underway???

One simple RNS to say that the rig contract has been signed and that the work is underway could see the share price up to 10p within days. Come on you dozy gits - buck your ideas up please.

Another part of this acquisition that I am not getting is that GEX are going to hand over 25% of the shares in GEX to Central Petroleum. That is fine when the m/cap is a few million but what happens if/when the m/cap goes up to say £100M (HE1 pre-spud) or £200M (Pulsar after a few drills)? At those m/caps GEX will have effectively handed over £25M/£50M for the acquisition which just doesn't work or make sense.

I would be quite happy here without the acquisitions, which quite basically stink. There is no way that they can do a deal with Central Petroleum considering the bad history between them and John Heugh.

I've just come across some info that is very odd. I am in contact with the company to discuss this and am waiting for a callback but think it is worth bringing it up here as well.

John Heugh is on the GEX board as the Executive Technical Director. I am pretty sure that is him with the grey beard pictured next to Hamilton on the Hussar site visit photos. I was also under the impression that he was on the board of Central Petroleum (CTP), either as the CEO or Chairman, and that the acquisitions with CTP were a sort of 'mates deal', maybe to repay John Heugh for suggesting the re-entry Helium play in the first place.

However, on looking into this further I have found that John Heugh is not on the board of Central Petroleum and he hasn't been for a number of years - 14 years to be exact - since he was ousted by his fellow directors in 2012. His removal was so acrimonious that it led to John Heugh taking the CTP board to an unfair dismissal tribunal that in 2014 resolved in John Heugh's favour and awarded him $1.6M in damages. A Google search under the name John Heugh will provide numerous articles on this matter and I have also provided a link here:

https://www.9news.com.au/national/central-petroleum-founder-wins-court-case/6e645224-c764-4587-9a8c-7ade8ace303e

What has this got to do with GEX you might ask. The question is with John Heugh on the GEX board and with his history of not getting on with the Central Petroleum board why the heck are GEX attempting to do an acquisition deal (Mt Kitty and Dukas) with CTP. They (CTP) would appear to be the one company that Georgina Energy would avoid like the plague and as for handing over 25% of the shares in GEX that would sound like a definite no.

As far as I can see the acquisition is unnecessary and is the only thing here that is still causing delays and the share price uncertainty and if the GEX board were to pull out of the acquisition it would be a great result as they have quite enough to keep them busy with the fully-funded Hussar and Mt Winter re-entries. Why take on any more - at least until they can prove that this concept is going to work. And certainly why work with a company that is a known enemy!!!

I will continue to try and contact GEX for comment.

Miker444

It is also pretty obvious that if GEX were really getting on with the preparations for the Hussar drill the share price would not be in the 2p/3p's.

Can anyone tell me is there an active Telegram Group for this company??

Miker444

I am as much a believer in this company as you and I have been here with an above average (for me) holding since the beginning but nothing has ever gone to plan and my holding has been substantially under water virtually the whole time. If ground works are underway than it is up to the company to inform the shareholders.

Regarding my first point the current sell price for say 500,000 shares is £20,500 and to rebuy the same amount £22,950.

Thoughts on the new interview:

Nick needs to be informed of the IG situation as I'm sure a fair percent of MDH holders are holding on this platform.

Rost 2 de-watering is a slow process and it will take several months to get to full production levels.

Is he the only one still working on $300/Mcf Helium? I thought the spot price had already gone up to nearer $1000/Mcf helium or is that everywhere on the planet except the US.

Dividends - dream on please.

So there was no point to the discounted placing price except to give John Story more cheap shares (are AEG that desperate for funding - no) or to just cause unnecessary dilution. 0.12p would have been fine.