RE: Georgina Energy IPO8 Dec 2021 22:27
HyperMarlin
In May 2020 Mosman entered into a Farmout Agreement with Westmarket Oil & Gas Pty Ltd, a wholly owned subsidiary of unlisted public company Georgina Energy Plc, a helium focused business. Westmarket will be responsible for Native Title negotiations required for the permit to be granted.
Westmarket will also undertake technical work in accordance with the permit work programme, and thereby earn a 70% working interest and become operator of the permit. Mosman will retain a 30% working interest in the permit. At the time of drilling of a well, Westmarket may elect to carry Mosman through the cost of the well and in that case would earn a further 15% working interest, in this scenario Mosman would retain a 15% working interest in the permit.