RE: Just filter them all30 Dec 2024 11:23
Georgina Energy (LON:GEX) is developing a set of assets highly prospective for helium and hydrogen in Northern and Western Australia’s vast Amadeus and Officer Basins.
The company, which joined the LSE Main Market in July, holds a 100pc interest in the Hussar Prospect, and has an option to earn a 75pc interest in the Mount Winter Prospect, with the potential to reach 90pc. Together the two ventures cover 3,951 km2 in Western Australia, a region with proven gas potential.
The Hussar Prospect hosts unrisked 2U Prospective (Recoverable) Resources of some 155 BCFG (155 million MCF) of helium, approximately 173 BCFG (173 million MCF) of hydrogen, and around 1.75 TCFGE (Trillion Cubic Feet Equivalent) of hydrocarbons, making it one of the most potentially lucrative resource basins in the Asia Pacific region.
The Mount Winter Prospect hosts unrisked 2U Prospective (Recoverable) Resources of circa 148 BCFG (148 million MCF) of helium, around 135 BCFG (135 million MCF) of hydrogen, and some 1.22 TCFGE (Trillion Cubic Feet Equivalent) of hydrocarbons. The Mt Winter-1 well was drilled in 1982 to a total depth of 2,650 metres, but did not penetrate the subsalt Heavitree Formation in the region’s Amadeus Basin, the then targeted reservoir, reaching total depth in salt just above it. When penetrated by historic drilling, the Heavitree Formation has flowed gases with unusually high concentrations of both hydrogen and helium, up to 11pc hydrogen and 9pc helium, among the top 5pc of concentrations so far discovered anywhere in the world. GEX is targeting the analogous subsalt Townsend Formation, also in the Amadeus Basin.The Dukas 1 well recently drilled by Santos in the Amadeus Basin, close to the Heavitree Formation, has reported high concentrations of helium and hydrogen.
GEX has an off-take MoU applicable to both Mt Winter and Hussar with Harlequin Energy, although the non-exclusive agreement permits GEX to hold discussions with other potential parties. GEX raised a gross £5m on IPO to support its current programme of work, £2.5m contributed by directors.
By mid-August GEX was ready to announce details of its Well Re-development Programme, which plans to extend the original well drilled in 1982 from 2040 metres to 3400 total depth metres, seeking to penetrate the targeted Townsend Formation.
A November operations update reported the company was completing the required process for engineering design, HSE and environmental approvals and meeting its obligations under the Native Title Land Access agreement. GEX has advanced negotiations to secure the consent from traditional aboriginal landowners necessary to farm-in to the 75pc interest in the Mt Winter Prospect, and has been advised that ratification of traditional owners approval of the granting process for Mt Winter project is ‘anticipated to complete in December 2024’.