LONDON - Georgina Energy PLC (GEX.L), an Australian helium and hydrogen exploration company, has announced the acquisition of a 100% interest in the exploration permit EPA155, known as Mt Winter, from Mosman Oil & Gas' subsidiary Oilco Pty Ltd. The transaction, valued at AU$350,000, will be funded from Georgina's cash reserves.
The deal aligns with Mosman's strategy to exit from the Amadeus (BME:AMA) Basin, following similar dispositions earlier this month. Georgina Energy will take on full ownership and is responsible for future production, paying a 2.5% royalty to Mosman and additional royalties to the Northern Territory Government and the Central Land Council.
Anthony Hamilton, CEO of Georgina Energy, expressed satisfaction with the agreement, emphasizing the potential benefits and value to shareholders. He assured that the change in ownership would not impact the development timeline for Mt Winter.
The acquisition terms include a deposit of AU$50,000 upon signing the formal Sale and Purchase Agreement, with the remaining AU$300,000 payable once the exploration permit is formally granted. The company's next steps involve seismic reprocessing and remapping, followed by an application for drilling approval for the Mt Winter 1 re-entry.
Georgina Energy continues to work towards drilling approval from the Department of Mines, Industry Regulation and Safety (DEMIRS) for the Hussar prospect in the Officer Basin, targeting helium, hydrogen, and natural gas over an area of approximately 350 km².
The company is also negotiating the pre-grant Aboriginal Land Rights Act Agreement and will file a formal notice with the Northern Territory Department of Mining and Energy to secure the exploration permit. Once granted, Georgina's interest will be registered in accordance with the Sale and Purchase Agreement.
This strategic move is part of Georgina Energy's broader aim to establish itself as a significant player in the global energy market, focusing on helium and hydrogen production. The company's portfolio also includes the Hussar Prospect in Western Australia, where it holds a 100% working interest in the exploration permit.
The information in this article is based on a press release statement from Georgina Energy.
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