Georgina Energy Reports Resource Upgrade at Mt Winter Prospect
Georgina Energy PLC (LON: GEX) announced a substantial upgrade to its resource estimates at the Mt Winter prospect in Australia’s Northern Territory on Thursday, following the completion of advanced seismic reprocessing and mapping by independent expert Maki Petkovski.
The updated assessment reveals a 15% increase in net attributable 2U prospective recoverable resources of helium and hydrogen, alongside a 3% rise in natural gas volumes.
These figures are based on Georgina’s current 75% working interest in the project, which could increase to 90% should the company proceed with funding the full re-entry of the Mt Winter-1 well, as currently planned.
The upgrade builds on a previously published Competent Person’s Report and reinforces the scale of the subsurface potential at Mt Winter.
Georgina Energy is now preparing to re-enter and deepen the existing Mt Winter-1 well to approximately 2,900 metres, aiming to reach the Heavitree Formation—an established subsalt reservoir known to host helium, hydrogen, and natural gas.
In a further boost to the company’s exploration outlook, Georgina has identified a new 60 square kilometre structural closure northeast of the current prospect. This newly mapped feature presents a promising future drill target, pending additional seismic analysis.
Commenting on the development, CEO Anthony Hamilton said to investors: “We are very pleased with this outstanding 15% increase (helium & hydrogen) to the recoverable resources in our Mt Winter asset, as well as the identification of a second larger target structure within our existing permit area which could provide significant potential to increase the resource.
We anticipate receiving the grant of the exploration permit and are working well with the regulators of the NT DME. Georgina remains focused on re-entering both the Hussar and Mt Winter wells as part of our program to develop low-risk helium, hydrogen and natural gas projects in Australia.“
