Georgina Energy’s acquisition by Mining Minerals & Metals Plc recently updated on receiving provisional FCA eligibility to relist on the official list of the London Stock Exchange in July 2024 pending final approval & prospectus publication shortly. The first day of dealings is expected on 30 July 2024.
A helium and hydrogen company is set to join the stock market, providing a boost for the City. The Mail on Sunday reports that a reverse takeover of Georgina Energy by shell company Mining Minerals and Metals (LON: MMM) will be confirmed, with the deal expected to be completed by the end of June.
Six firms have listed in London this year, including another helium company, Helix Exploration. Helium is used in scientific research, medical technology, and the defence industry, while hydrogen can power vehicles, heat buildings, and generate electricity.
Georgina Energy, with projects in Australia, claims its resources are substantial enough to become a leading global producer of helium and hydrogen.
A competent person’s report estimates the in-situ value of helium, hydrogen, and natural gas at Georgina Energy’s site to be an astonishing $60 billion, with the entire asset base potentially surpassing $100 billion.
Strategically, Georgina Energy offers a low-risk approach by redeveloping existing wells with proven gas flow, aiming for significant production of helium and hydrogen—two gases crucial to the technology and green transition sectors.
Drilling is scheduled to begin in Q4. The acquisition depends on definitive agreements, successful fundraising, shareholder and regulatory approvals, and re-admission to the stock exchange.
Roy Pitchford, chairman of MMM, stated, “This acquisition has enormous potential to establish a leading hydrogen and helium producer that will compete globally. Georgina has made excellent progress with their highly prospective and low-risk projects in Australia, and we are nearing the conclusion of this transaction at a very opportune time in the market.
“We anticipate significant global demand for hydrogen, and there is already a supply squeeze in helium, making this an increasingly attractive deal for MMM.”
