Georgina Energy Gains 38% More Resource and Drilling Approvals for Key Helium and Hydrogen Projects

• Georgina Energy PLC announced a 37.8% increase in net attributable 2U Prospective Recoverable Resources at its Mt Winter project in EPA155, based on new fracture porosity assessments of the Heavitree Formation and basement granodiorite.
• The company received formal approval from Western Australia's Department of Mines, Petroleum and Exploration for its Well Management Plan covering drilling activities at the Hussar EP513 project.
• An Independent Geological Report highlighting significant incremental increases in fracture porosity in both the Heavitree Formation and prognosed basement granodiorite at Mt Winter.
• Georgina Energy now holds 100% ownership of the Mt Winter tenement following the execution of a Share Purchase Agreement, up from the previously projected 75% interest.
• The company is positioned to capitalize on growing global demand for helium and hydrogen through its two principal Australian projects: Mt Winter in the Amadeus Basin and Hussar in the Officer Basin.

Georgina Energy aims to become a leading player in the global energy market, focused on establishing itself among the top producers of helium and hydrogen worldwide. The company operates through its wholly owned Australian subsidiary, Westmarket O&G, which holds interests in two principal onshore projects. With a strategic approach and experienced management team, Georgina Energy seeks to capitalize on opportunities in these critical energy sectors, positioning itself to address the growing gap between supply and demand for hydrogen and helium resources.

Mt Winter Resource Upgrade Details

The Mt Winter project in EPA155 within the Amadeus Basin has experienced a substantial resource upgrade following new geological assessments. Independent consultant Maki Petkovski provided the company with an Independent Geological Report examining the fracture potential of the basement and Heavitree Formation at the Mt Winter Prospect.

The updated resource estimates show cumulative primary Heavitree Formation porosity, fractured Heavitree Formation, and fractured basement porosities totaling 234 BCF for Helium, 214 BCF for Hydrogen, and 1,734 BCF for Hydrocarbons, representing the 37.8% increase. The Heavitree incremental fracture porosity increase contributed 18.6% growth, while the basement incremental fracture porosity increase added 19.2%.

The resource increase stems from a fundamental shift in assessment methodology. Previous volumetric assessments of the Mt Winter prospect relied solely on primary granular porosity estimates of the targeted Heavitree Formation. The new assessment incorporates significant incremental increases in fracture porosity that have been identified in both the Heavitree Formation and the prognosed basement granodiorite.

Global Context and Comparable Projects

The significance of fracture porosity petroleum projects extends globally. The report notes that the enormous Bach Ho petroleum field in Vietnam is hosted by fractured granodiorite basement similar to that prognosed at the Mt Winter prospect in the Amadeus basement. This provides important geological precedent for the potential commercial viability of such formations.

Additionally, the prospectivity of fractured porosity plays in the Amadeus Basin is evidenced by previous drilling results. The previously short, drilled section of the fractured basement at Mt Kitty-1 in the Amadeus basin resulted in significant volumes of Helium (9%) and Hydrogen (11%) in 2014, supporting the geological model underlying the Mt Winter assessment.

Regulatory Milestone Achievement

Georgina Energy's subsidiary, Westmarket Oil & Gas Pty Ltd, received formal approval of its Well Management Plan for drilling activity at Hussar from the Western Australian Department of Mines, Petroleum and Exploration (DMPE). This approval covers the proposed drilling, well suspension or plug and abandonment, and care and maintenance activities.

The approval comes with specific conditions that reflect regulatory requirements for the project. The exploration and recovery of Helium is permitted only when it occurs as a mixture with hydrocarbons. Additionally, Westmarket must provide evidence of valid insurance cover for the drilling activity prior to the spudding of the Hussar-2 well.

Remaining Approval Requirements

While the Well Management Plan approval represents a significant milestone, final drilling approval remains contingent on additional regulatory clearances. Once Westmarket receives approval for the final expanded environmental management plans, and the final approval is granted as required under legislation pursuant to regulation 13(1)c of the RMAR (Resource Management and Administration Regulations), DMPE will issue the drilling approval.

Preparation of and access to the Hussar Well site cannot be undertaken until final expanded environmental management plans are approved as part of the drill approval. Following these approvals, the company will undertake repairs at the Hussar airstrip and access roads, and begin to construct drilling and camp location pads, as well as water wells.

In the company update, Chief Executive Officer Anthony Hamilton expressed satisfaction with the resource upgrade at Mt Winter, stating:

"We are delighted with a 37.8% increase in recoverable resources at Mt Winter, as it further justifies our hard work in bringing the asset to a pre-drill stage. Our technical team has been working tirelessly to complete drilling permitting and tenement applications for the the well re-entry programs for both Hussar & Mt Winter. The increase (Helium, Hydrogen and natural gas) to the potentially recoverable resources in our Mt Winter asset is regarded as a major milestone in our program to re-develop low-risk Helium, Hydrogen and natural gas projects in Australia."

Project Portfolio Overview

Georgina Energy is positioned to capitalize on growing market demand for both helium and hydrogen. The company's strategic approach leverages the experienced management team's expertise to identify opportunities in these critical energy sectors. With global supply-demand dynamics creating opportunities in the helium and hydrogen markets, Georgina Energy's resource portfolio addresses key market needs.

Regarding the Hussar drilling approval, Hamilton commented:

"Georgina's operations team has worked on all the required obligations for the Hussar drilling permit approval in cooperation with the indigenous community representatives. We await approval for our extended environmental plan, and look forward to receiving the final drilling approval once all obligations and approvals have been obtained."

The company's two principal onshore interests provide diversified exposure to helium and hydrogen opportunities. The Hussar Prospect is located in the Officer Basin in Western Australia, where Westmarket O&G holds a 100% working interest in the exploration permit. The EPA155 Mt Winter Prospect is situated in the Amadeus Basin in the Northern Territory, where Georgina Energy now holds a 100% working interest following completion of the Sale Agreement.

Investment Implications and Outlook

The recent developments at Georgina Energy present several key considerations for investors. The 37.8% resource upgrade at Mt Winter significantly enhances the project's economic potential, while the transition to 100% ownership provides greater control over development decisions and revenue streams. The regulatory approval for Hussar drilling activities moves the project closer to exploration and potential production phases.

The incorporation of fracture porosity assessments represents a more comprehensive understanding of the resource base, potentially indicating additional upside in future assessments. The global precedents cited in the geological analysis provide confidence in the commercial potential of the underlying geological formations.

For investors evaluating Georgina Energy, the company's dual-project approach provides diversification across different basins and geological settings, while the focus on helium and hydrogen aligns with growing global demand for these critical resources. The progression through regulatory approvals and the enhancement of resource estimates indicate operational momentum toward potential commercial development phases.