Georgina Energy (GEX) , an Australia-focused natural resources explorer, has confirmed the 100% acquisition of EPA155 Mt Winter from Mosman Oil & Gas' subsidiary Oilco Pty. The EPA155 Mt Winter prospect is located in the Amadeus Basin, Northern Territory, Australia.
The consideration for EPA155 is AU$350k, to be funded from Georgina's existing cash reserves. Georgina previously held a 75% stake in EPA155, one of its core assets currently advancing toward permitting and production. Today's announcement confirmed the acquisition of the remaining 25% WI, giving GEX full ownership of EPA155.
GEX confirmed the transfer of a AU$50k deposit to Mosman as well as execution of ALRA agreements (Aboriginal Land Rights Agreement) to be filed with the Northern Territory government to secure the exploration permit. Upon grant of EPA155, GEX's subsidiary will pay Mosman the remaining AU$300k to complete the acquisition.
Georgina also said it has engaged a 3rd party to reprocess previously acquired seismic data for EPA155 and interpret all relevant horizons and basement details, which includes remapping the area. After this process is complete, GEX will submit a drill application, paving the way for well re-entry at Mt Winter.
Anthony Hamilton, CEO of Georgina Energy, commenting: "The execution of the share sale agreement to acquire 100% of the revised Mt Winter exploration permit has significant potential benefits to the Company. This deal further strengthens Georgina's portfolio and increases the potential shareholder value from this asset."
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Georgina has confirmed its full acquisition of the EPA155 Mt Winter prospect in the Amadeus Basin, Northern Territory, increasing its stake from 75% to 100%. With full ownership already secured for its other core asset, the EP513 Hussar prospect in the Officer Basin, Western Australia, this move brings Georgina's entire portfolio under 100% ownership.
Georgina is buying the remainder of EPA155 WI from Mosman for a relatively low price of AU$350k, which is in line with Mosmon's disposal strategy, having announced similar sales in January 2025. The deal will not affect GEX's permitting and development timeline for Mt Winter, while enabling 100% returns from any future production minus a modest 2.5% royalty.
As previously announced in December 2024, the grant of EPA155 to GEX has been greenlit by the Traditional Owners, with final approval by the government expected to take around 2 months. GEX will then initiate a full programme to take Mt Winter to a pre-drill stage. This includes finalising well design, site preparation, and pre-drill regulatory and operational requirements. Once the aforementioned reprocessing and interpreting of seismic data is complete, GEX will submit a drill application for the Mt Winter 1 re-entry.
By latest estimation, Mt Winter hosts unrisked 2U prospective resources of 148 bcfg of helium, 135 bcfg of hydrogen, and 1.22 tcgfe of hydrocarbons. GEX has engaged a 3rd party to do a comprehensive review of Mt Winter's resource potential, incorporating the most recent data, with a final report expected in March 2025.
Additionally, GEX is actively negotiating farm-in agreements with two major oil and gas companies, targeting other areas with proven high concentrations of helium, hydrogen and hydrocarbons. Subject to successful binding farm-ins, these additional targets will become priority areas following completion of work at Hussar and Mt Winter.
GEX remains fully funded for its Australian work programmes from its listing. GEX received c. £4.2m in August 2024 following its July 31, 2024 admission to trading on the LSE Main Market.
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