Georgina Energy PLC (GEX) has executed a confidentiality agreement with a well-established Australian-listed oil and gas company with Australian onshore gas production assets.
The agreement covers Georgina’s well re-entry programme at the Hussar and Mt Winter helium and natural gas projects, both in Australia, on which several targets have already been identified.
Georgina has reached out to various parties to determine interest in either a farmout or direct interest.
The purpose of the agreement is to evaluate the potential acquisition or farm-out of certain permits between the parties, subject to formal agreements. The agreement is for a 24 month period from the date of execution.
"The execution of this agreement with a well-established, production company with Australian onshore gas assets and significant acreage, provides Georgina with exciting potential opportunities for growth following the development of Hussar and Mt Winter,” said Anthony Hamilton, chief executive of Georgina Energy.
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Georgina stated its intention to reach out to potential farm-in partners earlier this month, and it has wasted no time in following up. There was clearly a significant level of interest and, although a confidentiality agreement is only a preliminary step, there is now a clear path opening up towards the next stages of work at Hussar and Mt Winter. The shares rose 2.5% in early trading, following the news.
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