Georgina Energy (GEX) has posted interim results for the six monts to July 2024. The numbers are somewhat academic, since the company as it is now constituted only came into existence following the completion of a reverse takeover and listing on the official list on 30th July.
Nonetheless, the figures as laid out in the accounts show a loss of £3.3 million in the six months to July, and just a couple of hundred thousand in the bank.
Since then, of course, Georgina has raised £5 million, and has been actively pursuing the agenda it set out in its July 2024 prospectus.
At the Hussar project in Australia, the company has commenced applications for the approval of a drilling permit and engaged contractors to undertake the re-entry of the Hussar 1 well.
Seismic data made available to the company by the Australian government department DEMIRS has provided a basis for more detailed seismic mapping results and better seismic sections through the well resulting in an overall increase of approximately 20% unrisked 2U prospective recoverable resource estimate at Hussar.
The numbers now stand at 185 billion cubic feet of helium, 205bcf of hydrogen, and 1.9tcf of hydrocarbons.
Directors and management will be on site together with the company's contractors in November 2024 to undertake a site inspection ahead of the site preparation works and drilling program to commence in December 2024.
Meanwhile, at Mt Winter, Westmarket Oil & Gas has received a formal request as the operator of the Westmarket /Oilco Farmin partnership to meet the Traditional Aboriginal Landowners to present the company's plans for exploration, development and re-entry.
The company will seek the consideration of the traditional aboriginal landowners to the granting of the exploration permit EPA155. Should the traditional landowners consent, the Company will expedite its commitments under the farm-in agreement to earn its initial 75% interest.
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Not much can be read into the financials here, but it’s good to see Georgina making progress towards drilling. At Hussar, drilling should be underway within two months, and the upside on offer is significant. It should be an exciting time.