Georgina Energy PLC (LSE:GEX) has identified new potential targets for its well re-entry and development program within Australia's Centralian Superbasin.
The helium and hydrogen expiration and development group is evaluating 10 priority targets out of 168 plugged and abandoned wells in the Amadeus and Officer Basins, regions spanning 2 million square kilometres of Neoproterozoic to Cambrian sediments.
These wells may yield significant volumes of helium, hydrogen, and natural gas.
As part of its evaluation process and re-entry strategy, Georgina has inked a confidentiality agreement with an established Australian oil and gas exploration and production company. The two top candidates for re-entry will be selected based on ownership and rights.
In a stock exchange announcement, it also provided updates on its core Hussar and Mt Winter prospects. Approval has been sought to extend the depth of the Hussar 1 well from 2,040 meters to around 3,400 meters to explore the subsalt Townsend Formation. As previously confirmed, drilling operations are expected to begin in December.
Georgina is awaiting approval following a meeting with Traditional Aboriginal Landowners on September 11, to proceed with re-entering and deepening the Mt Winter well. The goal is to reach the subsalt Heavitree (AIM:HVT) formation, testing for helium, hydrogen, and natural gas.
"While our main focus is the commencement of drilling at Hussar before year-end, for which we are fully financed, and the award of the Mt Winter Exploration Permit, we are excited about the possible additions of complementary well re-entry projects," said CEO Anthony Hamilton.
"We look forward to keeping our shareholders informed, with several updates expected in the coming weeks and through to the commencement of drilling of Hussar."
Additionally, Georgina extended its non-exclusive off-take memorandum of understanding with Harlequin Energy for another 12 months, while keeping discussions open with other potential partners.