Georgina Energy PLC (LSE:GEX) has begun seismic data reprocessing for the Mt Winter prospect within EPA155, Northern Territory, to evaluate helium, hydrogen, and natural gas resource potential.
The exercise aims to remap 2D seismic data originally captured in 2002.
The reprocessing initiative comes ahead of plans to re-enter the Mt Winter 1 well, subject to approval from traditional landowners and the relevant authorities.
The Mt Winter 1 well was initially drilled to a depth of 2,329 meters in 1982.
Looking ahead, Georgina aims to deepen the well to around 3,400 meters in order to tap the subsalt Heavitree (AIM:HVT) Formation which is seen as a promising reservoir for helium, hydrogen, and natural gas.
“The reprocessed seismic data for Mt Winter will provide new and more accurate seismic contouring and profile mapping of the permit area within the Amadeus Basin,” chief executive Anthony Hamilton said in a statement.
“Peer group volumetric comparisons are overwhelmingly positive in favour of Georgina.
“Georgina remains focused on re-entering both the Hussar and Mt Winter wells as part of our program to develop low-risk helium, hydrogen and natural gas projects in Australia."
Interim results
Separately, Georgina this morning also released its first set of interim results since it listed on the London Stock Exchange, via reverse takeover, in July. The small-cap exploration company raised £5 million in the process.
In this morning’s mandatory interim results statement, the company noted that it has in the three months since listing been actively pursuing its agenda set out in the prospectus.
This has included highlights such as the start of a process to apply for approval of a drilling permit at EP513 Hussar, as well as engaging contractors for the re-entry of the Hussar 1 well.
It also conducted a more detailed mapping of Hussar, using seismic data that was made available to the company. This resulted in an upgrade to the company’s estimate of the potential Hussar resource.
Georgina noted that in November it expects to meet with its contractors, for a site inspection ahead of preparation work for the Hussar drill programme which is slated to get underway in December.
“Georgina Energy aims to become a leading player in the global energy market and is focused on establishing itself among the top producers of helium and hydrogen worldwide,” Georgina chair Peter Bradley said in the interim results.
“With a strategic approach and leveraging the experienced management team's expertise, Georgina Energy aims to capitalise on opportunities in these critical energy sectors.”