Georgina Energy PLC (LSE:GEX) told investors that it remains confident in achieving its objective with the Hussar and Mt Winter projects, in Australia, as it reported delay amid poor weather and the impact of expanding its project size.
The company, in a statement, noted that it was now revising its Environmental Impact Report (EIR) for Hussar to reflect an expanded area of 350 square kilometres.
Meanwhile, this work requires an extra visit to the site which is impacted by adverse weather in the region.
Georgina Energy expects to file a revised EIR and its existing Heritage Report to the authorities within 60 days, ahead of being approved and permitted for drilling.
Meanwhile, the explorer added that its consultants are presently analysing and reassessing 2D seismic data for Mt Winter with a view to a new report on the project’s resource potential – with the report due in March.
Separately, a revised draft scoping study, with updated capital and operating costs, is anticipated in February.
At the same time, talks are continuing between the project partners with a view to reaching a joint operating agreement for the project.
"We are very pleased the Hussar opportunity is bigger than initially thought, and all within our existing asset area,” chief executive Anthony Hamilton said in a statement.
“However, while unforeseen weather and revisions of the Environmental Impact Report have shifted our timeline, we remain systematically focused on unlocking the significant value potential of our assets.
“This temporary shift does not alter our long-term vision or strategy, and we remain confident in achieving our objectives at Hussar and Mt Winter."