Georgina Energy PLC (LSE:GEX) CEO Anthony Hamilton talked with Proactive about the company's latest progress, including the near-completion of the purchase of the Mt Winter permit in the Northern Territory. Hamilton highlighted that acquiring 100% control of the project offers Georgina Energy complete autonomy over its operations, eliminating external influences.
He explained, "We've ended up with 100% control, 100% control of our destiny, and the program that we want to undertake isn't subject to anybody else's influence." This transition from a joint venture to full ownership allows the company to streamline its strategic objectives, particularly regarding the EPA155 permit.
Hamilton detailed the process following the share sale agreement execution, including awaiting the Aboriginal Land Rights Agreement (ALRA) and the subsequent ministerial approval. Once granted, Georgina Energy will proceed with its drilling approval application alongside a comprehensive resource revaluation.
The discussion also touched on the company’s Western Australia Officer Basin operations, where severe weather, including a major cyclone, has delayed the Environmental Impact Study (EIS). Despite these challenges, Georgina Energy remains focused on maintaining its 60-day EIS completion target.
Proactive: Tony, very good to speak with you. You've announced that you are close to completing the purchase of the Mt Winter permit in the Northern Territory. So, a significant milestone for the company.
Anthony Hamilton: Yes, thanks, Stephen. Yes, when we signed the original agreement, we had to pay the A$50,000 deposit, which we did within the required period of time. Then we had 60 days to complete a share sale agreement, which we've done ahead of schedule. We've both executed the share sale agreement, which will allow Georgina to acquire 100% of the issued capital of Oil Co, which holds the permit application for EPA155.
Proactive: So, what are the next steps? Because you also talk about the granting of the Aboriginal land rights agreement, Tony. And I suppose that's another important factor to consider.
Anthony Hamilton: Yeah. In terms of the process, this was the key element—the signing of the agreement—because that potentially contracted the sale. The next step was we signed a confidentiality agreement, which then allowed the CLC to send us the ALRA, which stands for Aboriginal Land Rights Agreement. We expect that to be completed fairly shortly. Once the ALRA is completed and signed, it gets submitted to the minister, and then the minister grants the permit. That's the process.
Proactive: And then you submit a drilling approval application at the same time as that, Tony?
Anthony Hamilton: So what happens is, once the minister grants the permit, we have to pay Mosman the balance of the proceeds to A$300,000. At the same time, because we're currently undertaking a complete revaluation of the resource, that, along with our drilling proposed re-entry program, will then be submitted, and we'll be seeking drilling approval from the minister at the same time.
Proactive: Tony, could you maybe just tell us how this deal strengthens your portfolio and increases value for your shareholders?
Anthony Hamilton: Well, obviously, the original deal was a farm-in joint venture. We currently have 75% of it. We up to the next stage, Mosman had the right to contribute. Ultimately, we would go to a maximum of 90%. There was always, and there's the usual thing, you're operating under a joint venture. So, we would have had to execute a JOA—a joint venture access agreement, or operating agreement.
And you will have other parties who you have to answer to. So, in this respect, for what I believe to be a very good consideration, we've ended up with 100% control, 100% control of our destiny. And the program that we want to undertake isn't subject to anybody else's influence.
Proactive: Tony, you've also given an update on developments in Western Australia's Officer Basin. Can you tell us what's planned there?
Anthony Hamilton: Yeah. Unfortunately, Mother Nature seems to have taken a dislike to northwestern Western Australia. We've just had a major cyclone come through. Prior to that, we'd actually had, would you believe, 274mm of rain in 24 hours. So, it is the wet season up there now. Our original program was that we had the window in December when, for the past 80 years, it has been safe, but we've obviously had the worst weather event in 80 years starting in December.
In fact, myself and my operations director and other technical staff, we were stuck for quite seven hours on a flooded road, and it just got progressively worse. So, we were hoping that we would be able to engage in the EIS, the environmental impact study number two. We actually had people on the ground up there, and actually three days ago, one of our consultants went out and looked at the airstrip.
But the airstrip is not safe to land a plane on because we thought we might even fly the people out there. So, as it stands right now, we're still looking to get our EIS done within the 60-day window. I suspect there will be a further announcement on the operational update of Hussar, once the weather clears and we can get everybody out there safely to complete the EIS two survey.
Proactive: Let's hope the weather improves there, Tony. I hope you'll keep us posted on developments on both of those fronts. Thank you very much for the update today.