Georgina Energy PLC (LSE:GEX) reported a significant resource upgrade at its Mt Winter prospect in Australia’s Northern Territory on Thursday, following the completion of new seismic reprocessing and mapping by independent expert Maki Petkovski.
The updated assessment shows a 15% increase in net attributable 2U prospective recoverable resources of helium and hydrogen, and a 3% uplift in natural gas.
The revised figures assume Georgina’s current 75% working interest, which could rise to 90% if the company funds the full re-entry of the Mt Winter-1 well as planned.
The upgrade builds on a previously published competent person's report and confirms the scale of the subsurface potential at the site.
Georgina is now preparing to re-enter and deepen the existing Mt Winter-1 well to around 2,900 metres to target the Heavitree Formation, a known subsalt reservoir for helium, hydrogen and gas.
In a further boost to future exploration prospects, the company also identified a new 60 square kilometre structural closure northeast of the current prospect, offering a fresh drill target subject to further seismic work.
CEO Anthony Hamilton told investors: "We are very pleased with this outstanding 15% increase (helium & hydrogen) to the recoverable resources in our Mt Winter asset, as well as the identification of a second larger target structure within our existing permit area, which could provide significant potential to increase the resource.
"We anticipate receiving the grant of the exploration permit and are working well with the regulators of the NT DME.
"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."
Georgina said it is progressing negotiations for its exploration permit and, once finalised, will hold a 100% working interest in EPA155.