Georgina Energy PLC (LSE:GEX) chair, Peter Bradley, in audited final results for 2024, out today, told investors that the team is “steadily building the foundations of a company capable of delivering long-term value in a low-carbon future”.
The current financial year, meanwhile, will be pivotal, he added as the company maintains its primary focus on delivering the maiden drilling campaign at the Hussar project, in Western Australia.
Drilling at Hussar would be a key milestone and could unlock significant value, Bradley added.
“We remain confident in the long-term demand for natural gas, particularly as a key enabler of energy transition in both domestic and regional markets,” he said in the results statement.
“Our asset portfolio is strategically located in a region with supportive infrastructure and growing demand, offering a strong potential pathway to commercialisation.
Bradley added: “Discussions with potential off-take parties continue to progress, and we remain open to strategic partnerships that can accelerate our path to development while managing risk and capital exposure.”
Highlights of 2024
Today’s report covered the financial year in which Georgina completed a reverse takeover and raised £5 million in July 2024, and, in the period, it also delivered a significant resource upgrade at Hussar (which grew by around 20%).
It also acquired the Mt Winter project from Mosman Oil and Gas. At Mt Winter, an Aboriginal Land Rights Act Agreement is expected soon, triggering acquisition approval. The company will then lodge a Well Management Plan, a detailed HSE plan and a comprehensive EMP with the Northern Territory Department of Mining and Energy.
In the field, at Mt Winter, seismic has identified helium and hydrogen potential, and other larger but untested structures also offer further upside.
In terms of financials, the pre-revenue exploration company reported a £5.4 million loss for the year.