Georgina Energy PLC (LSE:GEX) has updated on its Mt Winter project, in Australia's Northern Territory, where the company expects a first draft Aboriginal Land Rights Act (ALRA) agreement shortly.
The Central Land Council (CLC) has identified no major impediments, the company said in a statement.
"The company remains confident in finalising the ALRA agreement, which will include the decision to accelerate the Mt Winter re-entry," said chief executive Anthony Hamilton.
"While the new Mereenie production agreement has caused a brief delay, we continue to work in partnership with the CLC and the Traditional Owners to expedite an agreement and unlock the expanded potential of EPA155.
Hamilton added: "Alongside this, following submission of our revised Environmental Management Plan also look forward to providing further updates regarding drilling permit approval at Hussar EP513."
The company, meanwhile, noted that recent seismic reprocessing and re‑mapping have expanded the target area, and noted a 38% uplift in estimates for 2U/P50 recoverable resources.
Two additional historical wells on EPA155 are under review for potential sequential re‑entry alongside Mt Winter‑1.
Georgina anticipates that the CLC will complete the ALRA agreement after its current work on a new Mereenie production agreement.
The Mereenie field is about 70 km east of the Mt Winter re‑entry project and has produced 17 million barrels of oil and around 280 billion cubic feet of gas since 1984.