Georgina Energy (GEX) has raised £1.25 million through a placing of 10 million shares at 12.5 pence each, with the proceeds earmarked to advance its Mt Winter project and provide general working capital.
Investors will also receive one warrant for every placing share, with the 10 million investor warrants exercisable at 14 pence per share for five years from admission. The company will additionally issue 600,000 broker warrants exercisable at 12 pence.
In June, Georgina confirmed that it had agreed the terms of an Aboriginal Land Rights Agreement with the Central Land Council to facilitate the granting of exploration permit EP155, which hosts the Mt Winter prospect.
The agreement was set to be submitted to Traditional Owners for execution before being passed to the Northern Territory Department of Mines and Energy for formal granting. Georgina said it intends to expedite the re-entry and development programme for Mt Winter alongside its Hussar project in the Officer Basin, which is being prepared for drilling.
Mt Winter is located around 70km west of the Mereenie oil and gas field, which has been producing since 1984. Georgina has cited prospective recoverable resources at Mt Winter of 283 BCF of helium, 214 BCF of hydrogen and 1,734 BCF of hydrocarbon gas on a 2U/P50 basis.
The prospect also has an aerial closure exceeding 3,200 acres, with the company highlighting thick targeted Heavitree and fractured basement reservoir sections. The wider Amadeus Basin has demonstrated helium, hydrogen and hydrocarbon flows, including helium concentrations of up to 9% and hydrogen of up to 11.5% in the same subsalt reservoir section targeted at Mt Winter.
The latest funding provides Georgina with additional capital to move the project forward as it works towards securing EP155 and advancing its broader Australian exploration portfolio.
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The £1.25 million raise gives Georgina fresh funding at an important point for Mt Winter, following June’s progress on the long-delayed EP155 permit. With the proceeds specifically directed towards advancing the project, the company now has capital to progress the next stages of work on a prospect with sizeable helium, hydrogen and hydrocarbon resource potential.