Proactive Investors - Georgina Energy PLC (LON:GEX) (formerly Mining, Minerals & Metals) has told investors it is on-track to get the greenlight for its planned natural gas, hydrogen, and helium well programme in Australia.
In a statement on Thursday, that coincided with confirmation of the company’s name change, the company said it has lodged all necessary regulatory submissions through its wholly owned subsidiary, Westmarket Oil & Gas.
It has now also hired contractor Aztech Well Construction to project manage the well re-entry programme.
Georgina is seeking permission from Australia’s Department of Energy, Mines, Industry Regulation & Safety (DEMIRS) to re-enter and re-drill an existing well to ‘unlock’ the low-risk, high-potential project.
Georgina Energy has also engaged an independent environmental consultancy to perform the required assessments. And, it is finalising risk assessments and contingency plans before submitting its drilling approval application.
Preparations for site work and civil construction are also in progress.
On the desktop, new seismic data is being analyzed to enhance the structural mapping of the Hussar prospect, potentially unlocking significant resources.
"Georgina Energy remains on track to obtain its re-entry and drilling approvals from DEMIRS, supporting our strategy of low-risk well re-development projects,” chief executive Anthony Hamilton said.
“These projects focus on unlocking prospective resources of natural gas, hydrogen and helium.
“The execution of the Aztech contract and the permit for the Hussar project is a crucial first step to proving our concept."
Read more on Proactive Investors UK
Is GEX truely undervalued?
With GEX making headlines, investors are asking: Is it truly valued fairly? InvestingPro's advanced AI algorithms have analyzed GEX alongside thousands of other stocks to uncover hidden gems with massive upside. And guess what? GEX wasn't at the top of the list.
Unlock ProPicks AI