Revised Resource Upgrade of 37.8% EPA155 Mt Winter
Mt Winter prospect resource estimate upgraded 37.8% to 1,734 BCF based on newly assessed fracture porosity in basement and Heavitree Formation.
- Mt Winter 2U (P50) Prospective Resources 1,734 BCF (prior 1,259 BCF)
- Resource upgrade 37.8%
- Heavitree Fm fracture porosity increment 234 BCF
- Basement fracture porosity increment 241 BCF
- Mt Winter ownership 100% (prior 75%)
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Georgina Energy plc, (GEX.L) wishes to advise further to its announcement on 7th May 2025 that Mr. Maki Petkovski, an independent consultant, has provided the Company with an Independent Geological Report ("IGR") regarding the fracture potential of the basement and Heavitree Formation at the Mt Winter Prospect in EPA155 within the Amadeus Basin, Northern Territory.
The resultant increase is 37.8% of net attributable 2U Prospective (Recoverable) Resources based on 100% ownership of Mt Winter, as defined in the table below.
| Report/Interest | Reservoir | P50/2U | P50/2U | P50/2U | Increase |
|---|---|---|---|---|---|
| He (BCF) | H (BCF) | HC (BCF) | (%) | ||
| 25.05.08 CPR Addendum 75% interest | Heavitree Fm primary porosity | 127 | 117 | 944 | - |
| Contracted 100% Ownership | Heavitree Fm primary porosity | 170 | 156 | 1,259 | |
| Contracted 100% Ownership | Heavitree incremental fracture porosity increase | 32 | 29 | 234 | 18.6 |
| Contracted 100% Ownership | Basement incremental fracture porosity increase | 33 | 30 | 241 | 19.2 |
| Contracted 100% Ownership | Cumulative Primary Heavitree Fm porosity, Fractured Heavitree Fm and Fractured basement porosities | 234 | 214 | 1,734 | 37.8 |
Note: All increases in PRRs are based on 100% ownership primary porosity Heavitree Fm levels.
A copy of the full IGR is available on www.georginaenergy.com/investors/results-reports-presentations/
The previous volumetric assessments of the Mt Winter prospect relied solely on primary granular porosity estimates of the targeted Heavitree Formation whereas significant incremental increases in fracture porosity have been assessed in both the Heavitree. Formation and the prognosed basement granodiorite.
The Resource estimates presented are unrisked and have been determined utilising the Society of Petroleum Engineers (SPE) Petroleum Resource Management System (PRMS) guidelines of 2018, with revisions in 2022.Standard PRMS terminology is utilised in this report, presenting Resource Estimates as low 1U (P90), 2U for best estimate (P50), and as 3U for high estimate (P10) of as-yet undiscovered volumes.
Globally, fracture porosity petroleum projects are very significant, the enormous Bach Ho petroleum field in Vietnam for example is hosted by fractured granodiorite basement similar to that prognosed at the Mt Winter prospect in the Amadeus basement.
The prospectivity of fractured porosity plays in the Amadeus Basin is further evidenced by the previously short, drilled section of the fractured basement at Mt Kitty-1 in the Amadeus basin which resulted in significant volumes of Helium (9%) and Hydrogen (11%) in 2014.
General Update
The Mt Winter EP155 ownership, originally at a projected 75%, was the subject of an RNS dated 22nd January 2025 which referred to an increase of Company ownership to 100% on settlement of a Share Purchase Agreement. In addition to the planned re-entry of Mt Winter 1 two further wells were drilled at EPA155 which are currently being reviewed for their respective sequential re-entry potential. The Company continues to advance the re-entry program timeline following the execution of a previously announced agreement for acquisition of 100% of the Mt Winter tenement from Mosman Oil & Gas, which remains on track for completion.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.