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LONDON - Georgina Energy Plc (LSE:GEX) has received an additional expression of interest for a potential offtake agreement that includes pre-pay financing options, the company announced Tuesday.
The proposed structure would support sale of raw gas at the wellhead, with the offtaker funding downstream processing facilities for helium, hydrogen and natural gas in the form of Liquid Natural Gas. The agreement would also include sunk cost recovery of Georgina’s prior investment.
The company is currently reviewing the proposed offer and terms, including proof of funding. Negotiations are ongoing, according to the press release.
Georgina Energy also highlighted the potential presence of Helium-3 (³He) in its projects. The company confirmed that consultants have identified evidence of high-grade helium (up to 9%) in the subsalt zones of the Amadeus Basin in Australia’s Northern Territory.
Previous reporting by the Australian Energy Producers documented the occurrence of Helium-3 in the basin, with reported levels of up to 1,100 parts per trillion - approximately 22% higher than concentrations reported in comparable Australian projects.
Helium-3 is a rare isotope that commands significantly higher prices than the more common Helium-4, with 2024 pricing quoted at over US$70 million per mcf, according to the company.
Georgina Energy’s two major re-entry projects, Hussar in the Officer Basin and Mt Winter in the Amadeus Basin, have a combined independently assessed prospective recoverable resource of 430 BCF helium, 432 BCF hydrogen and 3,764 BCF of hydrocarbons at 100% ownership level.
CEO Anthony Hamilton stated that the additional offtake interest strengthens the company’s position as it continues to derisk key projects.
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