Highlights:

  • Georgina Energy executes conditional SPA to acquire three subsidiaries from Central Petroleum.
  • Acquisition provides access to advanced helium, hydrogen, and hydrocarbon exploration targets.
  • Completion depends on regulatory approvals, shareholder vote, and GBP 7 million fundraise.

Georgina Energy plc (LSE:GEX) has executed a conditional share purchase agreement (SPA) with Central Petroleum Limited (ASX:CTP) to acquire 100% of three wholly owned subsidiaries. These subsidiaries hold interests in three exploration permits (EPs) across the Amadeus and Officer Basins: Mt Kitty (EP125), Dukas (EP112), and Mahler (EP82). Other assets of these subsidiaries will remain under Central Petroleum following an internal restructure.

Exploration Permits and Interests
The acquisition covers the following interests: Mt Kitty / Jacko Bore (EP125) – 30% interest, Dukas 1 ST-1 well (EP112) – 45% interest, and Mahler / Magee 1 well (EP82) – 60% interest, excluding certain sub-blocks. These EPs are subject to existing joint operating agreements (JOAs) with Santos QNT Pty Ltd (Santos).

Re-Entry Exploration Targets
The acquisition increases exposure to advanced re-entry exploration targets previously drilled with notable gas flows. The Mt Kitty well, drilled in 2014 to 2,295m TD, produced 500,000 SCFGD of gas with helium concentrations up to 9%, hydrogen up to 11%, and hydrocarbons at 40%. The Heavitree Sandstone reservoir was not encountered, leaving potential for a 500m horizontal re-entry well to improve flow from naturally fractured basement. Dukas is considered a mega-structure, representing one of the largest identified helium, hydrogen, and hydrocarbon prospects in Australia.

Consideration and Shareholding
Under the SPA, Georgina will issue ordinary shares so that CTP holds 25% of the Company’s issued share capital. CTP will also have rights to convert existing convertible securities into ordinary shares, resulting in a fully diluted 25% interest post-acquisition.

Conditions for Completion
The SPA is conditional on receiving ministerial consent from the Northern Territory Department of Mining and Energy, obtaining Santos’ consent under the relevant JOAs, completing CTP’s internal restructure, obtaining shareholder approval at a general meeting, and raising GBP 7 million through a fundraise supported by an FCA-approved prospectus.

Next Steps
Upon completion, CTP will be entitled to nominate one non-executive director to Georgina’s board. Georgina plans to advance re-entry drilling at Mt Kitty, Dukas, and Mahler and aims to convert identified resources to Proven and Probable Reserve status.

Share Performance of GEX

GEX was trading 5.61% lower at GBX 5.65 per share as of 11 November 2025 at the time of writing.