Georgina Energy PLC on Thursday said its loss widened in the first half of its financial year, as the company’s expenses multiplied fourfold.

Georgina Energy is currently focused on developing onshore helium, hydrogen and hydrocarbon prospects in Western Australia and the Northern Territory. It re-listed on the London Main Market in July this year after its reverse takeover by acquisition vehicle Mining Minerals & Metals PLC.

Its pretax loss for the six months that ended July 31 widened to £3.3 million from £947,566 the year before, as administrative expenses quadrupled to £2.8 million from £684,003.

The company reported no revenue, unchanged year-on-year.

Georgina Energy also on Thursday noted the progression of its seismic data reprocessing and review of the resource potential at its EPA155 Mount Winter prospect in the Amadeus Basin of the Northern Territory. It plans to re-enter the Mount Winter 1 well to extend its depth to around 3,400 metres.

When the seismic data reprocessing has finished, the partners on the prospect will finalise a joint operating agreement, in which Georgina Energy is due to secure an initial 75% registered interest.

Chief Executive Officer Anthony Hamilton said: ‘In line with our strategy to achieve positive outcomes through well re-development, the reprocessed seismic data for Mount Winter will provide new and more accurate seismic contouring and profile mapping of the permit area within the Amadeus Basin. Peer group volumetric comparisons are overwhelmingly positive in favour of Georgina. Georgina remains focused on re-entering both the Hussar and Mount Winter wells as part of our program to develop low-risk helium, hydrogen and natural gas projects in Australia.’

Shares in Georgina Energy were up 0.3% at 9.40 pence each in London on Thursday afternoon.

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