Business
Half-year Report
Half-year Report.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n31 March 2025\n \nGEO Exploration Limited\n \n(\"GEO \" or the \"Company\")\n \nInterim Financial Report - Half Year Ended 31 December 2024\n\n\n\n\n \n\n\n\n\nGeo (AIM: GEO) announces its financial results for the half year ended 31 December 2024.\nHighlights:\nCorporate:\n- Corporate name change to Geo Exploration Limited (AIM:GEO) formerly Global Petroleum Limited.\n- Acquisition of an 80% interest in the Juno Project, marking a transformational period for the Company.\n- Leadership restructuring: Omar Ahmad appointed as CEO, Hamza Choudhry as CFO, and Azib Khan transitioning to Chief Commercial Officer.\n- Board changes: Brian Chu joined as Non-Executive Director and Company Secretary; Andrew Draffin retired, and Cecilia Yu ceased.\n \nOperational:\n \n- Advanced discussions with a potential farmee for the PEL0094 licence continued and currently continue, with additional talks initiated with other interested parties to secure the best outcome for shareholders. These negotiations are part of the Company's ongoing efforts to maximise the value of its asset in the Walvis Basin.\n \n- Industry activity in the Walvis Basin has intensified, bolstered by Chevron's farm-in for PEL0082 and Tower Resources' farm-out agreement for PEL0096. This increasing interest underscores the growing potential of the region, positioning the Company's PEL0094 licence as a highly attractive opportunity in Namibia's oil exploration landscape.\n \n- The geological conditions in the Walvis Basin continue to highlight its commercial viability compared to the Orange Basin. The prospects within PEL0094 benefit from lower gas risks and shallower reservoirs, which are less diagenetically altered, enhancing their potential for successful oil exploration. These factors support the Company's belief in the significant value of its Namibian assets.\n \n- In August 2024, the Company acquired a 70% stake in a joint venture with world class geologist Callum Baxter for mineral exploration in Western Australia, later increasing its interest to 80% in September 2024. Extensive exploration activities, including aeromagnetic and gravity surveys, have been undertaken to refine high-potential drill targets.\n \n- The geophysical surveys conducted in H2 2024 revealed promising indicators of Intrusion-Re...