GEO Exploration Reports Final Results with Maiden Drilling and Resource Upgrades

• GEO’s share increasing to 614 MMbbl unrisked (103 MMbbl risk-adjusted).
• GEO’s 78% working-interest translating to c.3.37 billion barrels unrisked (429 MMbbl risk-adjusted).

The company does not reconcile these figures in this announcement. The larger numbers appear to reflect a simple working-interest share of the full licence volumes, while the smaller numbers may relate to a subset of plays or a different basis. Clarity on which net figure the company will guide to would be helpful.

On the ground, GEO has mapped new Emerald (Albian) and Beryl (Cenomanian) sandstone leads totalling c.792 MMbbl gross mean resources, plus 3D-imaged drill-ready prospects (Marula and Welwitschia Deep) with supportive direct hydrocarbon indicators. The work programme in the First Renewal Exploration Period includes 2,000 km² of 3D seismic and a contingent well based on the results.

Why this matters for shareholders

• Resource momentum – A 22% licence-wide uplift to 4.31 billion barrels keeps PEL0094 in the conversation as the Walvis Basin heats up.
• Commercial path – A farm-out on attractive terms would de-risk funding and provide a clear path to 3D and drilling.
• Context – While the Orange Basin to the south has seen both big discoveries and some mixed updates, industry interest is moving north. GEO’s block sits in shallower water, and the company highlights modelling that suggests oil-prone charge.

Key risks: farm-out timing and terms are not disclosed; seismic and well commitments are contingent; and the resource figures presented are not entirely consistent within the RNS.

Financials: Loss Narrowly Higher, Cash Up, Debt Cleared

GEO posted a loss after tax of US$1,094,288 (2024: US$1,041,261). Year-end cash rose to US$1,072,198 (30 June 2024: US$193,070), boosted by equity raises in August 2024 and January 2025 totalling £2,401,050, and a £10,000 warrant exercise. Post year-end, a further £1,109,000 was raised in September 2025 at 0.4 pence per share, and the CEO’s interest-free US$270,000 loan was repaid, leaving GEO debt free.

Exploration and evaluation assets increased to US$3,589,780 (2024: US$2,017,693), reflecting Juno and Namibia spend. Operating cash outflows were US$1,208,044, with investing cash flows of US$1,155,249, offset by financing inflows of US$3,090,467.

Key numbers (year to 30 June 2025)	Reported
Loss after tax	US$1,094,288
Cash at year end	US$1,072,198
Exploration & evaluation assets	US$3,589,780
Net assets	US$4,468,455
Capital raises (FY25)	£2,401,050 plus £10,000
Post year-end raise	£1,109,000 at 0.4 pence (277,250,000 shares)
Borrowings at 30 June 2025	US$270,000 (repaid 18 September 2025)
EPS (basic, cents)	(0.03)

Cash runway and funding

The company had US$1,072,198 at year end, then raised £1,109,000 in September 2025. The historic operating and investing cash outflows totalled US$2,363,293 in the year. Runway will depend on the pace and scope of the Juno drilling programme and Namibia activity. The company notes a £750,000 minimum spend commitment at Juno over 12 months from completion of the JV.

Boardroom Changes and Strategy

GEO strengthened its leadership with Omar Ahmad as CEO and Executive Director, Hamza Choudhry as CFO and Executive Director, and Azib Khan as CCO and Executive Director. Brian Chu joined as Non-Executive Director and Company Secretary. The company reiterates its dual focus on Australian gold and Namibian oil, with disciplined capital allocation and periodic licence reviews.

Management’s tone is confident: Juno is now being drilled, Namibia is advancing towards a farm-out, and the balance sheet is clean. The full Annual Report is available at www.geoexplorationlimited.com.

My Take: Balanced Progress With Clear Catalysts Ahead

On the positive side, this is a year of tangible execution. Juno has been advanced quickly and methodically to drilling, the licence position has grown, and GEO is debt free following the September repayment. Namibia’s resource upgrade keeps the licence relevant in a basin that is attracting serious industry attention.

On the cautious side, GEO remains pre-revenue and loss making, reliant on the equity markets until a farm-out lands. The resource disclosure for PEL0094 could be clearer – the RNS carries two different net figures – and the main near-term swing factor is Juno’s assay results, which are binary by nature.

Key Catalysts to Watch (next 3–6 months)

• Juno assays for JUD001 – expected in Q4 2025.
• Progress on JUD002 and any follow-up drilling plans at Juno.
• Namibia farm-out announcement and terms for PEL0094.
• Update on the pending licence application at Juno to expand to 644 km².

Bottom Line

GEO has set the stage for value-defining news. If Juno’s assays confirm the geophysical model, the market will sit up. If a value-accretive farm-out lands in Namibia, funding risk reduces and forward work becomes clearer. Until then, it is a classic exploration set-up: higher risk, higher potential reward, and catalyst-heavy into year-end.