Georgina Energy (LSE:GEX), a helium, hydrogen and natural gas exploration company with permits in Australia, said contractors are completing pre-drill site works at its Hussar EP513 prospect ahead of the planned third-quarter drilling programme.
The works, including levelling, compacting and water bore drilling, are a precursor to mobilising the contracted Ensign 970 drill rig at the site in the Officer Basin, Western Australia.
Conductor pipe has now been delivered, and the works are being carried out under the Department of Mines, Petroleum and Exploration's approved Well Management Plan, lodged by Georgina's subsidiary Westmarket Oil & Gas in 2025.
The company reiterated that its September spud date remains on target.
Hussar covers 300 square kilometres of areal closure and ranks among the largest subsalt helium, hydrogen and hydrocarbon prospects onshore Australia, with the well planned to reach a depth of 3,200 metres targeting the Townsend Formation and fractured Neoproterozoic basement lithologies.
An independent geological report dated 1 February certified unrisked prospective resources of 283 billion cubic feet of helium, 315 billion cubic feet of hydrogen and 2.93 trillion cubic feet of hydrocarbon gas, which the company estimates could equate to a combined in-situ value of roughly $152 billion, before production, separation and transport costs, with no certainty of commercial recovery.
"I am pleased with the progress made to date, which will support the mobilisation of the Ensign 970 drill rig to enable the drill testing of this exciting prospect in Q3 2026", said chief executive Anthony Hamilton.
News Intelligence what this means for the company
Georgina Energy confirmed that civil works at its Hussar prospect in Western Australia are progressing on schedule, with the Ensign 970 drill rig mobilisation and September 2026 spud date remaining on track. The company has delivered conductor pipe and is completing levelling, compacting, and water bore drilling under an approved Well Management Plan—routine but necessary steps that de-risk the path to testing what an independent geological report values at roughly $152 billion in unrisked in-situ resources (helium, hydrogen, and hydrocarbon gas combined), though with no certainty of commercial recovery.
Execution risk on a single, high-value prospect is narrowing as pre-drill logistics move from planning to completion. The company raised £1.0m in May 2026 to fund this work programme; staying on schedule for Q3 drilling is critical to validating the resource thesis and justifying further capital deployment, but the announcement itself contains no new technical or commercial data.
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