Georgina Energy (LSE:GEX) told investors it has paid a deposit to Ensign Australia Pty for the Ensign 970 drill rig, locking in the equipment needed for its planned third-quarter 2026 well at the Hussar prospect in Western Australia.
The helium and hydrogen explorer holds a 100% interest in exploration permit EP513, where it intends to drill to 3,200 metres targeting the Townsend Formation and fractured Neoproterozoic basement rocks for helium, hydrogen and natural gas.
Independent consultants have attributed 2U Prospective Resources of 155 billion cubic feet of gas equivalent (BCFG) of helium and 173 BCFG of hydrogen to Hussar, with a combined in-situ value estimated at US$55 billion, alongside 1.73 trillion cubic feet of natural gas carrying a potential in-situ value of US$5.24 billion.
Site preparation is underway, with access road repairs along the Gunbarrel Highway in progress and a water bore drilling rig expected to complete up to two bores on the Hussar site by the end of July.
The Ensign 970 is currently operating in the North Perth Basin and will mobilise to Hussar once access, site, airstrip and water well works are complete.
All drilling and site infrastructure costs are to be funded by Harlequin and its partners.
Chief Executive Anthony Hamilton called Hussar "one of the largest subsalt helium, hydrogen and hydrocarbons prospects onshore in Australia," citing its 300 square kilometre closure.
The drill programme is planned for 50 days from spud to completion.
