Georgina Energy (LSE:GEX) confirmed that civil engineering contractors are completing pre-drill site works at its Hussar EP513 prospect in Western Australia's Officer Basin, keeping the company on track for a September spud date.
The helium, hydrogen and natural gas explorer holds a 100% working interest in the permit through its Australian subsidiary, Westmarket O&G, and describes Hussar as one of the largest untested subsalt helium, hydrogen and hydrocarbon prospects onshore Australia, with 300 square kilometres of areal closure.
Water well drilling has started to secure the rig's water supply, which will feed drilling fluid makeup and, after reverse osmosis treatment, ablutions and cooking needs on site.
Once the water well is finished, the rig will shift toward the pad's centre to drill and set the 20 inch conductor pipe.
Contractors have also progressed the Turkey's Nest water storage pond and the sump designed to hold drill cuttings and excess fluid, with the cellar for the conductor pipe and wellhead to be dug ahead of conductor pipe drilling and cementing.
The well is planned to reach a total depth of approximately 3,200 metres, targeting the Townsend Formation and fractured Neoproterozoic basement, with the contracted Ensign 970 rig set for mobilisation once site works conclude.
"The progress being made on site is an important step mobilisation of the Ensign 970 drill rig and we remain on track for the planned September spud date of this exciting prospect", said Chief Executive Officer Anthony Hamilton.
News Intelligence what this means for the company
Georgina Energy is executing on schedule toward its September spud at Hussar, with civil contractors completing water wells, storage ponds, and pad infrastructure ahead of Ensign 970 rig mobilisation. The company holds 100% working interest in a 300 km² untested subsalt prospect targeting helium, hydrogen and hydrocarbons in the Officer Basin—one of Australia's largest such closures—and independent prospective resources of 155 BCF helium and 173 BCF hydrogen with combined potential in-situ value of US$55 billion. On-time execution de-risks the path to first drilling data.
Hussar drilling remains the critical near-term catalyst for a micro-cap explorer with no production revenue. Success hinges on well results and resource confirmation; failure to hit the September spud or disappointing drilling outcomes would materially reset the investment thesis. The company's funding model—drilling and site infrastructure funded entirely by Harlequin and its partners—limits dilution risk but ties upside to partner performance and deal terms.
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