Georgina Energy (LSE:GEX) rose 5.6% to 7.5p after its water well contractor mobilised to the Hussar prospect to begin drilling up to two water bores to support the incoming Ensign 970 rig.
The rig, currently in the North Perth Basin, will move to site once the water wells are operational, keeping the company's third-quarter drill testing timeline unchanged.
The 50-day programme, from spud to completion, will target the Townsend Formation and fractured Neoproterozoic basement lithologies at a depth of 3,200 metres, seeking helium, hydrogen and natural gas.
Georgina holds Hussar EP513 through its wholly owned subsidiary Westmarket Oil & Gas, and the prospect carries IGR-certified 2U Prospective Resources of 285 billion cubic feet of helium, 315 billion cubic feet of hydrogen and 2.93 trillion cubic feet of natural gas.
The drilling programme and site infrastructure works will be funded entirely by Harlequin and its partners.
Pre-drill inspections are under way to confirm compliance with the Well Management Plan lodged with Western Australia's Department of Mines, Petroleum and Exploration, while technical consultant Aztech Well Construction coordinates equipment and service logistics.
"With 300 square kilometres of areal closure, the Hussar prospect is one of the largest subsalt Helium, Hydrogen and Hydrocarbons prospects onshore in Australia", said chief executive Anthony Hamilton.
Drill testing remains targeted for the third quarter of 2026, following completion of the water well programme and rig mobilisation.
News Intelligence what this means for the company
Georgina Energy's water-well contractor has mobilised to Hussar, removing the final logistical gate before the Ensign 970 rig arrives for a Q3 2026 drill test. The 50-day programme will test the Townsend Formation and basement rocks for helium, hydrogen and natural gas across a prospect carrying 285 BCF helium, 315 BCF hydrogen and 2.93 TCF gas resources. Critically, Harlequin and its partners are funding the entire drilling programme and site infrastructure, eliminating cash burn risk for the explorer ahead of what management describes as one of Australia's largest subsalt helium-hydrogen-hydrocarbons prospects onshore.
This is execution on a funded drill programme with no capital outlay from Georgina itself—a material de-risking for a small-cap explorer. The test will validate or invalidate the 285 BCF helium resource estimate; a successful well would move Hussar toward commercialisation and potentially unlock value in the company's broader Australian permit portfolio.
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