Georgina Energy (LSE:GEX) has completed the pre-drilling civil engineering works at its Hussar prospect in Western Australia, ahead of a planned drilling campaign targeting helium, hydrogen and natural gas.
The AIM-quoted company, which holds a 100% working interest in the Hussar prospect through its Australian subsidiary Westmarket O&G, said contractors have set the 20-inch conductor pipe and finished drilling a water well with a consistent flow rate.
The Hussar airstrip has been extended to 1,400 metres for medevac and crew changes, and gravelling of the access road's flood-prone sections is underway.
An Independent Geological Report dated 1 February, prepared by competent person Maki Petkovski, certifies unrisked 2U prospective resources at Hussar of 283 billion cubic feet (BCF) of helium, 315 BCF of hydrogen and 2.93 trillion cubic feet of hydrocarbon gas.
Georgina Energy has calculated a combined in-situ value of roughly $152 billion for these resources, based on helium at $450 per thousand cubic feet, hydrogen at $2.65 per kilogram and hydrocarbon gas at $8 per thousand cubic feet, though it cautioned these figures exclude production and transport costs and carry no certainty of commercial recovery.
"Completion of these civil engineering works is crucial to our planned drilling operation," said chief executive Anthony Hamilton, adding that setting the conductor "will save a lot of time once the Ensign Rig 970 has arrived on site."
The company said further updates will follow as it progresses toward the spud date.
News Intelligence what this means for the company
Georgina Energy has completed the civil engineering groundwork at Hussar—setting the conductor pipe, drilling a water well with consistent flow rate, and extending the airstrip to 1,400 metres—clearing the path for rig mobilisation and drilling to begin. This removes a key execution risk on the path to testing prospective resources certified at 283 BCF helium, 315 BCF hydrogen and 2.93 TCF hydrocarbon gas, which the company values at roughly $152 billion in-situ (though it cautions these exclude production and transport costs and carry no certainty of recovery).
The completion of pre-drill civils de-risks the near-term operational pathway and validates the company's ability to execute on its stated Q3 2026 spud timeline. However, the investment case remains entirely contingent on drilling results and the commercial viability of helium and hydrogen extraction at scale—both unproven at Hussar and absent from this announcement.
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