Georgina Energy plc (LSE:GEX) has released an operational update on progress at its Hussar EP513 project, confirming continued advancement toward a planned drilling campaign in 2026. The company said its technical adviser, Aztech, has started issuing requests for quotation to support the programme and has identified a potential Explorer Rig that appears technically suitable, with availability expected to be confirmed later in February.
A combined technical and management team is scheduled to undertake a site visit from 12 February 2026 to evaluate access requirements and prepare detailed work plans. This will include inspection and remediation planning for the airstrip and access roads, along with preparation of drill pads and accommodation areas. The upcoming drilling is designed to test the subsalt Townsend Formation as well as fractured basement reservoir targets.
Operations at site will be managed under an operating agreement consistent with the government-approved Well Management Plan, with Harlequin, Schlumberger and Aztech responsible for execution. Harlequin and its partners will fully fund the drilling programme and associated infrastructure through an offtake-linked structure, meaning no equity dilution for Georgina Energy shareholders.
The proposed schedule anticipates ordering long-lead equipment and securing a drilling rig during Q1 2026. This would be followed in Q2 2026 by water bore drilling, installation of surface conductors, engagement of key service providers, expansion of site access infrastructure and completion of detailed well engineering. Mobilisation of the drilling rig is then expected ahead of drilling targeted for Q3 2026.
From a market perspective, Georgina Energy continues to be weighed down by weak financial fundamentals, including the absence of revenue, widening losses, rising cash burn and negative equity alongside increasing debt. Technical indicators provide some counterbalance, with the share price in a strong uptrend and a positive MACD signal, although overbought conditions, reflected by an RSI above 80, suggest elevated near-term downside risk. Valuation metrics remain largely neutral due to the lack of meaningful earnings and dividend data.
More about Georgina Energy
Georgina Energy plc is an energy exploration company focused on developing helium and hydrogen resources to address growing global supply shortages. Through its Australian subsidiary, Westmarket O&G, the company holds a 100% working interest in the onshore Hussar Prospect (EP513) in the Officer Basin of Western Australia and, subject to completion of a sale agreement, the EPA155 Mt Winter Prospect in the Northern Territory, positioning the group to benefit from rising demand for critical industrial gases.
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