Georgina Energy (LSE:GEX) has made further progress at its wholly owned Hussar EP513 project in Western Australia, completing major pre-drilling site preparation ahead of its planned third-quarter drilling campaign. Work has included clearing and grading drill pad locations, camp facilities and seismic access tracks, while upgrades to the on-site airstrip and improvements to the Gunbarrel Highway have enhanced access for heavy transport vehicles required during drilling operations.
The company remains on schedule to spud the Hussar well in September 2026. The contracted Ensign 970 drilling rig is expected to mobilise once final ground levelling and compaction work has been completed in accordance with the approved Well Management Plan. The Hussar prospect, regarded as one of Australia’s largest onshore subsalt exploration targets for helium, hydrogen and hydrocarbons, will be drilled to a planned depth of 3,200 metres to evaluate formations with independently assessed multi-billion-dollar in-situ resource potential.
Although operational milestones continue to be achieved, Georgina Energy’s investment outlook remains constrained by its early-stage financial profile, including the absence of revenue, ongoing losses, negative cash flow and negative shareholders’ equity alongside rising debt levels. Positive technical momentum provides some support, but valuation continues to be limited by the company’s lack of profitability and dividend payments.
More about Georgina Energy plc
Georgina Energy plc is a London-listed helium and hydrogen exploration company operating through its Australian subsidiary, Westmarket Oil & Gas. The group owns a 100% interest in the Hussar project in Western Australia and the Mt Winter prospect in the Northern Territory, giving it exposure to growing global demand for helium, hydrogen and associated natural gas resources.
The company’s strategy is focused on advancing large onshore subsalt exploration projects, including Hussar together with the Mt Kitty and Dukas-related prospects. Independent resource assessments have identified substantial prospective resources across its portfolio, supporting Georgina Energy’s objective of developing strategically important gas assets in Australia.
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