Georgina Energy (LSE:GEX) has commenced the mobilisation of a water well contractor at its Hussar EP513 project in Western Australia as preparations continue for a planned 50-day drilling programme in the third quarter of 2026. The campaign will use the Ensign 970 drilling rig and is designed to reach a target depth of 3,200 metres, focusing on subsalt reservoirs including the Townsend Formation and fractured Neoproterozoic basement, where the company is targeting helium, hydrogen and natural gas.
Development activities, including the installation of water bores and supporting site infrastructure, are being funded entirely by project partner Harlequin and its affiliated parties. As a result, Georgina Energy’s expected drilling schedule remains unchanged. Hussar hosts independently certified 2U prospective resources of 285 BCFG of helium, 315 BCFG of hydrogen and 2.93 TCF of natural gas. The company said ongoing site inspections, logistical planning and regulatory preparations are intended to keep the project on schedule while ensuring all operational requirements are met.
The company’s overall assessment continues to be weighed down by weak financial fundamentals, including the absence of revenue, continuing losses, negative operating cash flow, negative shareholder equity and increasing debt levels. However, stronger technical trading momentum has provided some support, although valuation remains limited by the company’s loss-making position and the lack of a dividend.
About Georgina Energy plc
Georgina Energy plc is a London-listed exploration company focused on helium and hydrogen opportunities in Australia through its wholly owned subsidiary, Westmarket Oil & Gas. Its portfolio includes the wholly owned Hussar prospect in the Officer Basin of Western Australia and the Mt Winter prospect in the Amadeus Basin, providing exposure to growing global demand for helium, hydrogen and natural gas resources.
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