Georgina Energy plc (LSE:GEX) has moved forward with preparations for drilling at its Hussar EP513 prospect in Western Australia, securing formal quotations for a primary drilling rig along with associated camp infrastructure and a dedicated water well drilling unit. The company is also organising contractor reconnaissance of access routes and the nearby airstrip while coordinating with a neighbouring exploration company to share mobilisation costs for certain civil works.
Technical adviser Aztech Well Construction has issued additional requests for quotations covering essential well construction and drilling services. These include casing materials, wellhead equipment, logging services, cementing, drilling fluids, and geological and gas analysis support.
Under the project structure, all preparatory site work, drilling and completion activities, and related infrastructure—such as water well development—will be financed by Harlequin Energy through a non-dilutive structured offtake agreement. Access and site preparation activities are expected to begin in late Q1 or during Q2 2026, with drill testing currently targeted for the third quarter of 2026.
The Hussar prospect is considered a significant subsalt exploration target for helium, hydrogen and hydrocarbons in onshore Australia, and the upcoming drilling campaign represents a key step in evaluating its resource potential.
Despite operational progress, the company’s broader outlook remains constrained by weak financial fundamentals, including the absence of revenue, widening losses, continued cash burn and negative equity alongside rising debt levels. Technical indicators provide some offset, with moderate upward price momentum and the share trading above key longer-term moving averages. However, valuation metrics remain difficult to assess due to the lack of available P/E and dividend data.
More about Georgina Energy
Georgina Energy plc is an exploration company focused on the development of helium and hydrogen resources. Through its wholly owned Australian subsidiary Westmarket O&G, the company holds 100% interests in the onshore Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory. It is also advancing additional subsalt re-entry opportunities at Mt Kitty and Dukas within the Amadeus Basin as part of its strategy to establish itself in emerging critical gas markets.
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