Georgina Energy plc (LSE:GEX) has reported progress in preparations for drilling at its Hussar subsalt prospect within licence EP513 in Western Australia, where the company holds a 100% working interest. The prospect is considered prospective for helium, hydrogen and hydrocarbons.
The company is currently negotiating with Ensign Energy Services regarding the use of its 970 automated drilling rig, while also reviewing alternative rig options as part of the planning process. At the same time, Georgina is finalising logistical arrangements for water well drilling and infrastructure upgrades, including improvements to access roads and an airstrip to enable efficient mobilisation of equipment and personnel.
Civil engineering work and site preparation are scheduled to begin in the second quarter of 2026, with drilling of the Hussar prospect targeted for the third quarter of the year. The project is being advanced under an off-take framework with Harlequin Energy, which is expected to fund the Hussar well and support potential future field development.
Georgina has also begun issuing requests for quotations for key well construction services, marking further progress towards drilling what it believes could be one of the largest onshore subsalt gas prospects in Australia.
The company’s outlook remains constrained by weak financial fundamentals, including the absence of revenue, widening losses, sustained cash burn and negative equity alongside rising debt levels. However, technical indicators provide some partial support, with the share price showing moderate positive momentum and trading above key longer-term moving averages. Valuation metrics cannot currently be assessed due to the lack of meaningful earnings or dividend data.
More about Georgina Energy
Georgina Energy plc is an emerging energy company focused on developing helium and hydrogen resources to address growing global demand for these strategic gases. Through its Australian subsidiary Westmarket O&G, the company holds or is pursuing full interests in several onshore prospects, including the Hussar permit in Western Australia, EPA155 Mt Winter and potential re-entry projects at Mt Kitty and Dukas in the Northern Territory.
These assets are located within the Officer and Amadeus basins, where previous drilling has identified significant concentrations of helium, hydrogen and hydrocarbons in subsalt formations. Georgina aims to leverage its technical partnerships and management expertise to develop these resources and position itself as a supplier to industries reliant on helium and hydrogen.
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