Georgina Energy (LSE:GEX) has completed a key water well and progressed civil engineering works at its Hussar EP513 project in Western Australia, keeping preparations on schedule for the planned start of subsalt drilling in September 2026.
The newly completed water well is producing between 250,000 and 350,000 litres per day, providing an important supply for drilling-fluid preparation and camp requirements during the upcoming campaign.
Other site works are progressing alongside the water infrastructure, including conductor pipe installation, drilling pad compaction and grading. These activities are designed to prepare the location for mobilisation of the Ensign 970 drilling rig.
Hussar Targets Helium, Hydrogen and Natural Gas
The planned Hussar well will target subsalt reservoirs and fractured basement formations considered prospective for helium, hydrogen and natural gas.
Georgina intends to drill to a depth of approximately 3,200 metres, with the programme also providing an opportunity to evaluate potential resources within the shallower Kanpa and Hussar formations.
An independent assessment has previously identified substantial unrisked prospective resources at Hussar, supporting the company’s view that the project represents one of Australia’s largest untested subsalt opportunities for gas and helium.
Successful drilling would provide important geological and resource information as Georgina seeks to establish the commercial potential of the prospect.
September 2026 Spud Remains on Track
Completion of the water well and continuing civil works represent important steps towards the mobilisation of the Ensign 970 rig and the targeted September 2026 spud date.
The drilling campaign forms a central part of Georgina’s strategy to develop a portfolio of helium, hydrogen and natural gas resources in Australia.
Helium is particularly important to the company’s development strategy, with Georgina seeking to establish a position in the market as global supply-demand conditions tighten. Hydrogen and conventional gaseous hydrocarbons provide additional potential across its exploration portfolio.
Financial Position Remains a Significant Risk
Georgina Energy remains an exploration-stage company, and its financial profile continues to present significant challenges. The business currently generates no revenue and remains loss-making, with negative cash flow, negative equity and rising debt weighing on the outlook.
Technical momentum is comparatively more supportive and provides some offset to the weaker financial picture.
Traditional valuation measures remain difficult to apply while the company is unprofitable, while the absence of an indicated dividend yield provides no additional support from shareholder income.
More about Georgina Energy plc
Georgina Energy plc is a London-listed exploration and development company focused on helium, hydrogen and natural gas opportunities in Australia.
Through its Westmarket O&G subsidiary, the company holds 100% interests in the Hussar prospect in Western Australia and the Mt Winter prospect in the Northern Territory.
Its strategy centres on developing onshore resources capable of supplying growing demand for helium, hydrogen and gaseous hydrocarbons, with the upcoming Hussar drilling campaign representing an important test of the potential within its Australian portfolio.
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