Georgina Energy Plc (LSE:GEX) has provided an operational update on its Hussar EP513 helium, hydrogen and natural gas exploration project in Western Australia, confirming that preparations at the drilling site are complete while weather-related road restrictions continue to delay the mobilisation of the Ensign 970 drilling rig.
The company is working with Ensign Energy Services to develop a revised mobilisation plan, including the assessment of alternative access routes to the Hussar 2 wellsite.
Georgina said all civil engineering and site preparation activities required for drilling have been completed, with contractors and their equipment having demobilised from the location.
The company intends to announce a revised drilling commencement date once access arrangements have been finalised.
Road Closures and Weather Conditions Affect Hussar Drilling Schedule
Georgina reported that continuing restrictions on heavy vehicle movements and variable weather conditions have prevented the Ensign 970 drilling rig from reaching the Hussar site.
The company and its operating partner, Westmarket Oil & Gas Pty Ltd (WMOG), are assessing alternative transport arrangements to facilitate mobilisation.
Georgina stated that neither it nor WMOG has received notification of any requirement to pay AU$10 million in road access costs. It also said neither party had been notified of such a payment being necessary before using council-administered roads.
According to the company, WMOG and its contractors are currently using these roads for operational activities.
WMOG has undertaken road improvement work at its own expense along the Eagle Highway, from the Mangkili turnoff on the Gunbarrel Highway to the proposed Hussar 2 site.
The company said the work also included upgrading the local wellsite airstrip to the required specifications, with plans to install emergency runway lighting.
Georgina has engaged consulting engineers Aztech and Ingenua to examine access options for the Ensign 970 rig.
Ingenua is reviewing a proposed Road User Agreement and is in discussions with stakeholders, including the Shire of Wiluna, the Western Australian Main Roads Department and the Shire of Leonora.
One alternative route under consideration would approach the site via Leonora, following the Great Central Road and David Carnegie Highway before connecting to the Eagle Highway.
Georgina said it is prioritising personnel and equipment safety while working towards resolving the access restrictions.
Seismic Survey Planned Subject to Regulatory and Heritage Approvals
Alongside preparations for drilling, Georgina is progressing a seismic exploration programme at Hussar that remains subject to final approvals.
The company expects the survey to require approximately 30 days of fieldwork once the necessary authorisations have been obtained.
Unlike the drilling rig mobilisation, the planned seismic activities will not require heavy vehicle access.
Georgina intends to use lightweight seismic equipment, including vibration sources mounted on rubber-tyred or crawler vehicles.
The proposed technology is designed to operate without clearing or grading seismic lines and without deploying extended geophone cables.
The survey will also incorporate wireless data collection systems using Bluetooth Low Energy or other wireless transmission technology.
The programme remains subject to approvals from the relevant Western Australian mining and petroleum authorities and Traditional Owner cultural heritage processes.
Georgina said it expects the outstanding approvals shortly, although no confirmed commencement date has been provided.
Hussar Well Targets Helium, Hydrogen and Natural Gas at Approximately 3,200 Metres
The Hussar prospect is located within Exploration Permit EP513 in the Officer Basin of Western Australia.
The proposed exploration well is designed to investigate subsalt reservoir formations, including the Townsend Formation and fractured Neoproterozoic basement rocks.
These formations represent the primary exploration targets for helium, hydrogen and natural gas.
Georgina plans to drill to an initial total depth of approximately 3,200 metres, with the possibility of extending the well depending on encountered gas indications and reservoir characteristics.
The company has also identified secondary hydrocarbon gas targets within the overlying Kanpa and Hussar formations.
According to Georgina, previous drilling has identified hydrocarbon indications and reservoir porosity within these formations, although they have not been adequately tested.
The proposed Hussar well is intended to provide further geological and reservoir information to assess the prospect’s resource potential.
Independent Report Estimates Prospective Resources of 283 BCF Helium and 315 BCF Hydrogen
Georgina referenced an independent geological report dated 1 February 2026, prepared by Competent Person Maki Petkovski, which assessed the prospective resources associated with the Hussar project.
The report identified unrisked, net attributable 2U prospective resources of 283 billion cubic feet (BCF) of helium, 315 BCF of hydrogen and 2.93 trillion cubic feet (TCF) of hydrocarbon gas.
These figures are prospective resource estimates rather than confirmed reserves or commercially recoverable quantities.
The company also presented an estimated combined unrisked in-situ value of approximately US$152 billion, based on assumed prices of US$450 per thousand cubic feet of helium, US$2.65 per kilogram of hydrogen and US$8 per thousand cubic feet of hydrocarbon gas.
Georgina said the valuation was developed using pricing references from the Australian Energy Regulator and the Helium Price Index.
The estimated figure represents a theoretical in-situ resource value and does not constitute a project valuation, revenue forecast or estimate of future profit.
It excludes production, gas separation and transportation costs, and the company acknowledged that there is no certainty any portion of the prospective resources will be commercially recovered.
Further exploration, drilling and technical evaluation will be required to establish the presence, extent and commercial viability of any discovered resources.
Georgina Energy Maintains Hussar Development Plans
Georgina said its immediate operational focus remains on securing suitable access for the Ensign 970 drilling rig and establishing a revised commencement date for the Hussar exploration well.
Chief Executive Officer Anthony Hamilton said the company expects to address the weather-related road restrictions through further planning and continues to prioritise drilling the Hussar prospect for its helium and hydrogen potential.
The company has not provided a revised drilling timetable or quantified the financial impact of the mobilisation delays.
Georgina intends to issue further updates as access arrangements progress, including additional site photographs and details of the revised drilling schedule.
The company continues to pursue its exploration and development activities at Hussar, with drilling and seismic work intended to provide further information on the project’s subsurface resources.
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