Georgina Energy Plc (LSE:GEX) has outlined a revised mobilisation plan for its Hussar EP513 helium, hydrogen and natural gas exploration project in Western Australia, with drilling preparations expected to take approximately eight to ten weeks once formal authorisation to begin mobilisation activities is issued.
The company is working with Ensign Energy Services to arrange the transportation and deployment of the Ensign Rig 970, following delays caused by adverse weather conditions and road closures affecting heavy vehicles.
Georgina confirmed that all civil engineering and site preparation work required for drilling has been completed, with contractors and their equipment having left the site.
However, the timing of rig mobilisation remains dependent on road access, and the company has not yet confirmed a revised drilling commencement date.
Hussar Rig Mobilisation Expected to Take Eight to Ten Weeks
Georgina Energy is reviewing a mobilisation programme with Ensign Energy Services and Westmarket Oil & Gas (WMOG), subject to the reopening of roads suitable for transporting the drilling equipment.
Under the proposed schedule, reactivation of Ensign Rig 970 at its current Waylering location would take approximately four to five weeks.
This phase includes recommissioning activities and ordering equipment required before transportation.
Mobilisation of the accommodation camp from Port Augusta in South Australia would take place concurrently with the rig reactivation work.
Once the equipment is ready and an accessible route has been confirmed, transportation of the drilling rig to the Hussar site is expected to take approximately three weeks.
A further one to two weeks would be required to assemble the rig and prepare it for drilling.
The company estimates that the overall process will take eight to ten weeks from the date Westmarket Oil & Gas formally instructs Ensign to commence mobilisation.
The timetable remains conditional on road access and completion of the necessary preparations.
Weather Conditions and Road Closures Delay Drilling Preparations
Georgina said continuing road closures to heavy vehicles and variable weather conditions have prevented the planned mobilisation of Ensign Rig 970.
The company is working with its contractors to identify a suitable transportation route that can accommodate the equipment.
Although construction and preparation work at the Hussar location has been completed, the rig cannot be transported until the relevant roads are accessible.
Management said personnel and equipment safety will remain a priority when determining the mobilisation arrangements.
The company has not provided a firm date for the reopening of the affected roads.
As a result, the eight-to-ten-week mobilisation estimate does not establish a confirmed drilling start date.
Alternative Transport Routes Under Review
Georgina and its contractors are assessing alternative routes to the Hussar exploration site.
Consulting engineers and advisers Aztech Well Construction and Ingenua are assisting with the assessment of road access for Ensign Rig 970.
Westmarket Oil & Gas is also reviewing a potential alternative route through Leonora, travelling along the Great Central Road before turning north onto the David Carnegie Highway.
The proposed route would then continue towards the Mangkili turnoff and north along the Eagle Highway.
The suitability of this route remains under review.
The company has not confirmed whether the alternative will be adopted or whether additional transport approvals or road works will be required.
Rig Reactivation and Transport Costs Expected to Increase
Georgina reported that the revised mobilisation arrangements will result in additional costs compared with earlier estimates.
The increases relate primarily to rig reactivation and transportation.
Ensign Rig 970 has remained stacked for longer than initially anticipated, requiring additional reactivation work before deployment.
Transport contractor ECS has also advised that its costs have increased from the original estimate.
The company attributed the additional transport expenditure to changes identified in the August and September route survey, including the requirement for additional equipment and a longer transportation route.
Higher fuel prices have also contributed to the revised cost estimate.
Georgina said the additional mobilisation costs will be allocated between Ensign and Westmarket Oil & Gas.
The company did not disclose the total expected increase or specify the amount payable by each party.
Hussar Site Preparation Work Completed
Georgina confirmed that all civil engineering and site preparation activities required to facilitate drilling at Hussar have been completed.
Contractors responsible for these activities have demobilised from the location with their equipment.
The project is therefore awaiting the mobilisation of the drilling rig and associated facilities before drilling operations can begin.
The company is continuing to coordinate with Ensign Energy Services and Westmarket Oil & Gas to establish a revised schedule.
Further announcements are expected as the mobilisation arrangements progress and a new drilling commencement date becomes available.
Hussar Well Targets Helium, Hydrogen and Natural Gas
The Hussar prospect is located within Exploration Permit 513 in the Officer Basin of Western Australia.
Georgina plans to drill the exploration well to a total depth of approximately 3,200 metres.
The planned depth may be extended depending on the geological formations encountered, indications of gas and the quality of potential reservoir intervals.
The primary exploration targets are subsalt reservoir formations, including the Townsend Formation and fractured Neoproterozoic basement rocks.
These formations are being evaluated for their potential to contain helium, hydrogen and natural gas.
The company is also targeting hydrocarbon gas within the shallower Kanpa and Hussar formations.
Georgina said these secondary targets have not been adequately tested by previous drilling, although earlier exploration encountered hydrocarbon indications and reservoir intervals with favourable porosity characteristics.
The planned well is intended to provide further geological and reservoir information to assess the prospect’s resource potential.
Fractured Basement Reservoirs Form Part of Exploration Strategy
Georgina’s exploration programme includes fractured basement formations beneath the principal sedimentary sequences.
The company identified these formations as potential reservoirs based on geological characteristics and comparisons with producing fields elsewhere.
As an example of fractured basement production, Georgina referred to the Bach Ho field offshore Vietnam.
The company noted that Bach Ho has produced hydrocarbons from fractured basement reservoirs for more than four decades and reached peak production equivalent to approximately 1.6 billion cubic feet of gas per day.
However, the performance of an established producing field does not establish that similar production rates or commercially recoverable resources will be present at Hussar.
The planned exploration well will be required to assess the geological conditions and potential gas accumulations at the Western Australian prospect.
Independent Report Estimates Prospective Helium, Hydrogen and Gas Resources
Georgina referred to an Independent Geological Report dated 1 February 2026, prepared by competent person Maki Petkovski.
The report estimates unrisked net attributable 2U prospective resources at Hussar of 283 billion cubic feet of helium, 315 billion cubic feet of hydrogen and 2.93 trillion cubic feet of hydrocarbon gas.
The estimates were prepared under the Society of Petroleum Engineers Petroleum Resources Management System framework.
These figures represent prospective resources rather than discovered reserves.
Prospective resources relate to quantities that may potentially be recoverable from undiscovered accumulations, subject to exploration success, development feasibility and commercial conditions.
The estimates are unrisked and therefore do not incorporate the probability of geological discovery or commercial development.
Drilling and further evaluation will be required to determine whether commercially recoverable accumulations exist.
Company Estimates Potential In-Situ Resource Value at $152 Billion
Georgina provided an indicative combined in-situ value of approximately US$152 billion for the prospect’s unrisked net attributable prospective resources.
The estimate is based on assumed commodity 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.
The company said the valuation uses pricing information associated with the Australian Energy Regulator and the Helium Price Index.
The figure represents an indicative gross in-situ resource value calculated from prospective volumes and assumed commodity prices.
It is not a project valuation, net present value, revenue forecast or estimate of recoverable economic value.
The calculation excludes production, processing, gas separation and transportation costs, together with other expenses required to develop and commercialise any discoveries.
There is no certainty that the prospective resources will be discovered or that any portion will be commercially recoverable.
Revised Drilling Date Remains Subject to Mobilisation
Georgina has not announced a new drilling commencement date for Hussar EP513.
The company said the timing will depend on the reopening of roads, the suitability of alternative transport routes and the completion of rig reactivation and mobilisation activities.
The proposed eight-to-ten-week schedule will begin only after Westmarket Oil & Gas issues formal notification to Ensign Energy Services to commence the work.
Further technical and logistical updates are expected as preparations continue.
Georgina also intends to provide additional site photographs through its corporate website.
CEO Comments on Hussar Mobilisation
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented on the revised mobilisation arrangements and the company’s exploration objectives.
“The Company is working with Ensign to facilitate mobilisation as quickly as possible and we anticipate that road closures due to unseasonal weather conditions will be overcome with careful planning and drilling Hussar for its Helium and Hydrogen potential into a full field development remains our priority target. We look forward to making further announcements in due course”.
The company continues to work with its contractors to establish road access and prepare the drilling equipment for transportation.
Outlook for the Hussar EP513 Project
Georgina’s immediate priority is to finalise arrangements for mobilising Ensign Rig 970 to the Hussar exploration site.
The company has completed the required civil engineering and site preparation work but remains dependent on suitable transport access.
The revised mobilisation plan allows approximately eight to ten weeks between formal authorisation and readiness to commence drilling, subject to road conditions and completion of the planned activities.
The exploration programme will target helium, hydrogen and natural gas within subsalt formations and secondary hydrocarbon-bearing intervals.
The results of drilling will be needed to establish whether the prospect contains recoverable gas accumulations and to inform any subsequent appraisal or development decisions.
Georgina has indicated that further announcements will follow as the mobilisation schedule and revised drilling date are determined.
More About Georgina Energy
Georgina Energy Plc is a London-listed exploration and development company focused on helium, hydrogen and natural gas opportunities in Australia.
The company’s portfolio includes the Hussar prospect within Exploration Permit 513 in the Officer Basin of Western Australia.
Hussar is planned as an exploration well targeting subsalt reservoir formations and shallower hydrocarbon-bearing intervals.
An independent geological report dated February 2026 estimated unrisked net attributable prospective resources of 283 billion cubic feet of helium, 315 billion cubic feet of hydrogen and 2.93 trillion cubic feet of hydrocarbon gas.
These estimates remain subject to geological uncertainty and do not constitute commercially recoverable reserves.
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