Georgina Energy (GEX) said pre-drill site works are nearing completion at its Hussar prospect in Western Australia, keeping the company on track for a September spud as part of its Q3 2026 drilling programme.
Civil engineering contractors are completing water well drilling, site preparation and camp construction ahead of the mobilisation of the contracted Ensign 970 drill rig. The final works include levelling and compacting the drill site to comply with the approved Well Management Plan.
The Hussar prospect, located within exploration permit EP513 in the Officer Basin, covers about 300 square kilometres of areal closure and is regarded by the company as one of the largest subsalt helium, hydrogen and hydrocarbon prospects onshore Australia. Georgina plans to drill the well to a depth of 3,200 metres, targeting the Townsend Formation and fractured Neoproterozoic basement reservoirs.
An Independent Geological Report prepared by Competent Person Maki Petkovski in February 2026 estimated net attributable unrisked 2U Prospective Resources of 283 billion cubic feet of helium, 315 billion cubic feet of hydrogen and 2.93 trillion cubic feet of hydrocarbon gas. Based on the company's pricing assumptions, these resources have an estimated combined in-situ value of about US$152 billion.
Georgina Energy’s Chief Executive Officer Anthony Hamilton said: "Georgina's contractors are in the process of completing the final site preparations with the water well driller expected to complete the water wells shortly. I am pleased with the progress made to date, which will support the mobilisation of the Ensign 970 drill rig to enable the drill testing of this exciting prospect in Q3 2026. These works represent another important milestone."
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The completion of pre-drill site works marks another operational milestone for Georgina as it moves towards drilling one of Australia's largest onshore subsalt helium and hydrogen prospects. With the September spud date still on schedule, investors will now be focused on rig mobilisation and the start of drilling, which has the potential to unlock a company-defining exploration opportunity.