Georgina Energy (GEX) has awarded a letter of intent to Ensign Australia for its planned drilling programme at the Hussar prospect in EP513, with final contract terms still under negotiation.
The company has selected the Ensign 970 automated drilling rig, which is capable of drilling to 5,000 metres depth. This comfortably exceeds the planned total depth of about 2,800 metres for the Hussar re-entry well. The rig also has a hook load capacity of 750,000 pounds.
Georgina is working alongside Harlequin Energy and Schlumberger Oilfield UK on drilling and field development under a structured offtake arrangement. The structure is designed to be non-dilutive for shareholders.
Negotiations with Ensign have taken longer than initially expected, with discussions ongoing around rig availability in the third quarter of 2026. The parties are finalising key terms covering mobilisation, operations, water supply, technical support, personnel requirements and force majeure provisions.
In addition, the company is progressing pre-drill site inspections and work programmes to comply with the approved Well Management Plan. Requests for quotations for casing, wellhead equipment and service support are also ongoing. The drilling programme is expected to take about 50 days to complete, subject to operational adjustments.
Georgina Energy’s Chief Executive Officer Anthony Hamilton said: “While negotiations with Ensign have been taking longer than previously guided, we are pleased to confirm selection of the Ensign 970 drill rig for Hussar, pending a final contract. The Company and its consultants continue to progress the necessary preparatory planning and civil engineering works required to enable the drill testing of this exciting prospect in Q3, 2026, for which we remain on target.”
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The selection of a drilling rig marks a key step forward for Georgina as it moves closer to testing Hussar. While delays in finalising terms introduce some timing uncertainty, the company’s continued progress on planning and regulatory work supports its target to drill in the third quarter of 2026.