Georgina Energy (GEX) has taken another step towards drilling its flagship Hussar prospect in Western Australia after paying the deposit for the Ensign 970 drilling rig, keeping the project on track for a Q3 2026 drilling campaign.
The Hussar prospect is located within exploration permit EP513 in the Officer Basin and is wholly owned by the company. Georgina plans to drill the well to a depth of 3,200 metres, targeting the Townsend Formation and fractured Neoproterozoic basement formations for helium, hydrogen and natural gas.
Independent consultants have estimated net attributable 2U prospective resources at Hussar of 155 billion cubic feet of helium and 173 billion cubic feet of hydrogen, alongside 1.73 trillion cubic feet of recoverable natural gas. The company said the combined in-situ value of the helium and hydrogen resources could exceed US$55 billion, with the natural gas resource carrying a potential in-situ value of US$5.24 billion.
The drilling programme is expected to take around 50 days from spud to completion and remains scheduled for Q3 2026. Preparatory work is already underway, with technical consultant Aztech Well Construction coordinating casing, wellhead equipment and a range of drilling and evaluation services.
Meanwhile, contractors are carrying out access road repairs and site preparation work, including drill pad construction, accommodation facilities and water bore development. Georgina's operations team is scheduled to visit the site during June to inspect progress and ensure compliance with regulatory requirements and approved well management plans.
The company expects up to two water bores to be drilled by the end of July 2026. The Ensign 970 rig is currently operating in the North Perth Basin and will be mobilised to Hussar once site access, water infrastructure and airstrip works have been completed.
“Georgina is fully committed to the drilling and development of its wholly owned Hussar EP513 Project,” said Georgina Energy Chief Executive Officer Anthony Hamilton.
“We are pleased the deposit for drill rig mobilisation for the supply of an Ensign drill rig has been paid. The necessary preparatory planning and civil engineering works required have commenced in order to enable the drill testing of this exciting prospect in Q3 2026. With 300 square kilometres of real closure, the Hussar prospect is one of the largest subsalt helium, hydrogen and hydrocarbon prospects onshore in Australia.”
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The payment for the drilling rig marks a significant operational milestone for Georgina as it moves from planning into execution at Hussar. With site works progressing and funding for development secured through its partners, investors will now be focused on the upcoming Q3 drilling programme, which has the potential to validate one of Australia's largest onshore helium and hydrogen exploration targets.