Georgina Energy (GEX) has increased its recent equity fundraising to £2 million after completing an additional £500,000 placing on the same terms as its £1.5 million July raise.
The additional funding was secured through the issue of 5,555,556 new ordinary shares to a single institutional investor introduced by Fortified Securities. The investor will also receive one warrant for each placing share, exercisable at 10 pence per share for five years following admission.
The net proceeds will primarily be used to advance the company's planned work programmes and provide additional working capital. Georgina said the extra capital will allow it to accelerate activities that were originally expected to be fully funded by the July raise.
Last week, Georgina moved a step closer to drilling its flagship Hussar prospect in Western Australia after the water well contractor mobilised to site ahead of the planned Q3 2026 drilling programme.
The water wells will support the Ensign 970 drilling rig, which remains on schedule to mobilise once the water supply is established.
Drilling at the Hussar well will target subsalt reservoir formations, including the Townsend Formation and fractured Neoproterozoic basement, in search of helium, hydrogen and natural gas.
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The additional £500,000 demonstrates continued investor support following Georgina's recent fundraising. With a stronger cash position, the company is better placed to accelerate its planned exploration activities while maintaining financial flexibility.