Georgina Energy (GEX) has successfully raised £1.25 million through the placing of 10 million new ordinary shares at 12.5 pence per share.
Investors will also receive one warrant for every placing share, with the warrants exercisable at 14 pence per share and expiring five years from admission.
The net proceeds will be used to fund the Hussar drilling programme and provide general working capital.
It is worth noting that the Hussar prospect covers more than 300 square kilometres and is among the largest untested subsalt helium, hydrogen and hydrocarbon prospects onshore Australia.
Georgina has already completed the water well required for its planned Q3 drilling programme at Hussar, with site and camp preparation continuing ahead of the targeted September 2026 spud date.
The completed well is delivering a consistent flow rate of between 250,000 and 350,000 litres per day, providing the water supply required for drilling operations. A proportion of the water will be purified using RO for use in ablutions and cooking.
The water well drilling rig will now move to the centre of the drilling pad to drill and set the 20-inch conductor pipe before the contracted Ensign Rig 970 arrives on site.
Meanwhile, civil engineering works have advanced, with excavation and waterproof lining of the Turkey's Nest water storage pond and drill-cuttings sump completed. Rolling and compacting of the drilling and camp pads has also commenced, while site grading and trimming are complete.
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The successful raise strengthens Georgina Energy’s funding position as it moves towards the planned September 2026 Hussar drilling programme. With key site preparation and water supply works already completed or underway, the project is continuing to progress towards the drilling phase.