Georgina Energy (GEX) , an Australia-focused natural resources explorer, issued an operational update on its flagship project EP513 in the Officer Basin, Western Australia, targeting significant prospective resources of natural gas, hydrogen and helium.
Georgina said its wholly owned subsidiary had received two key approvals from DEMIRS (Australian mining regulator) for 'suspension and extension' of the project as well as a 'permit year 2 variation to minimum work program'. Simultaneously, DEMIRS has asked Georgina for further clarification on the Hussar well management plan within the recently expanded target area in order to approve its final drill application.
In late 2024, Georgina commissioned a resource study for Hussar EP513 that resulted in a 20% resource upgrade across the main commodities helium, hydrogen and hydrocarbons, alongside an increase in the exploration footprint by 50km2. The resource boost necessitated additional applications to DEMIRS, pushing back the anticipated date for final drill approval.
Georgina said it would provide the requested information shortly, which includes the casing design and program, as well as management plan for formation materials brought to the surface. GEX has already completed all required reports and proposed development documentation, which is currently under review.
GEX expects that once the additional information has been provided and assessed, DEMIRS will issue the requested drill approval.
Anthony Hamilton, CEO of Georgina Energy, commenting: "Georgina continues to focus on multiple workstreams to fulfil obligations for the Hussar drilling permit approval and completion of the Mt Winter acquisition along with implementing preparation of the re-entry plans for Mt Winter. Concurrently, we have continued negotiations for the additional re-entry targets with further announcements to follow."
View from Vox
A brief, but positive update from Georgina on its core asset EP513 Hussar in the Officer Basin, Western Australia that remains on track to unlock significant value, supported by the abovementioned expansion of its structural closure by 50km2. While the resource upgrade introduced some delays, permitting is progressing well, and final drill approval is expected within weeks as the last regulatory requirements are addressed.
Hussar is considered one of the most lucrative resource basins in the Asia-Pacific region. Following the 20% resource upgrade, the asset is estimated to host unrisked 2U prospective resources of 196 bcfg of helium, 218 bcfg of hydrogen and 2.03 tcfg of hydrocarbons.
Once final drill approval is granted, Georgina will undertake repairs at the Hussar airstrip, access roads, and begin to construct drilling and camp location pads and water wells. Hussar's well re-entry process is expected to take approximately 50 days. The extension of the exploration footprint by 50km2 should unlock additional well targets and prospective resources.
In February 2025, GEX announced a scoping study covering Hussar that confirmed the asset's excellent economics and potential to produce commercial quantities of helium, hydrogen, and natural gas. The study's base case established a robust framework for Hussar's commercial development, with a 40 MMscfd raw gals flow scenario, generating a 27.3% IRR and US$1.64bn NPV.
While Georgina is still in the pre-revenue phase, it has made substantial progress over the past year in de-risking its assets in Australia and advancing toward drill-ready status. With a focus on launching its maiden drilling campaign at Hussar, the company is poised to unlock significant value in the coming year.
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