Georgina Energy (GEX ) has received an expression of interest from Harlequin Energy to fund the drilling of the Hussar EP513 well and enter into a Joint Operating Agreement (JOA) for helium, hydrogen and natural gas, subject to further technical and economic due diligence.
The proposal would see Harlequin provide funding for the Hussar EP513 well in the Officer Basin of Western Australia while entering a JOA that covers all associated logistics and planning. In addition, Harlequin and Georgina would work alongside Georgina’s engineering consultants, Aztec Well Construction, and an industry leading global oilfield services company engaged by Harlequin.
However, the proposal remains subject to the finalisation and execution of a formal JOA, agreed commercial terms for drilling at EP513, and completion of full technical and economic due diligence on the Hussar licence to the sole satisfaction of Harlequin and its advisers. Georgina will now also undertake its own due diligence on Harlequin to support the funding proposal.
Meanwhile, Georgina has secured drilling approval for Hussar from the Department of Mines, Petroleum and Exploration. Following the approval, the company has begun logistical preparations on the ground, including repairs at the airstrip and access roads, and planning of the drill pad and site locations for the rig, crew and other critical operational requirements.
Georgina Energy’s Chief Executive Anthony Hamilton said: "Georgina is pleased to announce Harlequin's proposal for Hussar EP513. Georgina has highlighted the potential for offtake funding to develop both Hussar and Mt Winter which, combined with the recently announced acquisitions from Central Petroleum of Mt Kitty, Dukas and Magee, positions the Company to become a significant player in the extraction of helium and hydrogen and natural gas.
“Georgina has a clear strategy to advance both Hussar and Mt Winter whilst taking advantage of opportunities that build portfolio diversification which the recent proposed acquisition will do. This strategy establishes multiple catalysts for the Company in 2026 and beyond. I look forward to reporting further developments."
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This proposal marks another step in Georgina’s efforts to secure external funding for Hussar while progressing its broader helium and hydrogen strategy in the Northern Territory and Western Australia. If Harlequin’s interest progresses into a binding JOA, it could significantly de-risk the capital requirement for the Hussar well and help accelerate development alongside Mt Winter.