Georgina Energy Initiates Water Well Drilling Ahead of Q3 2026 Hussar EP513 Helium and Hydrogen Exploration

Water Well Drilling Mobilisation Advances September 2026 Hussar Drilling Campaign

Georgina Energy has confirmed the mobilisation of a water well drilling contractor to the Hussar site, marking a crucial preparatory phase before the main drilling operation slated for Q3 2026. Up to two water bores will be drilled to provide essential infrastructure supporting the Ensign 970 drill rig. This step signifies progress in executing the company’s timeline toward drilling and testing the Hussar prospect, a flagship exploration asset in Western Australia.

Following the completion and commissioning of these water wells, the Ensign 970 drill rig, currently stationed in the North Perth Basin, will relocate to Hussar. The drilling timeline remains unchanged, with a 50-day program planned from spud to completion, subject to operational adjustments. This phased approach—initial water well drilling followed by main rig mobilisation—highlights the operational complexity of onshore helium and hydrogen exploration in remote Australian settings.

Hussar Prospect Resource Estimates and Economic Valuation

Located within exploration permit EP513 in the Officer Basin, the Hussar prospect holds significant prospective resources underpinning the drilling campaign’s strategic value. Independent assessments certify IGR unrisked SPE PRMS net attributable 2U Prospective Resources of 285 billion cubic feet of gas equivalent (BCFG) helium and 315 BCFG hydrogen. Using commodity price assumptions of US$450 per thousand cubic feet for helium and US$2.65 per kilogram for hydrogen, the combined in-situ value for these gases is estimated at US$129 billion.

Additionally, the prospect targets conventional natural gas with net attributable 2U prospective recoverable resources of 2.93 trillion cubic feet (TCF), valued at US$8 per thousand cubic feet, amounting to an in-situ value of approximately US$23.4 billion. These figures represent in-situ valuations excluding production, separation, and transportation costs. The total combined in-situ valuation across helium, hydrogen, and natural gas exceeds US$152 billion, underscoring the substantial economic potential driving the exploration investment. It is important to note these are prospective resources subject to commercial, technical, and regulatory risks, without guarantees of commercial recovery.

Drilling Targets and Geological Objectives for the 50-Day Program

The 50-day drilling program at Hussar is designed to evaluate specific subsalt and basement reservoir formations identified as primary targets. The Townsend Formation, a principal subsalt reservoir, along with fractured Neoproterozoic basement lithologies, will be tested. These targets are based on detailed geological modelling and seismic data analysis by Georgina’s technical team. The well is planned to reach a depth of 3,200 metres to assess these formations’ potential to host helium, hydrogen, and natural gas accumulations.

Georgina, in partnership with technical consultants Aztech Well Construction, is coordinating multiple service providers to ensure comprehensive drilling support and data collection. Equipment procurement includes casing and wellhead systems, while service contracts cover electric logging, casing running, cementing, drilling fluid engineering, wellsite geology, mudlogging, and gas sampling with laboratory analysis. This extensive service package reflects the technical demands of multi-commodity exploration in subsalt settings. Pre-drill site inspections are ongoing to ensure compliance with the Department of Mines, Petroleum and Exploration’s approved Well Management Plan, submitted by Georgina’s wholly owned subsidiary Westmarket Oil & Gas Pty Ltd in 2025.

Fully Funded Drilling Program Through Harlequin Partnership

A notable aspect of the Hussar project’s development is that all drilling and site infrastructure costs are fully funded by Harlequin and its partners. This arrangement alleviates Georgina Energy from operational and capital expenditure burdens, effectively de-risking the company’s balance sheet and cash flow. Such partnerships are common in exploration companies, where funding parties assume drilling risks in exchange for equity or revenue participation.

The announcement does not detail the specific terms, cost coverage percentages, or financial structure of the Harlequin partnership beyond confirming full funding of the program and infrastructure. Investors should monitor future disclosures for further details, which may impact Georgina’s cash flow and equity position. The company affirms that the Q3 2026 drilling schedule remains unaffected by this funding structure.

Geological Context and Prospectivity of the Officer Basin Hussar Prospect

The Hussar prospect is situated within the Officer Basin, Western Australia, a region recognized for helium, hydrogen, and conventional hydrocarbon potential. Covering approximately 300 square kilometres of areal closure, Georgina’s CEO Anthony Hamilton describes Hussar as "one of the largest subsalt Helium, Hydrogen and Hydrocarbons prospects onshore in Australia." The subsalt setting offers both large-scale opportunities and technical challenges, including the complexity and costs of drilling through salt layers to reach deeper reservoirs.

The Officer Basin hosts multiple stacked petroleum systems with conventional and unconventional accumulations. The Townsend Formation is a known petroleum system component, while fractured basement formations may serve as secondary or tertiary reservoirs in subsalt plays. These geological features support Georgina’s exploration thesis, though the announcement does not provide probability of success, seal integrity assessments, or risk-adjusted resource estimates. Prospective resources remain unproven and require successful drilling, fluid analysis, and commercial flow confirmation for viability.

Westmarket Oil & Gas Subsidiary and Regulatory Compliance

Georgina Energy operates in Australia through its wholly owned subsidiary Westmarket Oil & Gas Pty Ltd, which holds 100% working interest in exploration permit EP513 containing Hussar. This structure complies with local ownership and operational regulations. Westmarket O&G has submitted an approved Well Management Plan to the Department of Mines, Petroleum and Exploration, demonstrating regulatory engagement and adherence to exploration standards.

Pre-drill inspections are underway to verify compliance with the approved plan, ensuring environmental, safety, and operational standards before drilling begins. The announcement does not disclose inspection outcomes or required modifications. The involvement of Aztech Well Construction as technical consultants indicates a focus on regulatory compliance and operational excellence throughout the drilling campaign.

Broader Exploration Portfolio and Mt Winter Prospect in Amadeus Basin

Beyond Hussar, Georgina Energy’s portfolio includes the Mt Winter prospect (EPA155) in the Amadeus Basin, Northern Territory. Westmarket O&G is expected to hold 100% working interest pending completion of a sale agreement. The Amadeus Basin is noted for helium, hydrogen, and hydrocarbon reservoirs, with recorded gas concentrations up to 9.5% helium, 11% hydrogen, and 40% hydrocarbons.

This dual-basin strategy reflects Georgina’s vision to become a leading player in global helium and hydrogen markets amid rising demand. The Mt Winter prospect remains subject to sale agreement completion, with no disclosed timeline, financial terms, or resource estimates. Investors should watch for updates on this asset’s development.

Management Insights on Project Progress and Market Position

CEO Anthony Hamilton expressed commitment to advancing the Hussar EP513 project, highlighting satisfaction with drill rig mobilisation and service contractor preparations. He emphasised that civil engineering and preparatory works are progressing as planned. Hamilton reiterated Hussar’s status as "one of the largest subsalt Helium, Hydrogen and Hydrocarbons prospects onshore in Australia," underscoring the exploration opportunity’s scale.

While providing operational updates, the announcement does not specify drilling cost guidance, success probabilities, or timelines for results and development decisions. Investors can anticipate further updates on drilling outcomes, fluid analyses, and formation testing following well completion.

Industry Context: Helium and Hydrogen as Emerging Energy Commodities

Georgina Energy’s focus on helium and hydrogen aligns with broader energy market trends. Helium is vital for semiconductor manufacturing, medical imaging, space technology, and cryogenics, with supply concentrated among few producers and subject to disruptions. Hydrogen is central to decarbonisation efforts, with growing investments in its production and infrastructure. Demand for both gases is expected to rise over the medium to long term.

The announcement references commodity price assumptions of US$450 per MCFG for helium and US$2.65 per kilogram for hydrogen used in resource valuations but does not provide detailed price forecasts or demand projections. These in-situ valuations exclude costs related to production, separation, and transport, which materially affect net revenues.

Upcoming Milestones and Investor Monitoring Points for Hussar

Key near-term milestones include the ongoing mobilisation and commencement of water well drilling. Upon completion, the Ensign 970 drill rig will relocate to Hussar to begin the main drilling program in Q3 2026. The 50-day drilling duration provides an estimated timeline for well completion, subject to operational and geological factors.

Post-drilling activities will involve petrophysical evaluation, fluid sampling, and reservoir pressure testing, typically requiring several weeks. The announcement does not specify timelines for results publication or subsequent development decisions. Investors should monitor announcements related to water well completion, main well spud, target zone penetration, drilling completion, and initial results release.