Georgina Energy PLC (LSE:GEX) has highlighted its progress as it plans to re-enter and develop the Hussar-1 well, in Western Australia, before the end of 2024.
Logistics planning is underway, along with work regarding road and site access (including the regrading of a nearby airstrip.
A scoping study has now been commissioned for a proposed gas separation and purification plant. It will include a sensitivity analysis for the capital and operating costs.
It is expected that such a plant would be owned and operated by the company’s offtake partner, in line with Georgina's strategy to sell gas at the wellhead.
Currently, the company is finalising an extension to its current offtake agreement (which is presently a memorandum of understanding), and it is expected that once sealed it will include a payment to reimburse Georgina's costs.
Also, Georgina noted that it is securing land council clearance, updating environmental impact studies, and completing plans for DMIRS approval including rig and operator safety plans.
The well programme aims to unlock a commercial development of the project’s helium, hydrogen, and hydrocarbon resources.
At the same time, reprocessed seismic data will aid in better defining the potential resource scale of the resources, and, via an Independent Competent Person report the company intends to re-quantify resource estimates of both Hussar and other structures across the total project area of approximately 900,000 acres.
The investor update comes after Georgina Energy shares made their London debut at the end of July.
"We are delighted to have successfully delivered Georgina Energy to the Main Market of the London Stock Exchange,” chief executive Anthony Hamilton said in a statement.
“[We] are now launching our work programmes to deliver low-risk projects in Australia for the development of our natural gas, hydrogen and helium projects through our well re-development programme.
“We believe our approach provides a low-risk opportunity to participate in the potential development of significant assets and learnings at Hussar can then be applied to EPA155 Mt Winter."
The company also anticipates a formal request for an on-ground meeting regarding the EPA155 Mt Winter project, which will involve company representatives and consultants.