Georgina Energy PLC (LSE:GEX) shares were up 15%, changing hands at 3.75p, after it signed a drilling contract for its wholly owned Hussar EP513 project in Western Australia, keeping the helium and hydrogen explorer on track for drill testing in the third quarter of 2026.
The company has contracted Ensign Australia Pty Ltd to supply the Ensign 970 drill rig for the upcoming programme at the Hussar prospect, which sits in the Officer Basin.
Georgina plans to re-enter and deepen the EP513 Hussar well to 3,200 metres, targeting subsalt reservoir formations including the Townsend Formation and fractured Neoproterozoic basement lithologies for helium, hydrogen and natural gas.
The company said independent consultants had confirmed net attributable 2U prospective resources of 155 BCFG helium and 173 BCFG hydrogen, with a potential combined in-situ value of US$55 billion.
It also cited 1.73 TCFG of net attributable 2U prospective recoverable natural gas resources, with a potential in-situ value of US$5.24 billion.
The drill programme is planned to run for 50 days from spud to completion, subject to operational changes. Georgina’s operations and technical consultancy teams are due to travel to site in June 2026 for pre-drill inspections and preparation work.