Georgina Energy PLC (LSE:GEX) told investors that it has completed several key civil engineering works at its Hussar EP513 prospect in Western Australia as preparations advance towards mobilisation of the Ensign Rig 970.
The company has set the 20-inch conductor pipe, completed drilling of a water well with a consistent flow rate and finished gravelling, rolling and compacting the drilling and camp pads.
Hussar’s airstrip has also been extended to 1,400 metres for medevac and crew changes, while remedial work has begun on flood-prone sections of the main access road.
Georgina said all remaining pre-drilling site works are expected to be completed shortly. The planned re-entry will target subsalt formations for helium, hydrogen and natural gas and is expected to reach a total depth of around 3,200 metres, with scope to drill deeper depending on gas occurrences and reservoir quality.
Hussar has certified unrisked net attributable 2U prospective resources of 283 BCF of helium, 315 BCF of hydrogen and 2.93 TCF of hydrocarbon gas.
Georgina estimates a combined potential in-situ value of roughly US$152 billion using stated commodity prices, though this figure excludes production, separation and transport costs and there is no certainty the prospective resources will be commercially recovered.
