Georgina Energy PLC Announces Significant Resource Upgrade for Hussar Project in Western Australia
Key Ideas
- Georgina Energy PLC has upgraded the resource estimate for the Hussar project in Western Australia's Officer Basin, showing a 20% increase in unrisked prospective recoverable resources.
- The new estimate includes 185 billion cubic feet of helium, 205 billion cubic feet of hydrogen, and 1.9 trillion cubic feet of hydrocarbon gas potential, based on new seismic data and mapping.
- The company plans to re-enter the Hussar 1 Well in November, extending it to a depth of 3,200 meters to reach the Townsend Formation, with preparations for operations starting in December.
- Georgina is working towards obtaining drilling approvals and fulfilling requirements for the formal granting of EPA155 in the Northern Territory, aiming for positive outcomes with their low-risk projects in Australia.
Georgina Energy PLC, listed on the London Stock Exchange as GEX, has revealed an upgraded resource estimate for its Hussar helium and hydrogen project located in Western Australia's Officer Basin. The new estimate indicates a substantial increase of around 20% in the unrisked prospective recoverable resources. This upgraded estimate includes 185 billion cubic feet of helium, 205 billion cubic feet of hydrogen, and a significant hydrocarbon gas potential of 1.9 trillion cubic feet. The enhancements in estimates are attributed to the utilization of new seismic data and mapping techniques, which have confirmed the existence of a substantial pre-salt structure spanning 300 square kilometers in the Townsend Formation. Georgina Energy is gearing up to re-enter the Hussar 1 Well in November, with plans to extend the well to a target depth of 3,200 meters to access the Townsend Formation. The CEO, Anthony Hamilton, expressed delight at the resource increase and highlighted the company's 5-year journey coming to fruition. Georgina's focus remains on progressing towards obtaining drilling approvals and meeting requirements for project development. The company is collaborating with Aztech Well Construction to secure the necessary documentation for drilling approvals and is preparing for a site inspection in November as part of their operational preparations. Hamilton emphasized the goal of achieving positive outcomes with their low-risk projects in Australia, reflecting the company's commitment to advancement and success in the region.