Georgina Energy PLC Upgrades Resource Estimate for Hussar Helium and Hydrogen Project in Western Australia
Key Ideas
- Georgina Energy PLC announced a 20% increase in the unrisked prospective recoverable resources for the Hussar project, including 185 billion cubic feet of helium and 205 billion cubic feet of hydrogen.
- The updated estimates are based on new seismic data, confirming the presence of a significant pre-salt structure over 300 square kilometers in the Townsend Formation.
- The company's CEO expressed delight at the resource increase and outlined plans to re-enter the Hussar 1 Well in November, extending it to a target depth of 3,200 meters.
- Georgina is progressing towards obtaining drilling approvals and aims to achieve positive outcomes in its low-risk projects in Australia, working with Aztech Well Construction for the necessary documentation.
Georgina Energy PLC, listed on the LSE as GEX, has revealed an upgraded resource estimate for the Hussar helium and hydrogen project situated in Western Australia's Officer Basin. The new estimates show a significant rise in the unrisked prospective recoverable resources, with 185 billion cubic feet of helium and 205 billion cubic feet of hydrogen. Additionally, the assessment indicates a hydrocarbon gas potential of 1.9 trillion cubic feet. These upgraded estimates are the result of new seismic data and mapping, which have confirmed the existence of a substantial pre-salt structure spanning 300 square kilometers within the Townsend Formation. CEO Anthony Hamilton expressed his satisfaction with the resource increase, highlighting the company's plans to revisit the Hussar 1 Well in November, intending to deepen it to 3,200 meters to access the Townsend formation. Georgina is currently collaborating with Aztech Well Construction to submit the necessary documentation for drilling approvals and preparing for a site inspection in November. The company aims to progress steadily towards fulfilling requirements for formal approvals while also advancing its development program. Hamilton emphasized the goal of achieving positive outcomes with the low-risk projects in Australia, stressing the team's dedication to realizing this objective.