GCIGeorgina Energy boosts estimate resource at Hussar by 20%
The company engaged an independent Competent Person to synthesise the new seismic data which forms part of its submission to the Department of Energy, Mines, Industry Regulation and Safety for its drilling permit application.
The Competent Person has created an updated addendum to the Competent Person’s Report of May 2024 which synthesizes new seismic data, and which greatly improves understanding of the deeper structure at Hussar.
The Independent Competent Person is a practicing geologist and geophysicist with over 30 years of experience in both the hydrocarbon and energy industry as Head of Exploration of a highly successful producer and explorer.
The new seismic data and mapping confirms the presence of a significant, 300 square kilometre, pre-salt structural closure at the depth of the target reservoir, the Townsend Formation.
The previous CPR assessment of the Hussar Prospect, published in Georgina’s prospectus, concluded that the prospect hosts unrisked prospective recoverable resources of around 155 billion cubic feet of helium, around 173 billion cubic feet of hydrogen, and around 1.75 trillion cubic feet of hydrocarbons.
The revised Competent Person's estimates show unrisked prospective recoverable resources of around 196 billion cubic feet of helium, around 218 billion cubic feet hydrogen and around 2.030 trillion cubic feet of hydrocarbons, representing an overall increase of approximately 20%.
The new mapping has identified a structure of a greater aerial extent than previously mapped. Georgina intends to complete its own interpretation of the seismic database, based on a newly enhanced reprocessing approach.
Additionally, the company will be on site in November to complete an environmental survey with the Traditional Landowners, a requirement of the granting of the drilling approval to re-enter the Hussar 1 Well in December 2024
The well was originally drilled to a depth of 2,040 metres. The company plans to extend the depth to approximately 3,200 metres to penetrate the subsalt Townsend target reservoir, which potentially hosts significant accumulations of helium, hydrogen and natural gas.
"We are delighted with the significant increase of resources at Hussar,” said Anthony Hamilton, chief executive of Georgina Energy.
“Our planned preparatory site visit in November, followed by the commencement of operations in December, marks the realisation of a five-year journey for the Georgina team. Alongside this, as we continue to make progress towards obtaining the relevant drilling approvals for Hussar, we continue towards fulfilling requirements for the formal granting of EPA155 in the Northern Territory, the Mt Winter prospect, representing the next stage in our development program. Our goal remains to achieve a positive outcome with our low-risk projects in Australia."
View from Vox
Resource upgrades are always welcome, especially ahead of drilling as opposed to after it. The planned new drilling at Hussar is likely to be watched with a certain eager interest in the market, and has the potential to reveal much more. These days, having helium and hydrogen in combination with natural gas is a powerful combination. The numbers are starting to look meaningful, and there are certainly grounds for optimism.
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