GCIGeorgina Energy completes preliminary inspection at Hussar EP513, on track for drilling in December 2024
() issued an operational update on its Hussar well re-entry programme in the Officer Basin, Western Australia. 's 100%-owned Hussar EP513 hosts an unrisked 2U prospective resources of 196 bcfg helium, 218 bcfg hydrogen and 2,030 tcfg hydrocarbons.
Georgina announced the successful completion of a preliminary site inspection at Hussar EP513, paving the way for well re-entry in December 2024. Beginning on November 18, representatives conducted the visit to complete Heritage Monitoring, conduct a flora and fauna survey for an Environmental Impact Study, and perform civil engineering inspections of access roads and the airstrip.
Next, Georgina will submit reports from the visit to DEMIRS, the Australian mining regulator, in support of its drilling application. said all relevant reports would be filed with DEMIRS within the next 10 days. The reports are in addition to revised seismic mapping, which will also be submitted to DEMIRS as part of the approval process to re-enter Hussar.
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Georgina reports a successful preliminary site visit to Hussar EP513, bringing it closer to well re-entry, expected later in December 2024. The visit achieved all of its objectives and yielded positive results. confirmed the drilling site, access roads, airstrip, on-site water access well, and other critical infrastructure was in good condition.
Additionally, confirmed that Heritage Monitoring and the Environmental Impact Study had been successfully completed by Low Ecological Services and Traditional Owners. The last remaining regulatory hurdle is DEMIRS approval, which should be granted shortly. Once commenced, the well re-entry process is expected to take approximately 50 days. remains fully funded for the project from its recent listing. received c. £4.2m in August following its July 31, 2024 admission to trading on the LSE Main Market.
Hussar is considered one of the most potentially lucrative resource basins in the Asia-Pacific region. Following a material resource upgrade in October 2024 that boosted the unrisked 2U prospective resource by 20% to 196 bcfg of helium, 218 bcfg of hydrogen and 2,030 tcfg of hydrocarbons, the asset remains on track to commence operations in December 2024 pending a casing inspection and pressure test.
Looking ahead, investors should expect a scoping study for EP513 and 's other core asset EPA155, that will provide capital, operating cost, and revenue estimates. The study will evaluate a large-scale separation plant for hydrogen, helium and natural gas at or near the Hussar site, including evaluations of production profitability. The first draft of the study is expected in January 2025.
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