Georgina Energy expands Hussar project area, adjusts timeline for drilling permit approval
() , an Australia-focused natural resources explorer, issued an operational update on its flagship projects - the EP513 Hussar prospect in the Officer Basin, Western Australia, and the EPA155 Mt Winter Prospect in the Amadeus Basin, Northern Territory.
completed a preliminary site inspection at its 100%-owned Hussar EP513 prospect in December 2024, paving the way for well re-entry. As previously announced, was required to submit an Environmental Impact Report (EIR) and heritage report as part of its final application for a drilling permit to DEMIRS (Australian mining regulator).
Today, clarified that it would need to submit a revised EIR due to an expansion of the structural closure at Hussar to c. 350 km2 - an increase of 50 km2. The revised EIR will reflect the additional development opportunities within the field and enhanced scope of future field development. The existing heritage report will remain unchanged and will be submitted alongside the updated EIR.
Investors should note that completion of the new EIR and subsequent submission of the permit application to DEMIRS is now expected to take c. 60 days. Once the two reports are filed, 's application will be considered complete.
also reported good progress at its other core project, the EPA155 Mt Winter prospect in the Amadeus Basin, Northern Territory. As previously announced, the grant of EPA155 to has been greenlit by the Traditional Owners, with final approval by the government expected to take 2-3 months.
In today's update, said it was negotiating the final draft of the ALRA agreement, required for the ratification of EPA155 by the Northern Territory government. also said 3rd party consultants were reviewing Mt Winter's resource potential, incorporating 's recently reprocessed 2D seismic data, with a final report expected in March 2025.
Anthony Hamilton, CEO of Georgina Energy, commenting: "We are very pleased the Hussar opportunity is bigger than initially thought, and all within our existing asset area. However, while unforeseen weather and revisions of the Environmental Impact Report have shifted our timeline, we remain systematically focused on unlocking the significant value potential of our assets. This temporary shift does not alter our long-term vision or strategy, and we remain confident in achieving our objectives at Hussar and Mt Winter."
View from Vox
Georgina continues to advance permitting and preparations for its two core assets in Australia, the EP513 Hussar and EPA155 Mt Winter. Despite the small delay in securing a drill permit for Hussar due to a revised EIR submission, both prospects are firmly on track for development this year, targeting significant prospective resources of natural gas, hydrogen and helium. Georgina maintains close contact with DEMIRS and has expressed confidence that Hussar's drill permit will be granted upon submission of the final application. Recently, Hussar received a 20% resource upgrade while both projects are expected to materially benefit from 2D seismic data reprocessing.
Looking ahead, investors can expect a scoping study for both assets that will provide capital, operating cost, and revenue estimates. has already received the first draft of the study, focused on the development of a large-scale gas separation and purification plant at Hussar, including evaluations of production profitability. A revised and updated draft is expected in February 2025.
Hussar is considered one of the most lucrative resource basins in the Asia-Pacific region. Following the resource upgrade, the asset is estimated to host unrisked 2U prospective resources of 196 bcfg of helium, 218 bcfg of hydrogen and 2.03 tcfg of hydrocarbons. Once commenced, Hussar's well re-entry process is expected to take approximately 50 days.
Similarly, Mt Winter hosts unrisked 2U prospective resources of 148 bcfg of helium, 135 bcfg of hydrogen, and 1.22 tcgfe of hydrocarbons. has engaged independent consultants to do a comprehensive review of Mt Winter's resource potential, incorporating the latest data, with a final report targeted for March 2025.
After Mt Winter's permit is granted, will initiate a full programme to take it to a pre-drill stage. This includes finalising well design, site preparation, and pre-drill regulatory and operational requirements.
Additionally, is actively negotiating farm-in agreements with two major oil and gas companies, targeting other areas with proven high concentrations of helium, hydrogen and hydrocarbons. Subject to successful binding farm-ins, these additional targets will become priority areas following completion of work at Hussar and Mt Winter.
remains fully funded for its Australian work programmes from its recent listing. received c. £4.2m in August 2024 following its July 31, 2024 admission to trading on the LSE Main Market.
Follow News & Updates from Georgina Energy:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.