Today's AI view31 Mar 2026 10:04
Harlequin Energy has confirmed its intention to fund the drilling of the Hussar-2 well in Western Australia, which involves contracting the Ensign 970 drilling rig from Ensign Energy, according to a March 2026 announcement.
Funding & Deal Structure: Harlequin Energy is providing a USD$25 million structured offtake funding facility to finance the Hussar EP513 drilling program, which is run by Georgina Energy. This arrangement is designed to be non-dilutive to Georgina Energy shareholders.
Ensign Rig Contract: Georgina Energy and its technical consultants (Aztech Well Construction) provided a contract for the Ensign 970 automated drilling rig, with Ensign given until March 18, 2026, to respond.
Project Status: While negotiating with Ensign, Georgina is also reviewing alternative rig options.
Timeline: Civil engineering, site works, and access road repairs are slated for Q2 2026, with drilling of the Hussar-2 well targeted for Q3 2026.
Purpose: The drilling targets the recovery of helium, hydrogen, and natural gas in the EP513 exploration permit.
Harlequin has also engaged Schlumberger Oilfield UK Limited to work with Aztech Well Construction to plan and execute the drilling.
Rig , tick, tock
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