GEX26 Jan 2026 10:30
Georgina Energy plc (LSE:GEX) has secured confirmation that Harlequin Energy Ltd will fully fund drilling and development activities at the Hussar EP513 prospect in Western Australia under a non-dilutive structured offtake financing arrangement. The package includes complete funding for the Hussar 2 exploration well, associated site infrastructure, and a US$25 million offtake facility, allowing the project to advance without issuing new equity.
Operational and financial highlights
Under the agreement, Harlequin has appointed Schlumberger Oilfield UK Limited to work alongside Georgina’s drilling consultant, Aztech Well Construction, on the planning and execution of the Hussar 2 well. The drilling programme is expected to run for around 50 days and is scheduled to take place during 2026.
Georgina has also reported a material upgrade to the project’s potential, with revised prospective recoverable resources at Hussar increasing by 30%. Updated estimates now stand at 283 BCF of helium, 315 BCF of hydrogen and 2.9 TCF of hydrocarbons.