Hussar EP513 Drill Contract
Georgina Energy Plc has awarded Ensign Australia Pty Ltd a letter of intent for a proposed drilling program at Hussar EP513, with final contract terms for an Ensign 970 drill rig still under negotiation. The rig, an ADR-1500 model with a 750,000 lbs hook load and capable of drilling to 5,000m, will be used for the Hussar prospect re-entry well, which has a prognosed total depth of approximately 2,800m. The drilling program is planned for 50 days and is targeted for Q3 2026, with Harlequin Energy and Schlumberger Oilfield UK Limited involved in the drilling and field development under a non-dilutive offtake arrangement.
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Georgina Energy Plc, GEX.L is pleased to announce that, following extensive consideration, it has executed a letter awarding Ensign Australia Pty Ltd for the proposed drilling program at Hussar EP513. The final terms remain under negotiation and will be finalised with an agreed and executed Contract for the supply of an Ensign 970 drill rig for the Hussar prospect re-entry well in EP513.
The rig is an ADR (Automated Drilling Rig)-1500 model with a hook load (capacity to lift drill string, tools etc) of 750,000 lbs and capable of drilling to 5,000m depth with 5" drill pipe (note the prognosed TD of the Hussar well is c.2,800m).
Harlequin Energy and its consultants Schlumberger Oilfield UK Limited are working closely with the Company and its Consultants for the drilling of the Hussar well and field development in a structured Offtake arrangement that is non-dilutive for Georgina shareholders.
The contractual negotiations with Ensign have been extended, requiring further review, including rig availability in Q3 2026 to drill the main subsalt reservoir targets, the Townsend Formation and the fractured Neoproterozoic basement lithologies. Ensign and Georgina are finalising the contract terms for contractor obligations, mobilisation, main camp operations, water supply, technical support, key personnel requirements, safety obligations and terms of Force Majeure to facilitate execution of the contract. The drill program is planned for 50 days to completion subject to any changes deemed necessary as the program evolves.
The Company is planning further pre-drill site inspections along with work programs to be completed to ensure compliance with the (DMPE) approved Well Management Plan (WMP). RFQs in relation to casing, wellhead, and required service company support are ongoing.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"While negotiations with Ensign have been taking longer than previously guided, we are pleased to confirm selection of the Ensign 970 drill rig for Hussar, pending a final contract. The Company and its consultants continue to progress the necessary preparatory planning and civil engineering works required to enable the drill testing of this exciting prospect in Q3, 2026, for which we remain on target."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.