Hartshead Resources operational update

Hartshead Resources NL (ASX:HHR) has released an operational update regarding the reprocessed seismic data over the P2607 license in the UK Southern Gas Basin. The update includes improved imaging of the subsurface, confirmation of increased Gas Initially In Place (GIIP), and the strengthening of gas prices in the UK market.

Executive commentary on operational update

Chris Lewis, Hartshead CEO, expressed confidence in the increased volumes of gas to be recovered at Anning and Somerville, as well as the assistance provided for future detailed well planning to maximize recovery and minimize risk. He also highlighted the robustness of the European gas market and its impact on future gas prices in the UK.

Summary of operational update and outlook

Hartshead Resources' operational update reveals significant improvements in imaging of the subsurface and an increase in Gas Initially In Place. The company is focused on detailed well planning to optimize gas recovery and minimize drilling risk. Additionally, the strengthening of gas prices in the UK market indicates continued robustness in the European gas market, providing a positive outlook for future gas prices in the UK. Hartshead is also awaiting further clarity on the UK Government Energy Profits Levy, which may impact its future operations.