Hartshead Resources advances strategic evaluation

Hartshead Resources NL (ASX:HHR) has announced an operational update regarding its projects in the UK Southern Gas Basin, specifically the Anning and Somerville gas fields. The recent UK Government budget has clarified the fiscal environment for oil and gas, enabling Hartshead to proceed with evaluating its project and development plans. The company is exploring various export route options and preparing for a meeting with the North Sea Transition Authority on December 5.

Operational update and future outlook

Hartshead Resources is focusing on optimizing the development of the Anning and Somerville gas fields in the UK Southern Gas Basin following fiscal clarity provided by the UK Government's recent budget. The company is evaluating an alternative gas export route, which may offer enhanced value. Technical work, including re-processed seismic interpretations and subsurface modeling, is ongoing. A significant meeting with the North Sea Transition Authority is set for early December, which will lead to the submission of a revised Field Development Plan. Strengthening UK National Balancing Point gas prices indicate favorable market conditions. CEO Chris Lewis expressed confidence in advancing projects under the new fiscal environment. Hartshead holds various equities across licenses and has provided resource estimates, underscoring its strategic focus on maximizing resource potential and aligning with favorable market dynamics.

CEO commentary on project progress

We are optimistic about advancing the Anning and Somerville development under the new fiscal terms, with updated project schedules to be proposed at December joint venture meetings.