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Hartshead Resources NL begins Phase II subsurface work at Hodgkin and Lovelace fields in UK Southern Gas Basin

“I would like to thank Spirit Energy for their assistance in providing a large volume of 3D seismic data to Hartshead. This has, undoubtedly, saved time, money and effort in the development of our Phase II assets,” says CEO.

Hartshead Resources NL (ASX:HHR) has begun a Phase II subsurface work program covering the Hodgkin (block 48/15c) and Lovelace (block 49/6c, 49/11c) field developments, as the next part of a multi-phased development of Seaward Production License P2607 in the UK Southern Gas Basin.

The company has also renamed its fields and prospects within the P2607 licence with Hodgkin formerly named Audrey and Lovelace formerly Tethys.

Hartshead recently received pre-stack depth processed 3D seismic data sets for Annabel, Audrey and Audrey Extension targets from the previous operator of the Audrey Field, Spirit Energy.

The data was reprocessed between 2011 and 2013, incorporating six separate 3D seismic surveys and covers both the Hodgkin and Lovelace Fields.

This will enable Hartshead to finalise a new work program and budget for the Phase II subsurface workstreams, with completion targeted for the second quarter of 2022.

The Phase II workstreams will involve the construction of a new geological and geophysical database, detailed interpretation of the new 3D seismic data, petrophysical analysis and reservoir engineering to deliver revised in place gas volumes, recoverable 2C contingent resources and production profiles for both the Hodgkin and Lovelace gas fields.

“Commitment to diversity and inclusion”

Hartshead Resources CEO Chris Lewis said: “I am delighted with the names of our Phase I and Phase II gas fields and how this reflects our commitment to diversity and inclusion as an organisation and support of women in science, technology, engineering and medicine.

“Also, I would like to thank Spirit Energy for their assistance in providing a large volume of 3D seismic data to Hartshead. This has, undoubtedly, saved time, money and effort in the development of our Phase II assets. I look forward to the results of the Phase II work and being able to provide an update in due course.”

Hartshead has announced the adoption of a new naming convention for its gas fields and prospects within Licence P2607.

The new names have been chosen to celebrate exceptional British and Irish women in science, technology, engineering, and medicine. The new names are listed below:

Independent audit

The Hodgkin and Lovelace fields – in the northwest part of Licence P2607 – are estimated to contain a combined 139 billion cubic feet of 2C contingent resources.

Once Phase II work is complete, contingent resources at Hodgkin and Lovelace will be independently audited and the results compiled and announced as part of an updated Competent Persons Report covering the Phase I and II assets.

Once revised production forecasts are available, a decision will be made to progress with field development for the two fields. Hartshead believes this presents an opportunity to utilise Phase I infrastructure to monetise Phase II gas production.

Transmission of the Phase II gas flow stream through the Phase I pipeline may lead to a potentially enhanced economic performance of the Hodgkin and Lovelace fields given the upfront investment in Phase I infrastructure.

About Hartshead Resources

Hartshead Resources is focused on building a financially, technically, and environmentally responsible European Energy business.

The company’s goal is to secure and invest in projects where resources can be extracted and delivered to meet Europe’s growing energy demand while supporting the transition to a low carbon future.

Read More: Hartshead Resources NL begins Phase II subsurface work at Hodgkin and Lovelace fields in UK Southern Gas Basin

2021-11-21 18:12:00

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