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Hartshead Resources NL steams ahead with development planning of Phase 1 gas fields in UK Southern Gas Basin

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

(ASX:HHR) (OTCMKTS:PGNYF) (FRA:P6V0) is steaming ahead with the development planning of the Phase I gas fields of its Seaward Production licence, in the UK Southern Gas Basin. 

In the June quarter, the company awarded key engineering contracts following a technical and commercial bid evaluation process.

In addition to these contracts, Darrell Mandiwall was appointed as lead reservoir engineer to undertake detailed dynamic reservoir simulation,  integrated asset modelling and act as interface between various disciplines within the Concept Select project. 

Concept Select work program

As part of the Concept Select work program, subsea and unmanned platform facilities will be evaluated as options to develop the Phase I gas fields  (Victoria and Viking Wx) and integrated with potential offtake routes via third-party host facilities and infrastructure.

Once completed, the Concept Select work program will result in the selection of the optimum engineering solution for the development of the Victoria and Viking‐Wx gas fields.

Revised recoverable resources and full-field economics from the selected development concept will form the basis of an updated Competent Persons Report (CPR).  

Withdrawal from Poland

Hartshead has also completely exited from onshore Poland, with its wholly‐owned subsidiary, Gora Energy Australia Pty Ltd’s (GEA) withdrawal from the Gora concession.

This move follows on from the company’s withdrawal from the Nowa Sol concession and Jany‐C1 well work program.

SSH IPO plans

During the quarter, SSH Group Limited (formerly Jacka Resources Limited) obtained the necessary shareholder approvals to proceed with the acquisition of the sale entities comprising the SSH Group.

The SSH Group provides safety and other infrastructure hire and labour hire to a variety of industries, including security services, emergency services, traffic management, hospitality, healthcare, mining and construction industries.

SSH Group is finalising an IPO Prospectus to raise up to $6.25 million before costs and intends to lodge the offer document in July 2021.

Cash at hand

Hartshead’s closing cash at the end of the quarter was A$6.9 million.

The company holds an additional around A$197,000 in financial investments as of June 30, 2021.

Responsible European energy business

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

Its 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.

In progressing this strategy, Hartshead is focused on its 100%-owned Production Seaward Licence P2607 comprising five blocks, which contain four existing gas fields in the UK Southern Gas Basin.

Read More: Hartshead Resources NL steams ahead with development planning of Phase 1 gas fields in UK Southern Gas Basin

2021-07-22 00:55:00

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