Hartshead Resources has bolstered upside in its UK gas play after reporting 43 per cent more gas than first thought at its flagship site in the isle’s Southern Gas Basin.
Hartshead said an extra 112 billion cubic feet of gas contained within the Viking Wx field significantly strengthened the project’s economics, bringing the total gas-in-place to 603 Bcf.
The Perth-based energy company is already well-underway with Viking and nearby Victoria development concepts, including sales line-tie points and transport route options for the sites amid European supply constraints fueling record prices for natural gas in the UK.
“An increase in the gas volume at Wx is certainly good news and an excellent result,” chief executive Chris Lewis said.
“I look forward to the revised production profiles and seeing what positive impact this has on recoverable volumes, 2C resources and project economics.
“In addition, development planning for Phase I is progressing well with further key deliverables scheduled for the coming months.”
Hartshead is awaiting final recommendations on the development of its Viking and Victoria platforms.
Further work will identify the preferred gas transportation route and host facilities to finalise project functionality requirements.
The company’s Australian Stock Exchange-listed shares opened today at 2.3c (8:00 am GMT+ 8 hours)