FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Hartshead boosts UK gas reserve

30 August 2021
ASX: HHR
Rueben Hale

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)

COMPANY OVERVIEW

Hartshead (ASX: HHR) is 100% owner and operator of License P2607 which is comprised of five blocks in Quads 48 and 49 on the United Kingdom Continental Shelf, in the Southern Gas Basin. The License contains multiple gas fields, some of which have been only partially developed. There are also several exploration prospects.

COMPANY INFORMATION

ASX: HHR

Website

https://hartshead-resources.com.au/
https://www2.asx.com.au/markets/company/hhr

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!