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Hartshead’s major gas boost

1 March 2022 11:38
ASX: HHR

Hartshead Resources has modelled an 18 per cent boost to the first phase of natural gas projections for its seaward licenses in the UK’s prolific Southern Gas Basin.

Anning and Somerville fields now hold a calculated gas-initially-in-place volume of 587 billion cubic feet as the war in Ukraine bites down even harder on fears of post-covid global shortages.

The three-stage plan comprises Somerville and Anning Gas Fields modelling multiple-well penetrations, 3D seismic coverage and combined remaining resources of 217 Bcf of gas (audited 2C contingent resources).

Meanwhile, seismic imaging at the Hodgkin (100Bcf) and Lovelace (39Bcf) gas fields will assist in moving these nearby fields into development planning.

The company said field Anning and Somerville works should define the concept and gas export route by 2022 with a final investment decision in 2023.

Environmental modelling and infrastructure modifications, and tendering of additional works are progressing at Hodgkin and Lovelace.

The company is eyeing its first gas in 2024.

HHR’s Australian Stock Exchange-listed price has risen by 4.5 per cent today, trading at 2.3c (10: 29 am UTC+ 8 hours)

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