Hartshead Resources provides an update with respect to the partial divestment process the Company is currently conducting for its Phase I development of the Anning and Somerville gas fields.

On 27 June 2022 Hartshead announced the appointment of LAB Energy Advisors Limited (LAB Energy), a UK based specialist energy sector advisory company with extensive upstream corporate M&A and asset A&D experience, to advise the Company on industry partnering for its Phase I development in the UK Southern Gas Basin.

The Company has completed the initial phase of a partial divestment process with interest from a number of potential industry partners, a sub-set of which have now entered the next stage of the process involving further due diligence and negotiations. The objective of the process is to secure an industry partner and funding for the development of the Phase I Anning and Somerville gas fields.

Although the Company is confident of a successful outcome to the LAB Energy farm-out/partnering process given the high level of interest shown in Hartshead’s Phase I assets, uncertainty inevitably remains with respect to ultimately securing an industry partner subject to continuing discussions and negotiations, which the Company hopes to successfully conclude during Q1 2023. 

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