• Hartshead has commenced a new phase of project work focussed on first gas production, following completion of the farm-out and consequential equity funding for development.
• Geophysical Survey covering the Anning and Somerville field developments is set to commence.
• Mobilisation of GEOxyz’s Geo Ocean III vessel to the Anning and Somerville field locations is taking place in the coming days.
• The results of the geophysical survey will form a critical component of the Environmental Statement and understanding of the seabed and pipeline route conditions at the Anning and Somerville field locations required for the platform FEED jacket design verification.
• Completion of $20m placement sees Hartshead well-funded to progress key project works.
• Hartshead rapidly moving forward with key project workstreams, including completing Front End Engineering and Design (FEED) and submitting the Field Development Plan (FDP).

Hartshead Resources is commencing the Geophysical Survey across the Anning and Somerville fields and inter-field pipeline locations using GEOxyz’s Geo Ocean III vessel.

The Geo Ocean III, is a 77 metre second generation Dynamic Positioning (DP2) MultiDisciplined Offshore Survey Vessel, with specialist deep-push Cone Penetration Testing (CPT) and vibrocoring capability.

The main objectives of the geophysical survey is to provide the Company with an interpretation of the seabed geomechanical and engineering conditions at the Anning and Somerville field locations as well as an environmental baseline survey and habitat assessment, as the Company advances towards First Gas.

The survey will consist of the following components:

• A detailed analogue and 2D high resolution survey over a 1,000 metre x 1,000 metre square box centred on the Anning and Somerville jacket locations;
• A 400 metre X 400 metre more detailed analogue survey to inform the exact emplacement of the Anning and Somerville jackets; and
• Onshore and offshore laboratory testing of seabed samples taken during the sampling operations.

Today’s update follows the recently announced milestone Farm-out of License P2607 to RockRose Energy and completion of a $20.0m placement, both of which materially de-risk the Company’s path to Final Investment Decision (FID), for Phase 1 of the project.

The Company has a very active period ahead as it completes the outstanding workstreams aimed at bringing the project to FID, targeted for Q3 2023. The phase 1 development continues to present a highly unique and compelling development opportunity for the Company, with the production of material gas volumes into highly supportive UK gas prices and set to deliver first cashflows for the Company in H1 2025. 

Looking ahead, key milestones include:

• Completion of FEED Q2 2023
• Submission of the FDP Q2 2023
• Execution of debt financing Q3 2023
• Target FID Q3 2023

Chris Lewis, Hartshead CEO, commented 
“We are proud to be conducting our first offshore operations and surveying the location where the Anning and Somerville gas production platforms will be installed in the near future. We now have a very busy period ahead as we deliver key milestones on the road to taking FID on Phase 1 later this year.”

KeyFacts Energy: Hartshead UK country profile