Highlights:

• Corporate Finance Energy sector specialist, Carlingford, have been appointed by Hartshead to assist the Company in finalising third party financing for the   Phase 1 gas fields development.
• The appointment of Carlingford follows the recent submission by Hartshead & RockRose Energy of the Anning & Somerville Field Development Plan.
• Additionally, energy sector specialist, LAB Energy Advisors, have been retained by Hartshead to support the Company with project finance or further equity    divestment.
• The extension of the LAB Energy Advisors mandate follows successful farmout of 60% of Hartshead’s P2607 license to RockRose Energy.
• Hartshead is exploring parallel investment opportunities through project finance or further equity divestment, to maximise shareholder returns.
• Project development activities remain on track for Final Investment Decision in 2H CY2023.

Hartshead Resources today announced the appointment of Carlingford-GFI, and the extension of the of LAB Energy Advisors (LAB Energy) mandate. Both parties will now work to support Hartshead in finalising third party finance for the Phase I gas fields development.

Hartshead are exploring multiple parallel options to secure project finance, including a conventional debt facility, pre-payment on future production streams, publicly listed and private bonds and possible additional divestment of equity in the Phase 1 development project. Consideration of additional equity divestment follows the recent highly successful farmout to RockRose Energy and will be considered alongside the various debt options with a view to maximising long term value to shareholders. Discussions are already advanced on all of these fronts, and the advisory team is now in place to deliver the optimum funding solution.

Carlingford are a UK based leading independent corporate finance boutique, focused on raising finance and advising on transactions in upstream, energy transition, renewables and natural resources.. 

The Carlingford team have a strong track record in securing structured project finance for oil and gas developments globally and bring a wealth of successful transaction experience with clients ranging from the oil & gas majors to independent energy players.

LAB Energy recently supported Hartshead in the successful farmout of 60% of license P2607 for a total aggregate value of A$205.3 million and are a UK based specialist energy sector advisory company with extensive upstream corporate M&A and asset A&D experience.

The LAB Energy team have a successful history in asset divestments and farm-out transactions globally, including the UK and Dutch sectors of the Southern Gas Basin and bring a wealth of transaction experience with clients ranging from the oil & gas majors to independent energy players.

Following the appointment of this advisory team, Carlingford and LAB Energy will support the company, in order to secure the balance of Hartshead’s share of required project finance for the Phase I Anning and Somerville gas fields development following Final Investment Decision (FID). 

Project development activities continue to progress as planned, with recent activity including commencement of the platform seabed geothechnical surveys. The main objectives of the geotechnical survey are to provide the Company with confirmation of the seabed and sub seabed soil conditions to finalize the design and the efficient installation of the offshore facilities and to ensure the safe location of the jack-up drilling rig at the Anning and Somerville locations.

CEO of Hartshead, Chris Lewis, commented: 
“Carlingford are a sector leading corporate finance boutique with a strong track record of delivering structured project finance solutions for development projects on par with our Phase 1 gas development. LAB Energy successfully supported Hartshead in securing an excellent farmout with RockRose earlier this year. I am confident that the appointment of both Carlingford and LAB Energy will ensure the Company achieves the best outcome for shareholders as we move toward putting all of our required development funding in place, prior to taking FID later this year

We are rapidly progressing our Phase I development alongside our JV partner RockRose, with work across platforms, pipelines, wells and offtake advancing well. With the recent submission of the Field Development Plan we will now move to progress our Environmental Statement later this year. The Company and Joint Venture is very focused on delivering the key milestone of taking FID on Phase 1, later this year.”

KeyFacts Energy: Hartshead UK country profile