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Hartshead Provides 33rd Licensing Round Update

09/09/2024
  • Hartshead was successful in winning Ten (10) Blocks, across Six (6) Licences in 33rd Licensing Round
  • Letter of offer and License documentation received for the six (6) new Licenses
  • Three (3) of the Licenses now fully executed and awarded
  • Three (3) Licenses awaiting execution by the UK oil and gas regulator (NSTA)
  • Five (5) Licenses consisting of 9 blocks are situated in the Southern gas basin
  • Two (2) Licenses consisting of 3 blocks are adjacent to the existing P2607 Licence
  • All blocks contain either gas field re-developments or undeveloped gas fields
  • Total additional Contingent & Prospective Resources of 1,187 Bcf (2C + 2U) net to Hartshead
  • In aggregate the new Licence awards combined with the existing P2607 Licence, see Hartshead with a net interest of `1.5 Tcf of Reserves and Contingent and Prospective Resources

Hartshead Resources (HHR) today provides an update on the results of the 33rd Licensing Round Applications. The Company has received from the North Sea transition Authority (NSTA), as the regulatory body for oil and gas exploration in the UK, Letters of offer and License documentation covering six (6) new oil and gas Licenses which cover ten (10) offshore Blocks. Three (3) of these Licenses have now been fully executed and formally awarded to Hartshead.

These Licenses all contain discovered hydrocarbons and present a range of re-development, development and appraisal opportunities. Preliminary details of the blocks and Licence commitments are below.

Licenses awarded:

License Hartshead Equity Term Main Commitments Gross 2C Gross 2U (1)
P2669 50% 3 years, drill-ordrop Seismic Reprocessing, Development Concept Study 126 35
P2670 50% 4 years, drill-ordrop Seismic Reprocessing, Development Concept Study 121 394
P2678 100% 4 years - Field Development Plan Concept Select Report 130  


Licenses Awaiting Execution by NSTA:

License Hartshead Equity Term Main Commitments Gross 2C Gross 2U (1)
P2676 100% 2 years, drill-ordrop Seismic Reprocessing 109 134
P2679 80% 2 years, drill-ordrop Seismic Reprocessing 272 36
P2682 50% 2 years, drill-ordrop Seismic Reprocessing 185 454


In aggregate this will be an additional 627Bcf 2C Contingent Resources and 560 Bcf 2U Prospective Resources, net to Hartshead. Following the award of these new Licenses, total net reserves and resources will be:

*Hartshead Net Reserves & Resources (Bcf) Existing P2607 Licence New 33rd Round Licences TOTAL (Bcf) Total (mmboe)
2P Reserves 121   121 21
2C Contingent Resources 56 627 683 118
2U Prospective Resources (1) 138 560 698 120
TOTAL     1,501 259


* Contingent and Prospective Resources outlined above are net to Hartshead

Prospective resources are estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) and relate to undiscovered accumulations. These prospective resources estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Chris Lewis, Hartshead CEO, commented: 
“Hartshead is now a significant acreage holder in the Southern North Sea and additionally has a single License and acreage in a new area of interest, the East Irish Sea. The number and variety of high quality resource opportunities now present in our portfolio is both exciting and encouraging. I look forward to seeing the results of the team’s work on the new portfolio over the coming months and being able to share this with shareholders.”

KeyFacts Energy: Hartshead UK country profile   l   KeyFacts Energy: Licensing news

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