Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2024annual report▼ Bad
2024 annual report: the CEO says UK fiscal uncertainty paused the Anning and Somerville development, contracts were not awarded and UK headcount was cut. He expects clarity from the Autumn Statement and says cash lets the company weather the delay. Repeats known themes.
30 Sept 2024annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2024, pointing to the corporate governance statement on the website. Administrative filing with no new business information.
17 Sept 2024asset acquisition disposition▲ GoodMajor
All six 33rd Round licences are now fully executed and awarded, completing the process begun in May. Net additions are 627 Bcf contingent and 560 Bcf prospective resources, for about 1.5 Tcf total net reserves and resources.
9 Sept 2024asset acquisition disposition▲ GoodMajor
Hartshead received offers for six new licences covering ten blocks; three are executed and three await the regulator. Adds 627 Bcf of contingent and 560 Bcf of prospective resources net, lifting total net reserves and resources to about 1,501 Bcf. Follows the May announcement of the wins.
6 Sept 2024asset acquisition disposition● Neutral
Hartshead takes a 19.99% stake in ASX-listed Prominence Energy, buying 77.8m shares at A$0.005 (A$389,000). Executive Chairman Bevan Tarratt joins Prominence's board as an executive director. This is a small investment outside the UK gas portfolio.
3 Sept 2024joint venture update● NeutralMajor
Reprocessed seismic confirms earlier work on Anning and Somerville and indicates a small increase in gas in place. Viaro Energy agreed to buy Shell and ExxonMobil's Southern North Sea assets, including Corvette and Leman, a possible offtake route. UK EPL rises to 38% from 1 November 2024.
8 May 2024asset acquisition disposition▲ GoodMajor
The UK regulator (NSTA) has told Hartshead it won ten blocks in the 33rd Licensing Round, nine in the Southern gas basin and three next to P2607, with equity of 50-100%. This ends the wait on the round and widens a portfolio beyond one licence. Formal awards are pending.
1 May 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice. Same firm group; the appointment is to be confirmed at the next AGM. Administrative.
10 Apr 2024joint venture update▼ BadMajor
The Anning and Somerville development continues, but the joint venture's commitment depends on clarity over UK fiscal policy. Hartshead cut contractor headcount to preserve cash and is discussing infrastructure funding to reduce upfront capital. Follows the March tax-change warning.
15 Mar 2024half year report● Neutral
Half-year to 31 December 2023: net loss A$1.6m, cash A$29.3m, net assets A$33.5m. Report restates the RockRose farm-out and funding backstop. FID is still under discussion with RockRose, with operations expected from 2025 per the text.
8 Mar 2024regulatory community update▼ BadMajor
Hartshead says proposed UK Labour tax changes (Energy Profits Levy headline rate 78%, investment allowance relief cut from 91.4% to about 46%) are being assessed. Contract awards may be delayed, which would push first gas past the 2025 target. Cash is over A$23m.
4 Dec 2023farm in farm out agreement▲ GoodMajor
Farm-out terms are amended so Hartshead can, after FID and once RockRose's current carry is spent, sell a further 20% for an uncapped free carry of Phase I costs. This backstops funding for its share, over A$800m total. Chairman Tarratt moves to executive chairman.
19 Oct 2023contract award● Neutral
The pipeline route survey is completed with no incidents, and the pipeline construction and installation tender goes to five contractors. Responses are due this quarter, with award expected early 2024. Lab results are due early 2024. This is a tender step, not an award.
29 Sept 2023annual report● Neutral
Appendix 4G governance checklist for the year to 30 June 2023, pointing to the corporate governance statement on the company website. Administrative filing with no new business information.
29 Sept 2023annual report● Neutral
2023 annual report for the year to 30 June 2023, recapping the RockRose farm-out (60% sold), the FDP submission and FID expected in 2H 2023. Further equity sale or debt talks are targeted to conclude by calendar year end. Largely repeats known facts in the text shown.
15 Sept 2023admin correction● Neutral
Administrative notice: share registry Computershare's Perth office moves to Level 17, 221 St Georges Terrace from 18 September 2023. Phone numbers and postal address are unchanged. No substantive news.
7 Sept 2023contract award● Neutral
The Gardline Ocean Observer has started the pipeline route survey at Anning and Somerville, running through September. Bids for the platform EPIC contract have been received and will be reviewed before a recommendation to the joint venture. This is a bid receipt, not an award.
4 Sept 2023investor presentation● Neutral
September 2023 corporate presentation. The text shown is mostly disclaimers and the qualified person's statement, reaffirming reserves figures first disclosed in June 2022. No new information is evident in the text shown.
17 Aug 2023contract award▲ Good
Gardline Limited is awarded the pipeline route geophysical survey for Anning and Somerville, with its Ocean Observer vessel due in September 2023. RockRose's parent says it is preparing its operatorship application and expects FID later in the year.
18 July 2023drilling result▲ Good
The geotechnical survey at Anning and Somerville is completed in under 12 days with no incidents, recovering four cores. Initial data suggest both sites suit platforms and the drilling rig. Laboratory results are expected within the quarter.
12 July 2023material agreement● NeutralMajor
Hartshead appoints Carlingford-GFI and extends LAB Energy's mandate to secure project finance for its share of Phase I costs. Options include debt, production pre-payment, bonds or selling more equity. FID is now described as 2H 2023, not specifically Q3.
28 June 2023drilling progress report● Neutral
The Geoquip Seehorn vessel is mobilising 'in the coming days' to start the geotechnical survey at Anning and Somerville, following the earlier contract award. The CEO repeats the aim of taking FID on Phase I later this year.
23 June 2023contract award● Neutral
Invitation to tender for the Anning and Somerville platform engineering, procurement, installation and commissioning contract goes to four pre-qualified fabricators on 22 June. Award is expected to take several months. This is a tender step, not a contract award.
21 June 2023regulatory community update▲ GoodMajor
Hartshead submits the Phase I Field Development Plan to the NSTA, as flagged in May: six wells from two unmanned platforms. Debt talks for its remaining costs are 'well advanced', to conclude with FID in Q3 2023; first gas still expected 2025.
13 June 2023contract award▲ Good
Hartshead awards the Anning and Somerville seabed geotechnical survey to Geoquip Marine Operations after a competitive tender, with the Seehorn vessel due to mobilise in July 2023. Results feed the Environmental Statement and platform and rig siting. No contract value given.
23 May 2023regulatory community update▲ Good
Hartshead says its field development plan will be submitted to the regulator within weeks and front-end engineering is about 90% complete. Platform tenders are being finalised. First gas stays on track for 2025 and FID for Q3 2023.
11 May 2023farm in farm out completion▲ GoodMajor
The 60% farm-out of P2607 to RockRose completes, with A$12m+ paid, taking cash to over A$35m. Hartshead keeps 40%. It says this meets its equity needs for Phase I; remaining costs would come from a bond or gas pre-sale, with FID in Q3 2023.
2 May 2023drilling result▲ Good
The seabed geophysical survey at Anning and Somerville is finished, within budget and without incident; onshore lab testing remains. It is Hartshead's first offshore operation. FEED and field plan are still targeted Q2, with FID in Q3 2023.
1 May 2023investor presentation● Neutral
Notice that the CEO has posted a video update on the RockRose farm-out and Phase I project. It carries no new substantive information in the text shown, beyond restating known reserve figures.
14 Apr 2023drilling progress report▲ Good
Seabed geophysical survey of the Anning and Somerville sites is starting, with the Geo Ocean III vessel mobilising. Hartshead says the A$20m placement completed. Targets: FEED and field plan Q2, debt financing and FID Q3 2023, first cash flow H1 2025.
