14 Mar 2025half year report● Neutral
Half-year to 31 December 2024: net loss A$1.12m, cash A$17.9m (A$24.0m at 30 June 2024), net assets A$34.0m. Report recaps the budget outcome and new export route work; FID has not yet been taken.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Feb 2025joint venture update● Neutral
Hartshead submitted a new development programme and budget using the Saturn Banks export route to the P2607 JV for approval. The JV has 90 days to vote on proceeding. It follows the sole-risk concept report filed two days earlier.
5 Feb 2025joint venture update● NeutralMajor
Hartshead submitted a revised concept report to the regulator for a new export route via the Saturn Banks pipeline to Bacton, replacing the earlier Shell route. It did so on its own under sole-risk provisions because the JV did not vote in favour; pipeline funding talks are described as well advanced.
31 Jan 2025quarterly activities report● Neutral
December 2024 quarter report: recaps the budget's tax changes, the December NSTA and JV meetings, and export-route evaluation. Net current assets are over A$20m. Mostly restates known developments.
27 Nov 2024joint venture update▲ Good
After the 30 October budget, the Anning and Somerville restart is underway, with a possible alternative gas export route now available after asset ownership changes. NSTA meeting is set for 5 December and JV meetings for mid-December. Follows the fiscal clarity awaited since February.
7 Nov 2024investor presentation● Neutral
November 2024 corporate presentation positioning Hartshead as a UK gas developer with over 1.5 Tcf net reserves and resources. It repeats previously disclosed estimates; no new information is evident from the readable text.
6 Nov 2024joint venture update● NeutralMajor
UK Autumn Budget confirms the Energy Profits Levy rises to 38% (headline tax 78%) until 31 March 2030, with the 29% investment allowance removed. Overall relief falls to 84.25% from 91.4%. Hartshead is reviewing project economics and timing after an 8-month delay; resolves the fiscal-clarity wait.
31 Oct 2024quarterly activities report● Neutral
September 2024 quarter report: cash over A$20m (net of payables), the six 33rd Round licences now executed, about 1.5 Tcf net reserves and resources. The JV still awaits UK fiscal clarity and explores third-party infrastructure funding. Largely restates known facts.
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.
23 Sept 2024agm notice● Neutral
Administrative notice: the AGM will be held on 20 November 2024, with director nominations closing 27 September 2024. No substantive news.
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.
31 July 2024quarterly activities report● Neutral
June 2024 quarter report: cash over A$22m (net of payables), headcount cut and the 33rd Round ten-block win recapped. The CEO says FID awaits UK fiscal clarity expected late September or early October. Largely restates known facts.
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.
30 Apr 2024quarterly activities report● Neutral
March 2024 quarter report: cash over A$22m (net of payables), exploration spending A$2.24m. It repeats the April update on fiscal uncertainty, headcount cuts and infrastructure-funding talks. No new developments.
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.
31 Jan 2024quarterly activities report● Neutral
December quarter report: cash over A$28m. It restates the December funding backstop (option to sell a further 20% for an uncapped carry) and the completed pipeline route survey. Multiple tenders are underway. No new developments beyond earlier announcements.
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.
31 Oct 2023quarterly activities report● Neutral
September quarter report: net cash over A$30m, geotechnical and pipeline surveys progressing, and Carlingford working on third-party financing. The CEO says FID follows no further technical questions from the regulator, and still targets later in 2023.
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.