5 Apr 2023listing compliance notice● Neutral
ASX confirms Hartshead's suspension will be lifted once the farm-out announcement is released. Administrative notice with no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2023investor presentation● Neutral
Investor presentation on the RockRose farm-out and A$20m placement, repeating the terms and reserves and resources figures already announced. No new information is evident in the text shown.
5 Apr 2023farm in farm out agreement▲ GoodMajor
Hartshead signs a binding deal to farm out 60% of licence P2607 to RockRose Energy for about A$196.3m gross value for Phase I, including A$48.4m of UK tax allowance, plus a possible A$9.0m bonus. It also raises A$20m at A$0.04 per share. Resolves the partnering search.
4 Apr 2023listing compliance notice● Neutral
At Hartshead's request, ASX suspends trading from 4 April 2023 pending an announcement on a potential farm-out transaction. It follows a trading halt granted 31 March 2023 and is the market-sensitive lead-up to the LAB Energy partnering outcome.
22 Mar 2023material agreement▲ GoodMajor
Hartshead agrees key commercial terms with Shell to transport and process Phase I gas via Shell's Southern North Sea system to Bacton. Binding full agreements still to be concluded. This follows the August 2022 Shell export-route study agreement.
15 Mar 2023half year report● Neutral
Half-year to 31 December 2022: net loss A$3.04m (versus A$1.72m a year earlier), cash A$8.9m and net assets A$11.6m. The company says the industry partnering process is nearing its conclusion, with FID planned in 2023.
7 Mar 2023director officer appointment● Neutral
Simon Haworth, formerly of CNOOC International, joins as Development Geologist and Subsurface Team Lead, adding to the Phase I team. A staff hire, not a board change.
27 Feb 2023director officer appointment▲ GoodMajor
Anne-Michèle Vignaroli joins as Chief Operating Officer, with over 20 years' experience including the Clipper South redevelopment, which the company calls analogous to Phase I. She will help take the project to FID later in 2023.
24 Feb 2023contract award▲ Good
Hartshead starts pre-qualifying contractors for the Anning and Somerville platform and jacket construction contract, with a long list of eight. Tender is expected in Q2 2023 and award in Q3 2023. It also joins industry body OEUK.
20 Feb 2023contract award▲ Good
GEOxyz UK is awarded the seabed geophysical survey for the Anning and Somerville platform sites and pipeline route, with the vessel expected in April 2023. Results feed the environmental statement and platform jacket design, both needed for the development plan.
15 Feb 2023director officer appointment● Neutral
Hartshead hires a Contracts & Procurement Manager (Dave Fowler) and a Geophysicist (Denis Danchenko) as it builds its team ahead of project execution. Staff hires, not board changes.
6 Feb 2023regulatory community update▲ GoodMajor
The UK regulator (NSTA) approves Hartshead's UK subsidiary as Sub-Area Operator of licence P2607. The company says operator status is integral to final NSTA approval of the Phase I plan, with FID targeted later in 2023.
3 Feb 2023security holder rights change● Neutral
1,000,000,000 shares, the consideration shares issued in the February 2021 deal, are released from voluntary escrow on 3 February 2023. No other securities remain escrowed, so these shares can now be freely sold.
12 Dec 2022contract award▲ GoodMajor
Petrofac wins the platform and subsea FEED contracts for Phase I, covering two unmanned platforms and a 40 km pipeline to Shell's Corvette. TelosNRG is hired for the field development plan, and Hartshead will apply in the UK 33rd licensing round. FID is expected later in 2023.
6 Dec 2022joint venture update● Neutral
LAB Energy's farm-out process for Phase I has moved a subset of interested parties into due diligence and negotiations. Hartshead hopes to conclude in Q1 2023 but notes no partner is yet secured. Continues the June 2022 appointment.
15 Nov 2022listing compliance notice● Neutral
Hartshead responds to a second ASX query. It explains the Shell announcement was marked non-sensitive because the company was already in a trading halt. It says Shell talks had repeatedly stalled and Shell signed on 18 August 2022. It confirms compliance.
10 Nov 2022director officer appointment▲ Good
Hartshead appoints Stephen McCraith, with 33 years of UK North Sea experience, as Wells Manager for the Phase I project. He will deliver the six-well programme as the company enters FEED. A team hire, not a board change.
7 Oct 2022admin correction● Neutral
Hartshead changes its registered office and principal place of business to 333C Charles Street, North Perth, effective immediately. Administrative.
30 Sept 2022annual report● Neutral
FY2022 annual report. The CEO cites a 39% rise in recoverable Phase I gas to 301.5 Bcf 2P and the NSTA concept submission. Financial figures are not in the text provided (truncated).
30 Sept 2022annual report● Neutral
Appendix 4G and corporate governance statement for the year to 30 June 2022, confirming the statement is on the company website and approved by the board. Administrative filing with no new operating information.
20 Sept 2022listing compliance notice● Neutral
Hartshead answers an ASX query on disclosure of the Shell agreement. It calls the agreement material, says talks began in 2021, it was signed 22 August 2022, and the placement closed 23 August. It confirms it is complying with disclosure rules.
1 Sept 2022investor presentation● Neutral
September 2022 corporate presentation. The text provided is only disclaimers and qualified-person statements, which restate the June 2022 reserves and earlier resource estimates. No new figures are visible; text is truncated.
25 Aug 2022capital raising announcement▲ GoodMajor
Hartshead completes an oversubscribed A$11m placement of 400,000,000 shares at A$0.0275, ending the 24 August suspension. Funds go to the Shell engineering study, geotechnical survey and FEED for Anning and Somerville. Directors take A$500,000, subject to approval. It will explore an AIM listing.
What it means for a shareholder
400m new shares at A$0.0275 to raise about A$11.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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25 Aug 2022listing compliance notice● Neutral
ASX notice that the suspension of Hartshead's shares will lift immediately after it releases its capital raising announcement. Administrative; no new company information.
24 Aug 2022capital raising announcement● NeutralMajor
At Hartshead's request, ASX suspended its shares from 24 August 2022 pending an announcement of a material capital raise, following a trading halt granted 22 August. No size or price is given yet. Cash was A$2.50m at 30 June.
22 Aug 2022material agreement▲ GoodMajor
Hartshead agrees with Shell an engineering study, run by Petrofac, for the Phase I tie-in to Shell's infrastructure to Bacton. This firms up the offtake route under discussion. Cost is about £505,000 from existing cash; the study takes about 3 months.
11 Aug 2022price query● Neutral
ASX queried a share price rise from A$0.026 to an intraday A$0.034. Hartshead says it knows of no undisclosed information and points to record UK gas prices as the only possible explanation, and confirmed it is complying with disclosure rules.
21 July 2022regulatory community update▲ GoodMajor
The NSTA issued a Letter of No Objection to the Phase I concept, ending the assessment phase and allowing Hartshead to prepare a field development plan. This resolves the expected Q2 2022 approval step. FEED and the plan submission come before final investment decision.
27 June 2022investor presentation● Neutral
June 2022 corporate presentation, released alongside the LAB Energy appointment, incorporating the ERCE-audited 2P reserves of Anning and Somerville announced on 23 June. Repeats known facts; the text provided is truncated.
27 June 2022material agreement▲ GoodMajor
LAB Energy Advisors is appointed to run a structured process to find an industry partner for Phase I development after final investment decision, following approaches from several parties. This begins the partnering and funding path; no partner is yet secured. An updated corporate presentation was also released.