6 Sept 2023agm notice● Neutral
Administrative notice: the AGM will be held on 6 November 2023, with director nominations closing 13 September 2023. No substantive news.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2023quarterly activities report● Neutral
June quarter report: cash over A$32m after the A$20m placement, with the RockRose farm-out completed and the FDP submitted. The company is confident of concluding further equity sale or debt talks by year end; FID is outlined for H2 2023.
25 July 2023agm notice● Neutral
The board cancels the general meeting set for 26 July 2023 after consultation with shareholders and advisers. No reason or agenda is given in the text. It may relate to the pending director share participation approval (inference only).
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.
28 Apr 2023quarterly activities report▲ Good
March quarter report covering the Shell terms, operator approval, survey contract and the RockRose farm-out signed after quarter-end. Cash is described as over A$35m including the placement and RockRose receivables at completion. It repeats previously announced events.
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.
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.
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.