Each one in plain English, with the numbers worked through for a shareholder.
23 June 2022resource reserve update▲ GoodMajor
ERCE audit upgrades Anning and Somerville from contingent resources to reserves: 2P of 301.5 Bcf (52 MMboe), 1P 31.2 and 3P 79.7 MMboe. Fields are 'Justified for Development'. Hartshead plans FEED next, with final investment decision planned for Q2 2023, subject to financing and an approved field development plan.
8 June 2022regulatory community update▲ Good
Hartshead says the new UK Energy Profits Levy brings an Investment Allowance lifting tax relief from 46.25 to 91.25 pence per £1 of capex. It says no tax is payable on Phase I until FY2028. Final investment decision is targeted for 1H 2023.
30 May 2022regulatory community update▲ GoodMajor
Hartshead has submitted its Phase I Concept Select Report to the NSTA, the milestone flagged as due in Q2 2022. The concept is six wells from two unmanned platforms tied into third-party infrastructure. FEED is expected in coming months, with a final field development plan later this year.
24 May 2022drilling scheduled● Neutral
Hartshead issues a second tender, for a geotechnical seabed survey (boreholes and testing) at the Anning and Somerville platform and rig locations. Contractor to be chosen before July 2022, with offshore work in July to September alongside the geophysical survey.
17 May 2022drilling scheduled● Neutral
Hartshead issues a tender for a seabed geophysical and environmental survey over the Anning and Somerville fields and the pipeline route. The survey is expected to be done July to September 2022. Preparatory work toward Phase I development.
26 Apr 2022regulatory community update● Neutral
Hartshead comments on the new UK British Energy Security Strategy, saying its Phase I project should benefit from faster approval of North Sea gas developments. A commentary only; no change to Hartshead's resources, timing or finances.
11 Apr 2022material agreement● Neutral
Sustain:able, a UK oil and gas ESG consultancy, is appointed to help build Hartshead's ESG strategy, reporting and emissions assessment. Completes the ESG advisor tender flagged in March. No fee or financial figures given.
7 Apr 2022resource reserve update▲ GoodMajor
Hartshead raises Phase I technically recoverable gas (2C) to 324 Bcf, up 49% from the audited 217 Bcf, from new reservoir modelling and optimised fracture placement. Assumes tie-in to Bacton via third-party infrastructure under discussion. Management estimate, still to be peer reviewed and audited.
7 Apr 2022investor presentation● Neutral
Updated April 2022 corporate presentation on the P2607 gas project, restating the new 324 Bcf Phase I recoverable figure announced the same day. Repeats known facts; the text provided is truncated.
29 Mar 2022material agreement● Neutral
ERC Equipoise is appointed to peer review the Phase I, II and III work and to audit resources for a new Competent Persons Report across licence P2607. The audit of Phase III covers only short-listed prospects from the 14. Continues the CPR and peer review tenders.
15 Mar 2022half year report● Neutral
Half-year to 31 December 2021: net loss A$1.72m (vs A$0.32m a year earlier); cash fell to A$4.70m from A$6.90m at 30 June. Management expects Phase I Concept Select Report approval in Q2 2022 and a new resource audit by mid-2022.
8 Mar 2022resource reserve update▲ GoodMajor
Xodus study identifies 12 new prospects, taking Phase III to 14 with unrisked 2U prospective resources of 344 Bcf. Portfolio recoverable gas rises to about 700 Bcf. Phase I first gas is scheduled for H2 2024. These are undrilled prospects, not discoveries.
1 Mar 2022joint venture update▲ Good
Anning and Somerville models completed: Phase I gas in place 587 Bcf, up 18% from 496 Bcf. History matching is done; talks on indicative commercial terms with infrastructure owners continue. Tenders issued for a concept peer review, a new CPR and ESG work. Phase II nears completion.
24 Jan 2022security holder rights change● Neutral
Share sale facility completed: 710 holders sold 7,502,862 shares (0.4% of shares). Directors and management bought them at an average A$0.021; Tarratt and Lude took 6,652,862. Register falls from about 2,471 to 1,762 holders.
24 Nov 2021investor presentation● Neutral
Updated corporate presentation focusing on the P2607 gas project, its potential to supply blue hydrogen feedstock at Bacton, and ESG strategy. Repeats known facts.
22 Nov 2021drilling progress report▲ Good
Phase II subsurface work starts on the Hodgkin (formerly Audrey) and Lovelace fields, due Q2 2022, helped by seismic data from previous operator Spirit Energy. Fields renamed (Victoria now Anning, Viking Wx now Somerville). Combined 2C remains 139 Bcf.
19 Nov 2021security holder rights change● Neutral
Company sets up a free share sale facility for holders of 25,000 or fewer shares (under A$500 at A$0.02). Holders must opt out by 7 January 2022 or shares are sold. Administrative.
6 Oct 2021regulatory community update▲ Good
Hartshead is selected as a contributor to three UK regulator (OGA) special interest groups for a possible Bacton hydrogen hub, where it plans to process its gas. Management estimates over 0.5 Tcf could reach Bacton. No financial or resource change.
30 Sept 2021annual report● Neutral
Annual report for year to 30 June 2021. CEO says Hartshead now owns and operates UK Southern North Sea gas assets; Phase I holds 217 Bcf. Phases II and III take the total to almost 0.5 Tcf. Outlook: Concept Select Report, updated CPR, host heads of agreement.
30 Sept 2021other● Neutral
Appendix 4G and corporate governance statement for the year ended 30 June 2021, a compliance filing pointing to the governance statement on the company website. No operational or financial information.
1 Sept 2021security holder rights change▲ Good
Hartshead vendors agree to extend voluntary escrow on their shares by 12 months to 3 February 2023. Release is earlier if a 2P reserves deal at US$3/boe or more, or a London listing raising at least A$10m, occurs. About 20.9m shares are sold off-market and re-escrowed.
30 Aug 2021resource reserve update▲ GoodMajor
New Viking Wx model lifts gas in place by 112 Bcf (43%) to 368 Bcf, taking Phase I to 603 Bcf. These are in-place volumes, not recoverable resources. Petrofac's study favours a dual platform development. Spot gas hit a record 117 p/therm.
15 July 2021drilling progress report▲ Good
Concept select work is on track: field re-mapping and well log review done, frac analysis finished, capital cost estimates complete. Non-disclosure agreements signed with several gas infrastructure owners. Spot gas price is above 85 p/therm versus 47.5 at the February acquisition; company's economics assume 45.
10 June 2021contract award▲ Good
Fenix Consulting Delft awarded the frac modelling and design contract for Phase I. It completes the set of concept select contracts announced on 1 June 2021. It will review three past fracs on the Victoria and Viking Wx fields.
1 June 2021contract award▲ GoodMajor
Contracts awarded to Xodus (subsurface), Petrofac (facilities, pipelines) and Fraser Well Management (wells) for Phase I concept select. Lead reservoir engineer appointed. Concept Select Report to the regulator is targeted for Q2 2022. Resolves the open wait for service contracts.
24 May 2021other● Neutral
Shareholders approved the name change at the 21 May 2021 meeting. Ansila Energy NL becomes Hartshead Resources NL, trading under ticker HHR instead of ANA from 27 May 2021. Administrative; resource figures repeat earlier numbers.
4 May 2021investor presentation● Neutral
Updated corporate presentation on the 100% owned Licence P2607 gas fields and the phased plan to Phase I concept select. Released under Hartshead branding ahead of the 21 May 2021 vote on renaming Ansila Energy to Hartshead Resources. Repeats known facts.
22 Mar 2021director officer appointment▲ Good
Hartshead appoints three experienced managers for the Phase I project team: Jeff Barnes (projects), Stephen Roser (commercial) and Adam King (contracts and procurement). Supports delivery of the Phase I concept selection and preliminary development plan.
12 Mar 2021half year report● Neutral
Half-year to 31 December 2020: net loss $912,310 (versus $8,021,506 a year earlier), cash $1,113,424, net assets $852,339. Hartshead became wholly owned after period end. Gora review repeats that Siciny-2 gas could not flow naturally.
4 Mar 2021capital raising announcement● Neutral
Second cleansing prospectus for up to 1,000 shares at $0.025, issued only to allow secondary trading of the performance shares. It raises no meaningful money; offer closes 5 March 2021.
What it means for a shareholder
1,000 new shares at A$0.025 to raise about A$25. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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