Each one in plain English, with the numbers worked through for a shareholder.
30 Jan 2023quarterly activities report● Neutral
December quarter: cash was A$8.9m, down from A$11.0m at September. Petrofac FEED contracts were awarded, TelosNRG appointed, and the partial divestment moved to late-stage due diligence with no partner announced. Licensing round applications were submitted.
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.
28 Oct 2022quarterly activities report● Neutral
September quarter: cash was A$11.0m after the A$11m placement at A$0.0275, up from A$2.50m at June. The NSTA no-objection letter, Shell study and LAB Energy partnering process continue. FDP preparation and an FID in 2023 are next.
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.
13 Sept 2022agm notice● Neutral
Notice that the AGM will be held around 31 October 2022, with director nominations closing 19 September 2022. Administrative only.
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.
Create a free account to see this worked out for your own holding.
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.
29 July 2022quarterly activities report● Neutral
June quarter: cash fell to A$2.50m from A$4.70m at 31 December 2021 (the March quarter figure was not provided). Highlights restate the concept report submission, 301.5 Bcf 2P reserves, LAB Energy appointment and windfall tax benefit. FEED and project financing preparations come next.
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.
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.
29 Apr 2022quarterly activities report● Neutral
March quarter: Phase I recoverable gas of 324 Bcf and gas in place of 587 Bcf restated. Petrofac workstreams for the Concept Select Report continue, and talks with a Bacton-route infrastructure owner on indicative commercial terms continue. Phase II volumes and new audit still pending; cash figure not in the text provided.
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.
