Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2025farm in farm out agreement● NeutralMajor
RockRose will fully fund Hartshead's share of the Phase C well work on P2607, budgeted at A$48.3m. In return Hartshead's interest falls from 40% to 35%, and the development carry drops from US$96.8m to US$79.1m. A two-year licence extension is sought. It resolves the June talks.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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 Feb 2021drilling progress report● Neutral
Post-completion, work has begun on the Phase I development plan and Phase II subsurface analysis, with service contracts still to be awarded. Resource figures repeat known numbers (354 Bcf 2C total, 217 Bcf Phase I). No new results.
20 Apr 2020drilling result▼ BadMajor
Operator analysis of Siciny-2 finds average permeability of 0.001 mD, well below the 0.026 mD from the 2013 mini-frac, and mobile water blocked natural gas flow. Further unconventional attempts would need a new or horizontal well. Focus shifts to conventional Rotliegendes gas; the 1.6 Tcf resource stays unproven.
27 Feb 2020drilling result● Neutral
The Siciny-2 long-term pressure build-up test is finished and gauges recovered, ending field operations. Data analysis now decides next steps at Gora. An OCM is planned for late Q1 or early Q2 2020; Jany-C1 is still said to be Q2 2020.
7 Jan 2020drilling progress report● Neutral
Siciny-2 is still flowing fluid rather than gas: 373 m3 of the 850 m3 of frac fluid has come back, and nitrogen is being used to help. Flow tests slip from December into January-February 2020.
17 Dec 2019drilling progress report▲ Good
Frac fluid flowed back through casing with very little proppant returned, which the company says shows proppant stayed in the fracture. Production tubing is to be run after a 24-26 December shutdown, so the well test slips toward year-end or later.
11 Dec 2019drilling progress report▲ Good
The Siciny-2 hydraulic frac was pumped across the perforations at 3,413 m and 3,272 m with stable rate and pressure. Frac fluid is flowing back; the flow test is now due in late December, after workover rig work.
10 Dec 2019drilling progress report● Neutral
A small test injection ('mini-frac') at Siciny-2 was completed on 9 December, ahead of the two-stage frac scheduled for 10 December. Flow test is still planned for December, with a pressure build-up test moved to January-February 2020.
6 Dec 2019drilling progress report▲ Good
Siciny-2 was cleaned up and perforated, and casing and cement logs passed, so the frac can go ahead through casing. Wellhead pressure rose from 5 to 28 bar. Frac fleet is mobilising for the planned December frac and test of the 1.6 Tcf resource.
5 Dec 2019resource reserve update● Neutral
Xodus development plan, audited by NSAI, for the 1.6 Tcf Siciny-2 resource gave an unrisked pre-tax NPV10 of US$1,649m (US$577m net to Ansila) and US$242m risked. Ansila's share of capital would be US$52m. Retracted the next day.
17 Oct 2019drilling scheduled▲ Good
Operating committee approves the budget for the Siciny-2 re-entry and frac after independent review. Site preparation runs in October, the two-stage frac in November and the well test from December 2019. Reviewers say work should fit the budget barring problems.
24 Sept 2019farm in farm out completion▲ GoodMajor
Completes the Gemini deal, so the company now earns 35% of the Gora and Nowa Sol projects in Poland by spending A$6.15m. Dr Andrew Matharu and Christopher Lewis join the board. Siciny-2 testing is due Nov/Dec 2019; Jany-C1 in Q2 2020.
5 Aug 2019drilling scheduled▲ Good
Planning is under way to re-enter the Siciny-2 gas well in Poland (1.6 Tcf contingent target), with fracking and flow testing from October and results expected mid-November. Deal completion is still expected by 23 August.
4 July 2019farm in farm out agreement▲ GoodMajor
Pura Vida signs a binding deal with private UK firm Gemini Resources to earn 35% of the Gora and Nowa Sol onshore Polish projects by spending A$6.15m. It will fund this via a A$3.7m placement and an underwritten rights offer, and two UK directors will join. A shift from African offshore.
23 May 2018farm in farm out agreement● NeutralMajor
Havoc gave notice of exercising its option for a 15% Nkembe interest, but told Pura Vida it has not completed all the required work. Pura Vida will talk further with Havoc and seek legal advice. Suspension extended to 30 June 2018.
