Hartshead Resources NL Goes Forward with Planning for Phase 1 Gas Field Development in the Southern UK Gas Basin


Hartshead is focused on building a financially, technically and environmentally responsible European energy company.

(ASX: HHR) (OTCMKTS: PGNYF) (FRA: P6V0) is making great strides in planning the development of the phase I gas fields of its Seaward production license, in the southern gas basin of the United Kingdom.

During the June quarter, the company awarded key engineering contracts following a process of evaluating technical and commercial offers.

In addition to these contracts, Darrell Mandiwall has been appointed Chief Reservoir Engineer to undertake detailed dynamic reservoir simulation, integrated asset modeling and interface between various disciplines within the Concept Select project.

Concept Select work program

As part of the Concept Select work program, subsea facilities and unmanned platforms will be assessed as options to develop the Phase I gas fields (Victoria and Viking Wx) and integrated into withdrawal routes. potentials through third-party host facilities and infrastructure.

When completed, the Concept Select work program will result in the selection of the optimal engineering solution for the development of the Victoria and Viking-Wx gas fields.

The revised recoverable resources and full economics of the selected development concept will form the basis of an updated Competent Persons Report (RPC).

Withdrawal from Poland

Hartshead has also completely withdrawn from onshore Poland, with the withdrawal of its wholly-owned subsidiary Gora Energy Australia Pty Ltd (GEA) from the Gora concession.

This operation follows the withdrawal of the company from the Nowa Sol concession and from the Jany ‐ C1 well works program.

SSH IPO plans

During the quarter, SSH Group Limited (formerly Jacka Resources Limited) obtained the necessary shareholder approvals to proceed with the acquisition of the sales entities that make up the SSH Group.

SSH Group provides security services and other rental and workforce infrastructure to a variety of industries including security services, emergency services, traffic management, hospitality , health care, mining and construction industries.

SSH Group is finalizing an IPO prospectus to raise up to $ 6.25 million before fees and intends to file the offering document in July 2021.

Cash at your fingertips

Hartshead’s closing cash at the end of the quarter was AU $ 6.9 million.

The company has approximately A $ 197,000 in additional financial investments as of June 30, 2021.

Responsible European energy company

Hartshead is focused on building a financially, technically and environmentally responsible European energy company.

Its aim is to secure and invest in projects, where resources can be extracted and delivered to meet Europe’s growing energy demand while supporting the transition to a low-carbon future.

As part of this strategy, Hartshead is focusing on its 100% owned Seaward P2607 production license, comprising five blocks, which contains four existing gas fields in the UK’s Southern Gas Basin.

Source link


Leave A Reply