- Hartshead was successful in winning Ten (10) Blocks, across Six (6) Licences in 33rd Licensing Round
- Letter of offer and License documentation received for the six (6) new Licenses
- Three (3) of the Licenses now fully executed and awarded
- Three (3) Licenses awaiting execution by the UK oil and gas regulator (NSTA)
- Five (5) Licenses consisting of 9 blocks are situated in the Southern gas basin
- Two (2) Licenses consisting of 3 blocks are adjacent to the existing P2607 Licence
- All blocks contain either gas field re-developments or undeveloped gas fields
- Total additional Contingent & Prospective Resources of 1,187 Bcf (2C + 2U) net to Hartshead
- In aggregate the new Licence awards combined with the existing P2607 Licence, see Hartshead with a net interest of `1.5 Tcf of Reserves and Contingent and Prospective Resources
Hartshead Resources has provided an update on the results of the 33rd Licensing Round Applications. The Company has received from the North Sea transition Authority (NSTA), as the regulatory body for oil and gas exploration in the UK, Letters of offer and License documentation covering six (6) new oil and gas Licenses which cover ten (10) offshore Blocks. Three (3) of these Licenses have now been fully executed and formally awarded to Hartshead.
These Licenses all contain discovered hydrocarbons and present a range of re-development, development and appraisal opportunities. Preliminary details of the blocks and Licence commitments are below.
In aggregate this will be an additional 627Bcf 2C Contingent Resources and 560 Bcf 2U Prospective Resources, net to Hartshead. Following the award of these new Licenses, total net reserves and resources will be:
Prospective resources are estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) and relate to undiscovered accumulations. These prospective resources estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Chris Lewis, Hartshead CEO, commented: 'Hartshead is now a significant acreage holder in the Southern North Sea and additionally has a single License and acreage in a new area of interest, the East Irish Sea. The number and variety of high quality resource opportunities now present in our portfolio is both exciting and encouraging. I look forward to seeing the results of the team’s work on the new portfolio over the coming months and being able to share this with shareholders.'
Source: Hartshead Resources
