Friday 24 June 2022

Hartshead Resources NL  is pleased to announce an upgrade in the Contingent Resources of the Anning and Somerville gas fields to Reserves following an independent technical audit of the Phase I Development Plan by ERC Equipoise Limited (ERCE). The technical and commercial audit has resulted in the compilation of a new Competent Persons Report (CPR) for the Phase I Development of the Anning and Somerville gas fields which are now designated as “Justified for Development” and therefore assigned Reserves in accordance with the June 2018 Petroleum Resource Management System (PRMS) framework of the reporting and classification of hydrocarbon reserves and resources. 

CEO of Hartshead, Chris Lewis, commented: “Delivering reserves in license P2607 affirms Hartshead’s core strategy that aggregating high quality, discovered gas volumes, close to infrastructure and delivered to a very strong gas market, demonstrates commercial value and justifies the development of these fields. Having this confirmed by ERCE adds significant value to Hartshead Southern Gas Basin ortfolio. After sixteen months work by the Hartshead team in refining and identifying the best development concept the confirmation that the project has this certainty of being developed is tremendous news.”