Works on Anning and Somerville Projects Advance With Renewed Vigour Following Equity Funding For Development
Friday 14 April 2023
Hartshead Resources NL has announced that the Company is commencing the Geophysical Survey across the Anning and Somerville fields and inter-field pipeline locations using GEOxyz’s Geo Ocean III vessel.
The Geo Ocean III, is a 77 metre second generation Dynamic Positioning (DP2) MultiDisciplined Offshore Survey Vessel, with specialist deep-push Cone Penetration Testing (CPT) and vibrocoring capability.
The main objectives of the geophysical survey is to provide the Company with an interpretation of the seabed geomechanical and engineering conditions at the Anning and Somerville field locations as well as an environmental baseline survey and habitat assessment, as the Company advances towards First
Gas.
The survey will consist of the following components:
• A detailed analogue and 2D high resolution survey over a 1,000 metre x 1,000 metre square box centred on the Anning and Somerville jacket locations;
• A 400 metre X 400 metre more detailed analogue survey to inform the exact emplacement of the Anning and Somerville jackets; and
• Onshore and offshore laboratory testing of seabed samples taken during the sampling operations.
The results of the Geophysical Survey will form part of the Environmental Statement which is a key component of the Field Development Plan (FDP) submission and is also required for the Platform Front-End Engineering Design (FEED) jacket design verification.
The update follows the recently announced milestone Farm-out of License P2607 to RockRose Energy and completion of a $20.0m placement, both of which materially de-risk the Company’s path to Final Investment Decision (FID), for Phase 1 of the project.
The Company has a very active period ahead as it completes the outstanding workstreams aimed at bringing the project to FID, targeted for Q3 2023. The phase 1 development continues to present a highly unique and compelling development opportunity for the Company, with the production of material gas volumes into highly supportive UK gas prices and set to deliver first cashflows for the Company in H1 2025.
Looking ahead, key milestones include:
• Completion of FEED Q2 2023
• Submission of the FDP Q2 2023
• Execution of debt financing Q3 2023
• Target FID Q3 2023
Chris Lewis, Hartshead CEO, commented “We are proud to be conducting our first offshore operations and surveying the location where the Anning and Somerville gas production platforms will be installed in the near future. We now have a very busy period ahead as we deliver key milestones on the road to taking FID on Phase 1 later this year.”