Hartshead Announces Operational Update in Phase III Prospect Inventory

Source: www.gulfoilandgas.com 3/8/2022, Location: Europe

- Xodus Group completes exploration study identifying 12 new exploration prospects
- Phase III exploration inventory now totals 14 prospects
- Phase III 2U Prospective Resources1 total 3442Bcf (un-risked)
- Aggregated Phase I, Phase II & Phase III volumetrics across the Hartshead portfolio
- 2C Contingent Resources of 3543 Bcf
- 2U Prospective Resources total 344 Bcf

Hartshead Resources NL (Hartshead, HHR or the Company) is pleased to announce the following operational update with respect to the Company’s exploration portfolio as part of its Phase III field development.

An exploration study across Hartshead’s License P2607 has been completed by Xodus Group (Xodus), which has generated a new prospect inventory totalling 14 prospects & leads with un-risked 2U Prospective Resources of 344 Bcf. Twelve new prospects, in addition to the existing Garrod and Ayrton prospects, have been identified on the license area. All of the new prospects are undrilled structural traps within the Rotliegendes reservoir and are summarised below along with their respective geological chance of success (GCoS).

A number of opportunities for further work have been identified by Xodus to potentially further de-risk the prospects and reduce volumetric uncertainty including seismic reprocessing and geological and geophysical studies. The prospects will be economically evaluated and ranked prior to being short listed for further work. Future work on short listed prospect will also involve initial well planning for the drilling of exploration wells in the final selected prospect or prospects. It may be that the McLaren prospect can be drilled as part of the Somerville development project in 2024 or 2025 and this option is being evaluated. Any other prospects selected to be drilled would likely be drilled as vertical exploration wells, sometime following Phase I first gas which is scheduled for H2 2024.

When aggregated with the Phase I and Phase II 2C Contingent Resources, the inclusion of the new Phase III 2U Prospective Resources takes the potential recoverable gas volume of the current Hartshead portfolio to approximately 700 Bcf.

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