Hartshead Resources NL (ASX:HHR) has delivered a 49% increase in Phase I technically recoverable gas volumes for Licence P2607 in the UK Southern Gas Basin to a net 324 billion cubic feet (bcf) of gas.
The new production forecast has been created from dynamic reservoir models combined with proposed well trajectories, frac placements, facilities and export route pipeline.
The results were further affected by a possible third-party infrastructure tie-in to the Bacton Gas Processing Terminal.
“Hugely material value increase”
“The results from our in-depth subsurface and well planning work have been excellent, with a significant increase in Phase I recoverable gas volumes,” Hartshead Resources CEO Chris Lewis said.
“This is a hugely material value increase in the project. I am also delighted to have identified a viable and preferred offtake route.
“We will now continue with technical and commercial work scopes as part of the next stage of development planning, moving towards project execution and first gas.”
Hartshead is in commercial and technical discussions with a third party on an infrastructure tie-in to the Bacton Gas Processing Terminal.
The company is jointly developing the scope of the next stage of engineering work to define the sub-sea pipeline connection, platform modifications and other work required for the gas export route.
About Hartshead Resources
Hartshead Resources is focused on building a financially, technically and environmentally responsible European Energy business.
The company's goal 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.