Yep, a TH is probably overkill @Byron (unless there is some...

Yep, a TH is probably overkill @Byron (unless there is some conditional deal with RR if HHR gained new licenses which is unlikely)

In context though it looks like the new licenses immediately adjacent to P2607 include the Ensign gas field. If it does that provides HHR 97 BCF in reserves. Ensign could become the new Phase 2 for the JV. (as the current JV 2nd and 3rd phases contain contingent and prospective resources only) This would add value to the project.

Nothing will really move HHR's dial until either Labour walks back it's current policies or the JV figure out a workaround. There is some potential if HHR can convert capex to opex for example.

Having the new licenses is a positive for HHR but the reward for having them will likely be delayed until there is a resolution to the Labour O&G policies.

Just my thoughts, DYOR.