UK SOUTHERN GAS BASIN OPERATIONAL UPDATE AWARD OF KEY PHASE I CONCEPT SELECT ENGINEERING CONTRACTS
Hartshead Resources NL (Hartshead, HHR or the Company) through its wholly‐owned UK subsidiary, Hartshead Resources Limited, is pleased to announce the Company has awarded contracts for several key elements of the initial stage of Field Development Planning for the 2171 Bcf Phase I gas development project in the UK Southern Gas Basin. This, together with the recently announced appointments to the project management team, enables the company to progress the Phase I project through to the Concept Select stage gate and submission of the Concept Select Report to the UK Oil & Gas Authority (OGA), anticipated to occur in Q2 2022.
HIGHLIGHTS:
A technical and commercial bid evaluation process has resulted in the award of the following contracts: oXodus Group ‐ Subsurface Geology & Geophysics; oPetrofac – Pipelines, Facilities, Safety and Environmental; oFraser Well Management – Well Construction;
The work program will result in selection of the optimum engineering solution for the development of the Victoria and Viking‐Wx gas fields (the Phase I project);
Subsea and unmanned platform facilities will be evaluated as options to develop the gas fields and integrated with potential offtake routes via third party host facilities and infrastructure;
Revised recoverable resources and full field economics from the selected development concept will form the basis of an updated Competent Persons Report (CPR) as the 2171 Bcf of audited 2C Contingent Resources are converted to Proven & Probable (2P) Reserves;
HRL has appointed a Lead Reservoir Engineer, Darrell Mandiwall, to undertake detailed dynamic reservoir simulation, integrated asset modelling and act as interface between various disciplines within the Concept Select project.
