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Hartshead Resources NL ( (AU:HHR) ) just unveiled an announcement.
Hartshead Resources NL reported that its P2607 joint venture with Rockrose Energy continues to progress development planning for the Anning and Somerville gas fields under various fiscal scenarios, with the 2024 JV budget intact. The company highlighted a strong cash position of over A$22 million, robust support from the UK oil and gas regulator, and significant reserves potential of 300 Bcf for Phase 1 and up to 800 Bcf overall, while exploring innovative third-party infrastructure funding structures to shift upfront capital expenditure into tariff-based operating costs and engaging political stakeholders to secure a supportive regulatory environment. Separately, Hartshead has entered into a binding Scheme Implementation Deed with ACAM for the acquisition of 100% of the company via a court-approved scheme of arrangement, under which shareholders will receive A$0.014 per fully paid share and A$0.0007 per partly paid share, implying an equity value of about A$40 million and representing a substantial premium to recent trading prices. The all-cash offer, unanimously recommended by the board in the absence of a superior proposal, is framed as providing shareholders with certain value and liquidity while removing the regulatory, funding and execution risks associated with developing its UK Southern Gas Basin assets, with implementation targeted for the first half of 2026 subject to customary approvals and conditions.
The most recent analyst rating on (AU:HHR) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Hartshead Resources NL stock, see the AU:HHR Stock Forecast page.
More about Hartshead Resources NL
Hartshead Resources NL is an ASX-listed junior oil and gas company focused on the development of gas assets in the UK Southern Gas Basin. Its primary project is Licence P2607, including the Anning and Somerville gas fields, where it partners with Rockrose Energy to advance phased gas developments targeting substantial reserves for supply into the UK and European markets.
YTD Price Performance: -7.69%
Average Trading Volume: 27,815,643
Technical Sentiment Signal: Sell
Current Market Cap: A$33.7M
For a thorough assessment of HHR stock, go to TipRanks’ Stock Analysis page.