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An announcement from Hartshead Resources NL ( (AU:HHR) ) is now available.
Hartshead Resources NL has entered into a Well Carry Agreement with RockRose Limited, under which RockRose will fund 100% of Hartshead’s share of the Phase C Well Work Costs, amounting to AUD$48.3 million. As part of the agreement, Hartshead’s stake in the P2607 Joint Venture will decrease from 40% to 35%, and the Phase 1 Fields Development Costs Cap will be adjusted to US$197,645,714. The company has also applied for a two-year extension to Phase C of UKCS Licence No. P2607 due to delays in environmental permitting and supply chain constraints. This agreement provides a non-dilutive funding pathway for Hartshead, allowing it to maintain a strong equity position while preserving capital, and is seen as a strategic step forward for the company’s operations.
More about Hartshead Resources NL
Hartshead Resources NL is a company operating in the energy sector, primarily focusing on oil and gas exploration and development. The company is involved in joint ventures and projects in the United Kingdom Continental Shelf (UKCS), aiming to develop and produce energy resources efficiently.
Technical Sentiment Signal: Sell
Current Market Cap: A$16.85M
Learn more about HHR stock on TipRanks’ Stock Analysis page.