Hartshead Resources NL (ASX:HHR) has completed the initial phase of a partial divestment process with interest from several potential industry partners, a subset of which is progressing to the next stage of due diligence and negotiations.
The company announced in June 2022 that it had appointed LAB Energy Advisors Limited, a UK-based specialist energy sector advisory company with extensive upstream corporate M&A and asset A&D experience, to advise it on industry partnering for its Phase I development in the UK Southern Gas Basin.
HHR is conducting its Phase I development of the Anning and Somerville gas fields, which includes the divestment process.
Securing an industry partner
The objective of the partial divestment process is to secure an industry partner and funding for the development of the Phase I Anning and Somerville gas fields.
HHR is confident of a successful outcome to the LAB Energy farm-out/partnering process given the high level of interest shown in its Phase I assets, however, does note that securing an industry partner is not written in stone.
Hartshead hopes to successfully progress discussions and negotiations during Q1 2023.