Offshore staff
NORTH PERTH, Australia — Hartshead Resources has farmed out a 60% interest in UK southern gas basin license P2607 NL to RockRose Energy, a subsidiary of Viaro Energy.
RockRose will pay about A$196.3 million ($132.2 million), which includes reimbursement of past costs, a part-carry on Hartshead’s share of development costs, bonus milestone payments and $48.4 million of UK government Investment & Capital Allowance.
The transaction, approved by the UK’s North Sea Transition Authority, also secures more than $536 million of gross project expenditure, Hartshead said.
During the third quarter, the partners will look to take FID on a Phase 1 project on the license that includes redevelopment and drilling of the Anning and Somerville gas fields. Current plans call for six production wells, startup in 2025 and peak production of 140 MMcf/d.
Recently Hartshead has held talks with various of groups on debt financing of its remaining share of development costs.
05.11.2023
