New Risk • Dec 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 38% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (38% average weekly change). Minor Risks Revenue is less than US$5m (AU$2.2m revenue, or US$1.4m). Market cap is less than US$100m (AU$36.6m market cap, or US$24.5m). Announcement • Dec 23
ACAM GP Limited entered into a binding Scheme Implementation Deed to acquire Hartshead Resources NL (ASX:HHR) for AUD 40 million. ACAM GP Limited entered into a binding Scheme Implementation Deed to acquire Hartshead Resources NL (ASX:HHR) for AUD 40 million on December 23, 2025. Shareholders will receive A$0.014 cash per Fully Paid Share, representing a 133% premium to the last closing price of A$0.006 and a 114% premium to the 30-day VWAP, and A$0.0007 cash per Partly Paid Share, the Scheme Consideration implies a fully diluted equity value for Hartshead of approximately AUD 40 million.
The Directors of Hartshead unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a Superior Proposal (as defined in the SID) and subject to the Independent Expert concluding that the Scheme is in the best interests of shareholders. The SID provides for the implementation of the Scheme, which is subject to several conditions precedent, including but not limited to i.e., Approval by Hartshead shareholders at a Courtconvened Scheme Meeting, Approval by the Supreme Court of Western Australia, Receipt of all necessary regulatory consents and approvals, including from ASIC and the North Sea Transition Authority, No restraints, no material adverse change and no prescribed occurrence in respect of Hartshead. ACAM or Hartshead Resources may terminate this deed at any time before the Delivery Time on the Second Court Date. Hartshead currently expects that the Scheme will be implemented in the 1st half of calendar year 2026.
Blackwall Legal LLP is acting as Hartshead’s legal adviser in connection with the Scheme. Gilbert + Tobin is acting as ACAM’s Australian legal adviser and Watson Farley & Williams LLP is acting as ACAM LP’s UK legal adviser in connection with the Scheme. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (19% average weekly change). Revenue is less than US$5m (AU$3.3m revenue, or US$2.2m). Market cap is less than US$100m (AU$16.9m market cap, or US$11.2m). Announcement • Sep 08
Hartshead Resources NL, Annual General Meeting, Nov 06, 2025 Hartshead Resources NL, Annual General Meeting, Nov 06, 2025. New Risk • Aug 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.04m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Market cap is less than US$10m (AU$14.1m market cap, or US$9.04m). Minor Risk Revenue is less than US$5m (AU$3.3m revenue, or US$2.1m). New Risk • Jun 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.14m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Market cap is less than US$10m (AU$14.1m market cap, or US$9.14m). Minor Risk Revenue is less than US$5m (AU$3.3m revenue, or US$2.2m). New Risk • Dec 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.5m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (AU$15.5m market cap, or US$9.86m). Minor Risks Currently unprofitable and not forecast to become profitable next year (AU$7.1m net loss next year). Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (AU$4.7m revenue, or US$3.0m). New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). High level of non-cash earnings (745% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (AU$18.3m market cap, or US$12.7m). Announcement • Sep 23
Hartshead Resources NL, Annual General Meeting, Nov 20, 2024 Hartshead Resources NL, Annual General Meeting, Nov 20, 2024. New Risk • Aug 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). High level of non-cash earnings (745% accrual ratio). Market cap is less than US$10m (AU$14.1m market cap, or US$9.28m). New Risk • Apr 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). High level of non-cash earnings (745% accrual ratio). Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$19.7m market cap, or US$13.0m). New Risk • Apr 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.15m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (745% accrual ratio). Market cap is less than US$10m (AU$14.1m market cap, or US$9.15m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). New Risk • Mar 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (663% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (AU$31.0m market cap, or US$20.1m). Announcement • Sep 07
Hartshead Resources NL, Annual General Meeting, Nov 06, 2023 Hartshead Resources NL, Annual General Meeting, Nov 06, 2023. Agenda: To consider re-election and appointment of directors. New Risk • Aug 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.1m free cash flow). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$81.6m market cap, or US$53.2m). Recent Insider Transactions • Jul 05
Non Executive Chairman recently sold AU$58k worth of stock On the 30th of June, Bevan Nigel Tarratt sold around 3m shares on-market at roughly AU$0.023 per share. This transaction amounted to 57% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Bevan Nigel's only on-market trade for the last 12 months. Announcement • Jun 23
Hartshead Resources NL, Annual General Meeting, Jul 26, 2023 Hartshead Resources NL, Annual General Meeting, Jul 26, 2023, at 13:00 W. Australia Standard Time. Location: 104 Colin Street West Perth Western Australia Australia Agenda: To consider the ratification of issue of Tranche 1 Placement Shares under Listing Rule 7.1 capacity; to consider the approval for Chris Lewis and Bevan Tarratt to participate in the Placement; to consider the Hartshead Long Term Incentive Plan; to consuder the Grant of Director Securities; and to consider the Issue Shares. Breakeven Date Change • Mar 16
Forecast to breakeven in 2025 The analyst covering Hartshead Resources expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$236.0m in 2025. Average annual earnings growth of 122% is required to achieve expected profit on schedule. Announcement • Dec 13
Hartshead Resources NL Announces Operational Update with Respect the Phase I Development of the Anning and Somerville Gas Fields Hartshead Resources NL announced an operational update with respect the Phase I development of the Anning and Somerville gas fields. This follows the award of key contracts for Platforms and Pipeline Front-End Engineering Design (FEED) which support preparation of the Field Development Plan (FDP). Petrofac Facilities Management Limited (Petrofac), a leading international service provider to the energy industry, has been awarded two contracts in respect of (i) the Platforms FEED contract for the Anning and Somerville unmanned minimum facilities jackets and topsides and (ii) the Subsea FEED contract for the interconnecting subsea-pipelines connecting to the Shell Exploration & Production UK Limited (Shell) Corvette export system with onward gas transport to the Leman-A complex, associated risers and tie-in to the Anning platform. The award of the FEED contracts signals a significant milestone as the Phase I development progresses from Concept Select into Concept Define prior to entering the execution phase at Final Investment Decision (FID) which is expected to occur later in 2023. Petrofac were previously engaged to assist Hartshead with the Phase I Greenfield Concept Select which identified the preferred development concept of two wireline capable, normally unmanned, platforms connected via a subsea pipeline to the Shell infrastructure and therefore have detailed knowledge of the Phase I development programme. In addition, TelosNRG Limited (Telos) has been appointed to assist and advise Hartshead with the preparation of the Phase I FDP which is expected to be submitted to the NSTA during [first quarter of 2023]. Hartshead is also evaluating contracts for geotechnical and geophysical surveys to cover the Anning and Somerville field developments with a view to securing vessels for deployment in Q1/Q2 2023. The main objectives of the survey are to provide the Company with an interpretation of the seabed geomechanical and soil conditions at the Anning and Somerville field locations and along the pipeline route. The results of the geotechnical and geophysical surveys will form a critical component of the Environmental Statement. Understanding of the seabed conditions at the Phase I field locations and along the pipeline route are also required for completing the subsea and platform FEED design assumptions. Finally, the Company is also pleased to confirm that Hartshead intends to participate in the UK 33rd Offshore Licensing Round recently announced by the NSTA which has a closing date of 12 January 2023 for the submission of applications. The results of the licensing round and awards are expected to be announced later in 2023. Announcement • Dec 06
Hartshead Resources NL Provides Update on Investment Process for Industry Partnering Hartshead Resources NL announced an update with respect to the partial divestment process the Company is currently conducting for its Phase I development of the Anning and Somerville gas fields. On 27 June 2022 Hartshead announced the appointment of LAB Energy Advisors Limited (LAB Energy), a UK based specialist energy sector advisory company with extensive upstream corporate M&A and asset A&D experience, to advise the Company on industry partnering for its Phase I development in the UK Southern Gas Basin. The Company has completed the initial phase of a partial divestment process with interest from a number of potential industry partners, a sub-set of which have now entered the next stage of the process involving further due diligence and negotiations. The objective of the process is to secure an industry partner and funding for the development of the Phase I Anning and Somerville gas fields. Although the Company is confident of a successful outcome to the LAB Energy farm-out/partnering process given the high level of interest shown in Hartshead's Phase I assets, uncertainty inevitably remains with respect to ultimately securing an industry partner subject to continuing discussions and negotiations, which the Company hopes to successfully conclude during First Quarter 2023. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). CFO & Executive Director Andrew Matharu was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 12
Hartshead Resources NL Appoints Stephen McCraith as Wells Manager Hartshead Resources NL announced appointment of Stephen McCraith to the key role of Wells Manager within its UK Southern Gas Basin Phase I development project management team. As a highly experienced Well Engineering and Drilling Manager with over 33 yearsa UK North Sea experience Stephen has an impressive track record of delivering major drilling programmes in the upstream oil & gas sector and brings a wealth of operating experience to Hartshead as the Company enters the Front-End Engineering Design (FEED) stage of the Phase I development of the Anning and Somerville gas fields. Stephen will be responsible for delivering the six horizontal multi-frac well programme for the Phase I development and successful execution of this well programme will be a key value driver in the Phase I development. The majority of Stephenas career was spent with Shell International and Shell UK Exploration and Production in Rig Superintendent and Drilling Operations Manager roles where he was responsible for all types drilling operations, including exploration and development drilling, infill drilling, well testing, coiled tubing operations and other well intervention services. Stephen has also worked for several other UK North Sea Operators and service companies, such as Talisman Energy, KCA Deutag Drilling and Premier Oil/Harbour Energy, in senior Well Engineering roles, where he had responsibility for delivery of their complete UK North Sea operated and non-operated drilling programmes, including the recent Tolmount field development in the UK Southern Gas Basin. As a highly experienced oil & gas professional with in-depth knowledge of offshore drilling operations Stephen is familiar with all aspects of HSEQ and management systems relating to well engineering activities, well integrity and assurance, which will be critical to Phase I development well planning activities on the Anning and Somerville gas fields. Stephen holds a BSc(Hons) degree in Exploration & Mining Geology from University College Cardiff, an MSc degree in Drilling Engineering from Robert Gordon University, Aberdeen, and is a Chartered Engineer. Announcement • Sep 29
Hartshead Resources NL, Annual General Meeting, Oct 31, 2022 Hartshead Resources NL, Annual General Meeting, Oct 31, 2022, at 16:00 W. Australia Standard Time. Location: 333c Charles Street, North Perth North Perth Western Australia Australia Agenda: To table and consider the annual report of the company and its controlled entities for the year ended 30 June 2022, which includes the financial report, the Directors' Report and the Auditor's Report; to consider the adoption of remuneration report; to consider re-election of Mr Christopher Lewis as a Director; to consider re-election of Dr Andrew Matharu as a Director; to consider approval of 10% Placement Facility; to consider Ratification of Prior Issue Placement Shares; and to consider other matters. Announcement • Jul 21
Hartshead Resources NL Receives A Letter of No Objection from North Sea Transition Authority Hartshead Resources NL announced that it received a "Letter of No Objection" from the North Sea Transition Authority ("NSTA") in respect of the development concept for the Phase I development of the Anning and Somerville gas fields. The letter acknowledges receipt of the Concept Select Report (CSR) submitted in accordance with the NSTA's "Requirements for the planning of and consent to UKCS field developments guidance". The Letter follows a review of the "Concept Select Report - P2607 Phase I Development Anning & Somerville", submitted to the NSTA, and indicates the finalization of the "Assessment Phase", entry into the "Authorization Phase", and provides no objection to the Company preparing a Field Development Plan (FDP) for the Anning and Somerville fields as described in the Concept Select Report. The selected development concept submitted within the CSR consists of six production wells from two wireline capable Normally Unmanned Installation (NUI) platforms at Anning and Somerville, which have been classified to hold combined 2P Reserves of 301.5 Bcf1 (52 MMboe) of gas following an independent technical and commercial audit by ERC Equipiose . These platforms will then connect via a subsea pipeline to third party infrastructure for onward transportation and processing to entry into the UK gas transmission network. Given the receipt of the Letter from the NSTA the Company now intends to progress its Phase I development through the Front-End Engineering & Design (FEED) stage and submission of a FDP prior to the final investment decision (FID). Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. CFO & Executive Director Andrew Matharu was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Hartshead Resources NL Announces Substantial Increase in Phase I Recoverable Resources Hartshead Resources NL announced the following operational update with respect to the Company's Phase I gas field development. The recoverable gas volumes are from production forecasts (deterministic) that have been generated based on the range in GIIP volumes, new reservoir simulation models, optimized frac placement, well trajectories and a new network model assuming connection via third party infrastructure to Bacton Gas Processing Terminal (Bacton). Hartshead is currently in commercial and technical discussions with a third party, regarding a jointly identified tie-in point, into the third parties infrastructure, for onward transportation to the Bacton. This infrastructure, with associated capacity, availability and pressures formed the basis of the Phase I gas transportation network model. Hartshead and the third party are currently jointly developing a scope of work for the next stage of engineering work to define the subsea pipeline connection, platform modification and other works required for the tie-in. The new Phase I field development production forecasts have resulted in a revision to Hartshead's estimate of the recoverable resources for the Anning and Somerville fields, which can be compared against with the existing audited 2C contingent resources of 217 Bcf for the Phase I development. The increase in place volumes is due to revised subsurface interpretation. The increase in recoverable volumes is due to in the increase in in-place volumes and optimized frac placement to increase recovery factor. Announcement • Mar 10
Hartshead Resources Announces Material Increase in Phase III Gas Resources Hartshead Resources NL (Hartshead, HHR or the Company) announced the following operational update with respect to the Company's exploration portfolio as part of its Phase III field development. An exploration study across Hartshead's License P2607 has been completed by Xodus Group (Xodus), which has generated a new prospect inventory totaling 14 prospects & leads with unrisked 2U Prospective Resources of 344 Bcf. Twelve new prospects, in addition to the existing Garrod and Ayrton prospects, have been identified on the license area. All of the new prospects are undrilled structural traps within the Rotliegendes reservoir and are summarised below along with their respective geological chance of success (GCoS). A number of opportunities for further work have been identified by Xodus to potentially further de risk the prospects and reduce volumetric uncertainty including seismic reprocessing and geological and geophysical studies. The prospects will be economically evaluated and ranked prior to being short listed for further work. Future work on short listed prospect will also involve initial well planning for the drilling of exploration wells in the final selected prospect or prospects. It may be that the McLaren prospect can be drilled as part of the Somerville development project in 2024 or 2025 and this option is being evaluated. Any other prospects selected to be drilled would likely be drilled as vertical exploration wells, sometime following Phase I first gas which is scheduled for H2 2024. Announcement • Nov 22
Hartshead Resources NL Announces Commencement of the Phase Ii Subsurface Work Programme Covering the Hodgkin and Lovelace Hartshead Resources NL announce the commencement of the Phase II subsurface work programme covering the Hodgkin (block 48/15c) and Lovelace (block 49/6c, 49/11c) field developments as part of the multiphased development of Seaward Production License P2607 in the UK Southern Gas Basin. The Company recently received the prestack depth processed Annabel, Audrey an Audrey Extension 3D seismic datasets from the previous Operator of the Audrey Field, Spirit Energy. This data was reprocessed between 2011 and 2013, incorporating six separate 3D seismic surveys and covers both the Hodgkin and Lovelace Fields. This new data enables the Company to finalised a new work programme & budget for the Phase II subsurface workstreams, targeting completion in Second Quarter 2022. The Phase II workstreams will encompass the construction of a new geological and geophysical database, detailed interpretation of the new 3D seismic data, petrophysical analysis and reservoir engineering to deliver revised in place gas volumes, recoverable 2C contingent resources and production profiles for both the Hodgkin and Lovelace gas fields. Announcement • Jul 15
Hartshead Resources Nl Announces Uk Southern Gas Basin Phase I Concept Select Operational & Uk Gas Market Update Hartshead Resources NL announced an update regarding the 2,171 Bcf Phase I Concept Select work program covering the development of the Victoria & Viking Wx fields in the UK Southern Gas Basin and an update on the UK gas market. The geophysical re-mapping of the Victoria and Viking Wx gas fields, based on the interpretation of existing 3D seismic datasets, has now been completed by Xodus Group (Xodus). Building of geo-cellular static field models of each field has commenced, which combines the new mapping with the recently updated petrophysical well log interpretations. This, in turn will be used to construct full field dynamic reservoir simulation models, which will then be history matched to the historic gas production from the fields. The reservoir simulation models will be used to generate production profiles and updated resource outputs for the Concept Select, third party infrastructure hosts and engineers for the optimisation of production well frac design. Fenix Consulting Delft (Fenix) have completed an analysis of three historically fracced production wells in the Victoria and Viking Wx fields. The analysis has provided information on the fracture characteristics, such as near wellbore permeabilities, fracture dimensions and proppant concentrations achieved during the previous operations. The results from this review will be used to
assist in the design and optimisation of new fracs in planned future development wells on the Phase I fields. A review of the potential development well trajectories for the Victoria and Viking Wx fields from a
single or multiple well centres has been completed by Fraser Well Management (FWM). FWM are now developing well designs and costings for drilling from single and dual well centres which are capable of reaching the furthest extents of the Victoria and Viking Wx fields, whilst simultaneously allowing optimal levels of well fracturing to be achieved. The Greenfield Concept Select study is underway as part of the Petrofac contract and is interfacing
with subsurface, well and frac engineering and HSEQ. Petrofac have completed CAPEX estimations for various elements of the possible development concepts and are underway with OPEX estimations. Support is also being provided to progress tie-in and offtake options with third party infrastructure hosts. Discussions are underway with a number of potential third party infrastructure hosts where possible export routes for gas from the Victoria and Viking Wx fields have been identified. A series of workshops are planned in the near future with the potential host operators to commence feasibility studies for the tie-in of Hartshead's facilities and gas offtake. The feasibility studies will commence once Hartshead Terms of Reference (TOR) for the tie-ins have been established and will be evaluated prior to entering an indicative commercial agreement. 
