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Hartshead Resources NL has executed a binding agreement to farm-out 60% of its UK Southern Gas Basin assets (License P2607) to RockRose Energy for A$196.3m gross value, including A$48.4m of UK government Investment & Capital Allowance.
The farm-out agreement provides a defined and value accretive pathway to production for Hartshead and its South Basin Gas assets.
Hartshead has also received firm commitments for a placement to raise A$20m from institutional and sophisticated investors, which will see the company fully-funded to meet its estimated share of the non-debt project development costs.
Hartshead Resources has made an agreement with Shell to transport and process Phase I gas production.
The gas will be transported via a Hartshead-owned pipeline, Shell's Southern North Sea infrastructure, and onto Bacton Gas Terminal for processing and delivery to the UK National Gas Transmission System.
The fully termed agreements will include details on any required brownfield modifications as part of the gas offtake route for the Anning and Somerville gas fields.