Hartshead Resources NL (ASX:HHR) (Hartshead, HHR, or the Company) is pleased to announce the appointment of Carlingford-GFI (Carlingford) and the extension of the LAB Energy Advisors Limited (LAB Energy) mandate. These strategic partnerships will support Hartshead in finalizing third-party financing for the Phase 1 gas fields development.
Hartshead is exploring multiple parallel options to secure project finance, including conventional debt facilities, pre-payment on future production streams, publicly listed and private bonds, and possible additional divestment of equity in the Phase 1 development project. The consideration of additional equity divestment follows the recent highly successful farmout to RockRose Energy and will be evaluated alongside various debt options to maximize long-term value for shareholders. Advanced discussions are already underway on all of these fronts, and the advisory team is now in place to deliver the optimum funding solution.
Carlingford-GFI is a UK-based leading independent corporate finance boutique, specializing in raising finance and advising on transactions in upstream, energy transition, renewables, and natural resources. The Carlingford team boasts an impressive track record in securing structured project finance for oil and gas developments worldwide and brings a wealth of successful transaction experience with clients ranging from oil and gas majors to independent energy players.
LAB Energy Advisors Limited recently supported Hartshead in the successful farmout of 60% of license P2607, achieving a total aggregate value of A$205.3 million. They are a UK-based specialist energy sector advisory company with extensive upstream corporate M&A and asset A&D (acquisition and divestiture) experience. The LAB Energy team has a successful history in asset divestments and farm-out transactions globally, including the UK and Dutch sectors of the Southern Gas Basin, and brings a wealth of transaction experience with clients ranging from oil and gas majors to independent energy players.
Following the appointment of this advisory team, Carlingford and LAB Energy will support the company in securing the balance of Hartshead's required project finance for the Phase 1 Anning and Somerville gas fields development following the Final Investment Decision (FID).
Project development activities are progressing as planned, with recent activity including the commencement of platform seabed geotechnical surveys. These surveys aim to provide the Company with confirmation of the seabed and sub-seabed soil conditions to finalize the design and efficient installation of the offshore facilities. Additionally, they will ensure the safe location of the jack-up drilling rig at the Anning and Somerville locations.
Commenting on the appointment of Carlingford and LAB Energy, CEO of Hartshead, Chris Lewis, said, "Carlingford is a sector-leading corporate finance boutique with a strong track record of delivering structured project finance solutions for development projects on par with our Phase 1 gas development. LAB Energy successfully supported Hartshead in securing an excellent farmout with RockRose earlier this year. I am confident that the appointment of both Carlingford and LAB Energy will ensure the Company achieves the best outcome for shareholders as we move toward putting all of our required development funding in place, prior to taking FID later this year."
Lewis further added, "We are rapidly progressing our Phase 1 development alongside our JV partner RockRose, with work across platforms, pipelines, wells, and offtake advancing well. With the recent submission of the Field Development Plan, we will now move to progress our Environmental Statement later this year. The Company and Joint Venture are very focused on delivering the key milestone of taking FID on Phase 1, later this year."
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au