Hartshead Resources NL has taken further steps to secure third-party funding for phase I development on P2607 gas licence in the UK southern North Sea.
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The Australian company has appointed corporate finance energy sector specialist Carlingford-GFI, extended its mandate with LAB Energy Advisors Ltd, and is exploring “multiple parallel options” to secure funds.
Options include a debt facility, pre-payment on future production streams, publicly listed and private bonds and possible additional sale of equity in phase I covering the Anning and Somerville gas fields.
Hartshead added that discussions were “already advanced on all of these fronts” with a planned advisory team to secure funding for Hartshead’s share of the programme.
Recent work on the licence includes the start of geotechnical surveys on seabed and sub-seabed soil conditions.
Results will finalise the design and installation of the offshore facilities at Anning and Somerville.
The final investment decision on phase I development is expected later this year.