Hartshead Resources NL said that the southern North Sea gas joint venture project on the Anning and Somerville fields has restarted following the Government’s Budget in October.
SCHEDULE
The Australian company is reviewing revised export routes and has meetings next month with the North Sea Transition Authority and partner Rockrose Energy Ltd, subsidiary of Viaro Energy Ltd.
Technical work has continued on the subsurface model with reinterpretation of Anning, Somerville as well as exploration opportunities within the licence in the southern North Sea.
The Government plans to increase and extend the energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance.
The EPL will end in March 2030.
The 100% first-year allowance and the decarbonisation allowance will be retained.
“The UK Government’s recent budget announcement has provided the clarity that our industry has needed and been calling for since February this year,” said chief executive Chris Lewis said.
“We are now in a position to advance Anning and Somerville gas fields development, which remains a robust and high value project under these new fiscal terms.
“We are currently updating our project schedule and will propose this to the joint venture in December meetings.”
Hartshead retains 40% ownership of Seward licence P2607 after farming out the remainder to Rockrose.
The acreage comprises five blocks in quads 48 and 49 and contains multiple gas fields, some partially developed, and multiple exploration prospects.
The company states the combined resource base is circa 0.8 tcf of gas across Phase I, II and III of the field development programme.