Hartshead Resources (ASX:HHR) to raise $11m for Anning and Somerville gas fields

• Hartshead Resources (HHR) successfully taps private investors for $11 million to fast-track its phase one development of the Anning and Somerville gas fields
• The company will issue 400 million new shares to Australian and UK institutional and family office investors at 2.75 cents per share to raise the funds
• Hartshead has also entered an agreement with Shell to conduct an engineering study for the preferred offtake route and agreed tie-in option for the phase one field development
• Following this work, the companies will enter the next phase of engineering work, which includes front-end engineering and design
• Hartshead is up 22.6 per cent with shares trading at 3.8 cents at 2:43 pm AEST

Hartshead Resources (HHR) has successfully tapped private investors for $11 million to fast-track its phase one development of the Anning and Somerville gas fields.

The company will issue 400 million new shares to Australian and UK institutional and family office investors at 2.75 cents per share to raise the funds.

Subject to shareholder approval, Hartshead directors will subscribe for $500,000 worth of new shares.

Hartshead has also entered an agreement with Shell to conduct an engineering study for the preferred offtake route and agreed tie-in option for the phase one field development.

Work will be managed by Hartshead and undertaken by Petrofac, with Shell to provide project assurance.

Following this work, the companies will enter the next phase of engineering work, which includes front-end engineering and design, with a final field development plan to then be submitted to the UK government.

“Importantly, these funds will be used to further advance the Phase I field development of the Anning and Somerville gas fields, including the recently announced Shell Gas Offtake route Engineering Study, which represents a significant milestone in the advancement of the project,” Hartshead CEO Chris Lewis said.

Hartshead was up 22.6 per cent with shares trading at 3.8 cents at 2:43 pm AEST.

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