Australian gas explorer Hartshead jumps on key approval for UK project

Hartshead Resources NL

21/07/2022 06:30

** Shares of oil and gas explorer Hartshead Resources
 HHR.AX  jump as much as 17.4% to A$0.027, their biggest
intraday pct gain since June 23 
    ** HHR says it received 'Letter of No Objection' from UK's
North Sea Transition Authority for first phase development of
Anning and Somerville gas fields in the southern North Sea
 urn:newsml:reuters.com:*:nASX6sKJpC
    ** Letter finalises the 'Assessment Phase' of project and
provides HHR with permission to prepare and submit field
development plan (FDP)
    ** HHR now intends to progress its Phase I development
through front-end engineering & design (FEED) stage and then
submit FDP before final investment decision (FID)
    ** Stock hits highest level since July 8
    ** About ~1.5 mln shares change hands, vs the 30-day average
volume of 1.4 mln shares
    ** Stock up 4.6% this year, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))