Hartshead Resources (HHR) H2 2024 earnings summary

Executive summary

• Secured full project funding for Anning and Somerville gas fields after amending agreements with RockRose, providing a financing backstop and de-risking project financing.

• Submitted Field Development Plan for Phase I, completed key offshore surveys, and issued tenders for pipeline EPCI.

• Project paused due to UK fiscal policy uncertainty, leading to cost reduction initiatives and reduced headcount.

• Won ten new blocks in the UK 33rd Offshore Licensing Round, expanding the asset portfolio.

• Maintained strong cash position of $23.9 million at year-end.

Financial highlights

• Net loss after tax of $2,697,677 for FY24, compared to a profit of $1,515,604 in FY23.

• Total income of $5,435,447, down from $8,339,935 year-over-year.

• Cash assets at 30 June 2024 were $23,955,209, down from $32,879,390 at 30 June 2023.

• Net assets at year-end were $33,375,834, compared to $35,520,435 the previous year.

• No dividends declared or paid for the year.

Outlook and guidance

• Awaiting clarity on UK fiscal regime; project timelines remain uncertain until government policy is finalized.

• Intends to continue current activities, participate in new projects, and grow exploration portfolio.