Hartshead Resources (HHR) Q1 2025 TU earnings summary

Executive summary

• Awarded ten blocks across six licences in the UK 33rd Licensing Round, adding 1,187 Bcf of contingent and prospective resources net.

• Continued progress on UK Southern Gas Basin work programme, including seismic reprocessing and subsurface model development for Anning and Somerville fields.

Financial highlights

• Maintained a strong balance sheet with over A$20 million in cash at quarter end.

• Net cash outflow from operating activities was A$958,000 for the quarter.

• Net cash outflow from investing activities was A$1,131,000 for the quarter.

• Cash and cash equivalents at quarter end totaled A$21.7 million.

• Payments to related parties during the quarter amounted to A$395,000.

Outlook and guidance

• Awaiting further clarity on the UK Government Energy Profits Levy, with changes expected in the Autumn budget.

• Busy programme planned for the remainder of 2024, focusing on well planning and development activities.