Hartshead Resources (ASX:HHR) submitted a revised concept select report addendum to the North Sea Transition Authority for its phase one gas development at the Anning and Somerville gas fields, selecting a new gas export route through the CalEnergy-owned Saturn Banks pipeline, according to a Wednesday Australian bourse filing.
The pipeline will transport the gas to the Perenco-owned Bacton Terminal, where it will be processed before entry into the UK grid, the filing said.
It said that talks regarding commercial and technical specifications for the transportation and processing of gas are progressing. It added that it is in advanced discussions, regarding capital investment for pipeline infrastructure associated with the development, per the filing.
The new route offers numerous benefits including increased production capacity, accelerated production, and improved economic performance.
The addendum was submitted under sole risk provisions, as the P2607 Production Seaward License joint venture partners did not vote in favor of the submission, though they may still join the development.
Its shares fell 13% on market close.
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