Hartshead Resources (ASX:HHR) has executed a binding agreement to farm-out 60% of its UK Southern Gas Basin assets to RockRose for $196.3M of gross value for Phase 1.
Hartshead Resources says there's also a potential additional bonus of $9M of Phase 2 (farm-out), and $536M of gross product expenditure will be satisfied in the transaction.
It also says it will retain P2607 Operatorship at completion and will transfer to RockRose at a mutually agreed future date.
Hartshead Resources says its also received firm commitments for a $20M placement at $0.04 per share, and subject to shareholder approval, its directors have agreed to subscribe for an additional $750,000 at the placement price.