Hartshead Resources secured ten blocks across six new licences in the UK's 33rd Licensing Round, enhancing its portfolio in the Southern North Sea.
The North Sea Transition Authority has issued the letters of offer and licence documentation for the six licences, with three fully executed and three pending final regulatory approval.
The newly acquired licences encompass discovered hydrocarbons, presenting diverse opportunities for re-development, development, and appraisal.
Five of the licences, comprising nine blocks, lie within the Southern Gas Basin, and two, consisting of three blocks, are adjacent to Hartshead's existing P2607 licence.
Chris Lewis, CEO of Hartshead Resources, commented, "Hartshead is now a significant acreage holder in the Southern North Sea and additionally has a single licence and acreage in a new area of interest, the East Irish Sea."
"The number and variety of high-quality resource opportunities now present in our portfolio is both exciting and encouraging," Lewis added.
The acquisition significantly boosts Hartshead's resource base, adding 627 Bcf of 2C contingent resources and 560 Bcf of 2U prospective resources.
This brings their total net interest to approximately 1.5 Tcf of reserves and resources.
The acquisition is expected to enhance the company's strategic positioning in the UK's offshore energy sector.
Hartshead Resources is an oil and gas exploration and development company. The company has an interest in the Seaward Production License P2607, comprising of five contiguous blocks which contain four existing gas fields in the United Kingdom Southern Gas Basin totalling approximately 440.5 billion cubic feet of 2C Contingent Resources.
At the time of reporting, Hartshead Resources' share price was $0.007.