Hartshead Resources NL announced that it has entered into a Farm-out Agreement (FOA) with established UK North Sea independent RockRose Energy (RockRose) for a divestment of a 60% equity interest in its UK Southern Gas Basin License P2607 (Farm-out). The total gross consideration under the FOA is approximately AUD 196.3 million, comprising of reimbursement of past costs, a partial carry on HHR's share of development costs, bonus milestone payments and $48.4 million of UK government Investment & Capital Allowance. The Farm-out is a major milestone for the Company, materially de-risking the project and providing a clear pathway to the full financing and subsequent development.

Additionally, Hartshead announced that it has received firm commitments for a placement to raise AUD 20 million, which saw strong support from new and existing institutional and sophisticated investors. Net proceeds from the placement will augment proceeds from the Farm-out and are estimated to see Hartshead fully-funded through its share of non-debt project development costs.