HARTSHEAD RESOURCES NL — Regulatory Filings 2021

Oct 5, 2021

HARTSHEAD RESOURCES NL (ACN 150 624 169) T +61(8) 9226 2011 E info@hartshead-resources.com Level I, 89 St Georges Terrace, Perth WA 6000 PO Box Z5187, Perth WA 6831

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6 October 2021

HARTSHEAD SELECTED FOR ROLE IN FUTURE UK HYDROGEN GENERATION SPECIAL INTEREST GROUPS

Highlights:

• Bacton gas terminal selected by the UK Oil & Gas Authority as potential hydrogen production site for London and the South Eastern UK

• The Bacton gas terminal is Hartshead’s planned natural gas processing plant

• Natural Gas is set to play a key role in unlocking the hydrogen potential in the UK

• Blue Hydrogen will be generated using natural gas feedstock via methane reformation

• Fast tracking natural gas development, combined with hydrogen and other energy solutions is seen as critical, given the current energy crisis the UK is facing

Hartshead Resources NL ( Hartshead , HHR or the Company ) is pleased to announce that the Company has been selected to participate in several Special Interest Groups ( SIGs ) established by the UK Oil & Gas Authority ( OGA ) as part of the Bacton Energy Hub initiative focussed on future hydrogen generation at the Bacton gas terminal, where Hartshead intends to process its natural gas production.

The UK Southern Gas Basin, together with the Bacton gas terminal and offshore wind power infrastructure, form the Bacton Catchment Area (figure 1). The area has been the focus of a recent study by the OGA to consider how the Bacton Catchment Area could be developed into an energy and infrastructure hub for future hydrogen generation as part of the UK’s decarbonisation efforts and 2050 net zero target.

As part of Hartshead’s multi-phased development of four gas fields in the Southern Gas Basin, combined with additional near field exploration prospects, the Company has the potential to deliver more than 0.5 Tcf[1] to the Bacton gas terminal following targeted first gas from its Phase I assets.

Hartshead’s gas developments could provide material volumes of natural gas feedstock into the Bacton Energy Hub for blue hydrogen generation and the Company’s future offshore infrastructure potentially used in Carbon Capture & Storage and electrification projects.

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1 Hartshead management estimates.

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Figure 1. Bacton Catchment Area: Energy Hub integration with various offshore installations illustrating their potential role in future hydrogen generation. (Source: UK OGA).

The OGA study has confirmed that there is a significant economic opportunity for a hydrogen-led energy hub centred at Bacton that will play a leading role in the UK’s energy future which focusses on the following elements:

• Blue Hydrogen: Using natural gas feedstock from existing and undeveloped gas fields to produce hydrogen via methane reformation;

• Carbon Capture & Storage: Depleted gas fields or suitable reservoirs to be used for the injection and storage of CO2 generated as a by-product from Blue Hydrogen production;

• Green Hydrogen: Integration of new and existing wind turbines into the Bacton Energy Hub to produce hydrogen via electrolysis;

• Electricity: Generation of electricity from wind turbines to provide power to the UK grid and offshore installations in the Southern Gas Basin.

The following SIGs have been established by the OGA to assist in the development of the Bacton Energy Hub and to act as a forum for the energy companies and other stakeholders in the Bacton

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Catchment Area to bring together their collective expertise and experience for the benefit of the future energy and hydrogen hub at Bacton:

• Hydrogen Demand;

• Hydrogen Supply;

• Infrastructure;

• Regulatory;

• Skills & Technology.

Given the experience of the Hartshead team in delivering Southern Gas Basin projects we believe the Company has much to contribute the SIGs as well as the importance of Hartshead being involved in discussions with various stakeholders regarding the future development of infrastructure critical to the Southern Gas Basin and the development of the Company’s assets. The OGA has proposed that Hartshead will act in a Contributor role to the Hydrogen Supply, Infrastructure and Regulatory Affairs SIGs with the Company being represented at the SIGs by Jeff Barnes (Project Developments Manager) and Steve Roser (Commercial Manager).

Chris Lewis, CEO, commented: “We are encouraged by Hartshead’s selection in the SIGs and the opportunity to play a part in the UK’s energy future through the production of natural gas produced from our existing and undeveloped gas fields and the option for this gas to be used as feedstock in blue hydrogen.”

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CONTACTS

The Board of Directors of Hartshead Resources NL authorised this announcement to be given to ASX.

For further information on this announcement, visit www.hartshead-resources.com.au or contact:

Christopher Lewis Chief Executive Officer

Andrew Matharu Chief Financial Officer

w: +61 8 9226 2011

e: info@hartshead-resources.com

ASX:HHR | hartshead-resources.com.au

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Notes to Editors:

Hartshead Resources NL

ASX-listed Hartshead Resources NL and is focussed on building a financially, technically and environmentally responsible European Energy business.

Hartshead’s goal is to secure and invest in projects where resources can be extracted and delivered to meet Europe’s growing energy demand while supporting the transition to a low carbon future.

In progressing this strategy Hartshead is focused on its 100% owned Production Seaward License P2607 comprising of five blocks which contain four existing gas fields in the UK Southern Gas Basin.

Hartshead brings together a highly experienced oil and gas team with specialised knowledge covering subsurface, engineering, commercial, QHSE and capital markets with the required skillsets needed to successfully and safely deliver oil and gas upstream projects.

UK Southern North Sea Production Seaward License P2607 – Contingent and Prospective Resources

Please refer to the qualified person’s statement relating to the reporting of contingent and prospective resources on Hartshead Resources Southern North Sea License P2607 in Hartshead’s ASX Announcement dated 14 December 2020 (see Schedule 3). The Company is not aware of any new information or data that materially affects the information about the contingent resource and prospective resource estimates included in this announcement and all the material assumptions and technical parameters underpinning those estimates in this announcement continue to apply and have not materially changed.

Contingent resources reported herein have been estimated and prepared using the probabilistic method.

		CONTINGENT RESOURCES (BCF)
PHASE I PROJECTS		1C 2C 3C
VICTORIA	49/17b	84 125 177
VIKING-WX	49/17b	62 90 124
COMBINED2	49/17b	161 217 285

CONTINGENT RESOURCES (BCF) 1C 2C 3C GCOS

2 Volumes combined stochastically to give portfolio volume

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PHASE II	49/6c, 49/11c Tethys North	14 39 70 100%
	48/15c Audrey NW	35 100 387 100%
PROSPECTIVE RESOURCES3		P90 P50 P10 GCoS
PHASE III EXPLORATION	49/17b Vixen SW	29 56 94 50%
	49/17b Vixen SE	43 85 142 30%

Forward Looking Statements

This document has been prepared by Hartshead Resources NL (HHR). This document contains certain statements which may constitute "forward-looking statements". It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including, but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve and resource estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delays or advancements, approvals and cost estimates.

HHR’s operations and activities are subject to regulatory and other approvals and their timing and order may also be affected by weather, availability of equipment and materials and land access arrangements. Although HHR believes that the expectations raised in this document are reasonable there can be no certainty that the events or operations described in this document will occur in the timeframe or order presented or at all.

No representation or warranty, expressed or implied, is made by HHR or any other person that the material contained in this document will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of HHR, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this document and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this document or any error or omission there from. Neither HHR nor any other person accepts any responsibility to update any person regarding any inaccuracy, omission or change in information in this document or any other

3 Prospective resources are estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) and relate to undiscovered accumulations. These prospective resources estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

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information made available to a person nor any obligation to furnish the person with any further information.

Qualified Person’s Statement

Hartshead has prepared the Contingent Resource and Prospective Resource information in this announcement in accordance with the ASX Listing Rules and the 2007 Petroleum Resources Management System published by the Society of Petroleum Engineers (SPE-PRMS). The Contingent Resource estimates and Prospective Resource estimates presented in this report were originally disclosed to the market in an announcement released 14 December 2020. Hartshead confirms that it is not aware of any new information or data that materially affects the information included in the aforesaid market announcement and that all the material assumptions and technical parameters underpinning the estimates in the aforesaid market announcement continue to apply and have not materially changed. The information in this announcement that relates to Contingent Resource information in relation to the Phase I Victoria and Viking-Wx fields is based on information compiled by technical employees of independent consultants, Oilfield Production Consultants Ltd, which information was subsequently reviewed by Mr Christopher Lewis. The information in this announcement that relates to Contingent Resource information in relation to the Phase II Audrey NW and Tethys North fields and the Prospective Resource information in relation to the Vixen SW and Vixen SE prospects is based on information compiled by Mr Christopher Lewis and information complied by technical consultants contracted to Hartshead which has been subsequently reviewed by Mr Christopher Lewis. Mr Lewis has consented to the inclusion of such information in this announcement in the form and context in which it appears and the resources information in this report is based on, and fairly represents, information and supporting documentation reviewed by, or prepared under the supervision of, Mr Christopher Lewis. Mr Lewis is a Director of Hartshead and has a BSc from the Imperial College, University of London and is a member of The American Association of Petroleum Geologists (AAPG) and the European Association of Geoscientists and Engineers (EAGE). Mr Lewis is qualified in accordance with the requirements in ASX Listing Rule 5.41.

ASX:HHR | hartshead-resources.com.au