Substantial Increase in Phase I Recoverable Resources

HARTSHEAD RESOURCES NL (ACN 150 624 169)

T +61(8) 9226 2011

Einfo@hartshead-resources.com

Level I, 89 St Georges Terrace, Perth WA 6000

PO Box Z5187, Perth WA 6831

7 April 2022

SUBSTANTIAL INCREASE IN PHASE I RECOVERABLE RESOURCES TO 324 BCF

AND UPDATED CORPORATE PRESENTATION

Highlights:

•  Substantial increase in Phase I technically recoverable gas volumes to 3241 Bcf representing an increase of 49% over previous estimates

•  New Phase I production forecasts derived from dynamic reservoir models combined with proposed well trajectories, frac placements, facilities and export route pipeline

•  Production forecasts are based on third party infrastructure tie‐in to the Bacton Gas Processing Terminal

•  Hartshead are in commercial and technical discussions with a third party on an infrastructure tie‐in to the Bacton Gas Processing Terminal and currently jointly developing the scope for the next stage of engineering work to define the sub‐sea pipeline connection, platform modifications and other work required for the gas export route.

•  Updated Corporate Presentation

Hartshead Resources NL (Hartshead, HHR or the Company) is pleased to announce the following operational update with respect to the Company's Phase I gas field development and the release of an updated corporate presentation.

Following the completion of new static and new dynamic reservoir modelling and the generation of new production profiles the technically recoverable gas volumes are as follows:

CONTINGENT RESOURCES1,2 (Bcf)

PHASE I

Table 1. Phase I field development technically recoverable resources.

• 1 Hartshead management estimate

• 2 First reported on 14 December 2020

Figure 1. Anning and Somerville field top structures and elevation above the free water level (FWL) with existing and new development well trajectories.

The recoverable gas volumes (Table 2) are from production forecasts (deterministic) that have been generated based on the range in GIIP volumes, new reservoir simulation models, optimised frac placement, well trajectories and a new network model assuming connection via third party infrastructure to Bacton Gas Processing Terminal (Bacton). Hartshead is currently in commercial and technical discussions with a third party, regarding a jointly identified tie‐in point, into the third parties infrastructure, for onward transportation to the Bacton. This infrastructure, with associated capacity, availability and pressures formed the basis of the Phase I gas transportation network model. Hartshead and the third party are currently jointly developing a scope of work for the next stage of engineering work to define the sub‐sea pipeline connection, platform modification and other works required for the tie‐in.

The new Phase I field development production forecasts have resulted in a revision to Hartshead's estimate of the recoverable resources for the Anning and Somerville fields (Table 2), which can be compared against with the existing audited 2C contingent resources of 2173 Bcf for the Phase I development. These revised resource volumes will be subjected to economic analysis, and the ERCE Peer Review and Competent Persons Report (CPR) previously announced on 28 March 2022. The increase in in‐place volumes is due to revised subsurface interpretation. The increase in recoverable

3 Volumetric estimates are from Oilfield Production Consultants (OPC) Ltd, Independent Competent Persons Report (CPR) entitled "Contingent Resources Review and Audit (Anning and Somerville)" dated October 2020. See Qualified Persons Statement for contingent resource reporting notes.

volumes is due to in the increase in in‐place volumes and optimised frac placement to increase recovery factor4.

Chris Lewis, CEO, commented: "The results from our in‐depth subsurface and well planning work have been excellent, with a significant increase in Phase I recoverable gas volumes. This is a hugely material value increase in the project. I am also delighted to have identified a viable and preferred offtake route. We will now continue with technical and commercial workscopes as part of the next stage of development planning, moving towards project execution and first gas."

Ends‐

CONTACTS

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

For further information on this announcement, visitwww.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

4 The procedures for used for estimating the contingent resources which differ from procedures previously used are as follows:

•  Geocellular static reservoir models have been built for both fields.

•  Probabilistic methods have been used within the static models to capture subsurface uncertainty impacts on both in‐place and recoverable hydrocarbons.

•  Dynamic reservoir simulation models have been built for both fields.

•  Models have been history matched to historic production data.

•  Models have been used to optimise frac locations and produce revised production forecasts.

The increase in resource volumes is due to revised subsurface interpretation identifying additional gas‐initially‐in‐place within the Somerville Fields as well as a revised dynamic modelling to optimise frac location to improve recovery factor and production.

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 announcements dated 6 April 2022 and 8 March 2022. 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 (Bcf)

PHASE I

5 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.

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

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