Hartshead Resources (ASX:HHR) announced that the UK Labour Party has outlined a potential increase in taxation, as well as a reduction of tax relief for UK gas developments if they come to power.

The company is currently assessing the economic implications that may arise following these proposed tax changes by the Labour Party.

Hartshead Resources conveyed that the project timeline has become uncertain due to the potential delay in the award of contracts for capital items.

The decision for the application for the UK 33rd Offshore Licensing Round is expected to be announced in the first half of 2024.

Hartshead Resources is an energy company that specializes in gas developments within the United Kingdom.