RNS Number : 1747S
Harbour Energy PLC
12 June 2024
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

Harbour Energy plc

("Harbour" or the "Company")

Publication of Circular and Prospectus in connection with proposed acquisition of Wintershall Dea asset portfolio

12 June 2024

 

Harbour is pleased to announce that it has today, following receipt of approval from the Financial Conduct Authority (the "FCA"), published its shareholder circular (the "Circular") and prospectus (the "Prospectus") in relation to the proposed acquisition of substantially all of Wintershall Dea AG's upstream oil and gas assets (the "Target Portfolio") (the "Acquisition"). A general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.

 

DeGolyer and MacNaughton ("D&M") have prepared an independent competent person's report ("CPR") on the Target Portfolio, which is included in full in the Prospectus. D&M has certified that, as at 31 December 2023, the target portfolio had 1,117 mmboe[1] of 2P oil and gas reserves with an estimated value (NPV10) of $10.5 billion[2].  This excludes c.60 mmboe of reserves produced between the effective date of the Acquisition of 30 June 2023 and 31 December 2023. In addition, as at 31 December 2023, D&M has certified that the Target Portfolio had 1,238 mmboe of 2C contingent resources[3].

 

The publication of the Circular and Prospectus marks another important milestone towards completion of the Acquisition. In addition, all regulatory, anti-trust and foreign direct investment approvals continue to progress as planned. These include approvals from Egypt's Ministry of Petroleum and Mineral Resources and the European Commission, which were recently received. Harbour continues to expect the Acquisition to complete during the fourth quarter of 2024.

 

Harbour has made available copies of the Circular and Prospectus as well as a presentation summarising the key highlights of the Prospectus on its website at https://www.harbourenergy.com. 


Enquiries


 


Harbour Energy plc

Elizabeth Brooks, Head of Investor Relations

+44 (0) 20 3833 2421



Brunswick (PR advisors)

+44 (0) 207 404 5959

Patrick Handley, Will Medvei




Financial Advisors on the transaction:


 


Barclays (Joint Financial Advisor and Sole Sponsor)

+44 (0) 20 7623 2323

Michael Powell, Ben Plant




J.P. Morgan Cazenove (Joint Financial Adviser)

+44 (0) 20 3493 8000

James Janoskey, Daniel Apa




Harbour Energy corporate brokers:


 


Barclays

+44 (0) 20 7623 2323

Robert Mayhew, Tom Macdonald




Jefferies

+44 (0) 20 7029 8000

Sam Barnett, Will Soutar


 

 

Important Notice

The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. The information disclosed in this announcement may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside of the United Kingdom.

 

This announcement is not intended to, and does not constitute, or form part of, an offer to sell or an invitation to purchase or subscribe for any securities or a solicitation of any vote or approval in any jurisdiction. This announcement does not constitute a prospectus or a prospectus equivalent document.

 

Disclaimer

Barclays Bank PLC ("Barclays"), which is authorised by the Prudential Regulation Authority (the "PRA") and regulated in the UK by the FCA and the PRA, is acting exclusively as joint financial adviser and sole sponsor to the Company and no one else in connection with the Acquisition and shall not be responsible to anyone other than  the Company for providing the protections afforded to clients of Barclays nor for providing advice in connection with the Acquisition or any other matter referred to herein.

 

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), and which is authorised in the United Kingdom by the PRA and regulated by the PRA and the FCA, is acting as joint financial adviser exclusively to the Company and no one else in connection with the Acquisition and will not regard any other person as its client in relation to the Acquisition and will not be responsible to anyone other than the Company  for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to the Acquisition or any other matter or arrangement referred to herein.

 

Jefferies International Limited ("Jefferies"), which is authorised and regulated in the UK by the FCA, is acting exclusively as corporate broker to the Company and no one else in connection with the Acquisition and shall not be responsible to anyone other than the Company for providing the protections afforded to clients of Jefferies nor for providing advice in connection with the Acquisition or any other matter referred to herein.

 

 



[1] Barrels of oil equivalent (boe) is based on 5,600 cubic feet per barrel.  2P reserves and 2C contingent resources are provided on a working interest basis; the component of probable reserves in 2P have not been risk-adjusted to make them comparable to proved reserves.  2C contingent resources should not be confused with reserves due to the uncertainty of development associated with any contingent resource quantity.

[2] The valuation is based on D&M's base case price assumptions, which assumes Brent oil and European gas prices of c.$77/bbl and $12/mscf in 2024 decreasing to $69/bbl and c.$9/mscf in 2027, inflated thereafter at c.2% per annum. D&M's price assumptions are set out in full in the CPR.

[3] 2C contingent resources are provided on a working interest basis

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
PDISFAFSEELSELM
Harbour Energy (LSE:HBR)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024 Haga Click aquí para más Gráficas Harbour Energy.
Harbour Energy (LSE:HBR)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024 Haga Click aquí para más Gráficas Harbour Energy.