Harbour Energy to be Admitted to Trading

Source: www.gulfoilandgas.com 4/1/2021, Location: Europe

Harbour Energy plc is pleased to announce that, following the completion of the all-share merger of Chrysaor Holdings Ltd (Chrysaor) and Premier Oil plc (Premier), the Group’s enlarged ordinary share capital will be admitted to trading on the London Stock Exchange’s Main Market at 0800 BST today.

A new global independent oil and gas company
Harbour is a global independent oil and gas company, producing over 200,000 barrels of oil equivalent per day from the North Sea and South East Asia. The Group has a cash-generative diversified UK business with a significant operated position and competitive operating costs, providing resilience to commodity price volatility.

In addition, Harbour has a broad set of international growth opportunities, including an attractive development and exploration portfolio and a management team with a track record of value creation through disciplined M&A transactions. The Group has a strong balance sheet and the financial flexibility to fund both further growth and shareholder returns, including via a sustainable dividend in the near-term.

Harbour is committed to producing oil and gas responsibly to help meet the world’s energy needs. The Group has a lower carbon intensity than the average UK oil and gas producer with a commitment to achieve Net Zero greenhouse gas emissions by 2035.

An experienced Board and management team
Harbour is governed by an experienced Board comprising 11 directors (eight non-executive directors and three executive directors). As previously announced, Blair Thomas, currently CEO of EIG, is Chairman of Harbour, Linda Z Cook is CEO, Phil Kirk is President and CEO of Europe, and Alexander Krane will be appointed CFO on 15 April.

The biographies of Harbour’s directors as well as those of the Group’s leadership team can be found on Harbour’s website.

2021 guidance
Harbour today provides the following guidance for 2021, both on a proforma basis (including 12 months of Chrysaor and Premier) and on a reported basis (including 12 months of Chrysaor and 9 months of Premier). The reported numbers represent the accounting treatment of the all share merger under IFRS3 Business Combinations. Both proforma and reported guidance is consistent with that provided by Premier and Chrysaor on 18 March 2021.

- Proforma production of 200-215 kboepd; reported production of 185-200 kboepd1
- Proforma and reported operating costs (excluding lease costs) of less than $15/boe
- Proforma and reported total capital expenditure, including production, development, exploration and decommissioning (pre-tax), of c. $1.1 billion2
- Free cash flow breakeven of $30-$35/boe (including one off transaction and refinancing costs, tax payments and hedging)
- Net debt of $2.9 billion at completion; significant current liquidity of more than $700 million

Linda Z Cook, CEO of Harbour Energy commented:
“This is a landmark day for Harbour Energy and all of those involved with Premier and Chrysaor. As the largest UK listed independent oil and gas company, Harbour offers a unique opportunity for investors, bringing together two complementary portfolios with a material North Sea foundation, an attractive global footprint and a strong balance sheet.

I would like to thank everyone in both Premier and Chrysaor for their tremendous efforts in completing the Transaction. Today, as we start our future as Harbour Energy, we look forward to realising the potential of our new Company for all of our stakeholders.”


United States >>  12/5/2024 - - EQT Transition Infrastructure will build on EQT’s experience in backing climate-related opportunities across strategies and more than 15 years of in...
Canada >>  12/4/2024 - Parallax Energy Operating Inc., a wholly owned subsidiary of Parallax Energy, L.P. (collectively “Parallax”), today closed the acquisition of Vesta En...

Canada >>  12/4/2024 - Russel Metals Inc. (TSX: RUS) announces that it has closed its acquisition of Tampa Bay Steel.

John Reid, President and CEO of Russel Metal...

United States >>  12/4/2024 - GPD Companies, Inc. ("GPD") today announced it has entered into a definitive agreement to sell Distrupol to Omya, a leading global producer of essenti...

Germany >>  12/3/2024 - Accenture (NYSE: ACN) has agreed to acquire AOX, a German company specializing in embedded software for carmakers and their suppliers. The acquisition...
United Kingdom >>  12/3/2024 - Orcadian Energy (AIM:ORCA) is pleased to announce that the Company has acquired all of the ordinary shares of HALO Offshore UK Limited ("HALO") from t...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.