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Always excellent to note, still even further reductions in HBR Short positions as evident once again here today, now this being the FIFTH consecutive/back to back rapid reduction by GLG Partners LP during the months of April and May (3, 4, 5, 16, April 2024 and now also on 09 May 2024).
Let the trend be your friend!
https://shorttracker.co.uk/company/GB00BMBVGQ36/
Here clueless any thoughts on the fact that astrazenica poison has been banned around the world
The rests will be next the only millions that was saved was in pension payouts
https://www.biologicalweapons.news/2024-05-02-arizona-gop-declares-covid-vaccines-biological-weapons.html
Any comment now coco
Post from ADVFN today:
Onlylongterm910 May '24 - 09:55 - 4646 of 4646
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Proactive Investors 09 May 2024
Harbour Energy ‘on-track’ to complete transformational Wintershall deal later this year
Harbour Energy PLC (LSE:HBR) told investors it is on track to complete its transformational acquisition of Wintershall in the fourth quarter of 2024.
The $11.2 billion deal was announced in December and will, when completed, add a catalogue of assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria.
It will create “one of the world’s largest and most geographically diverse” independent oil and gas companies – with a combined production profile of over 500,000 barrels per day.
Significantly for Harbour, which is the largest North Sea independent, it delivers a substantial diversification and eases exposure to the UK’s currently high fiscal regime for oil and gas.
Today’s trading update confirmed Harbour was producing 172,000 barrels oil equivalent per day in the first quarter of 2024. Its operating costs averaged $18 per barrel.
The company estimated $900 million of revenue for the quarter, after hedging for UK prices of $83 per barrel of oil and 69p per therm for gas.
It maintained guidance for capital spending, with first-quarter capex seen at $250 million and full-year spend expected to reach $1.2 billion.
Net debt halved compared to this time last year, reducing to $100 million at the end of March.
Harbour is to pay a final 13 cents per share dividend for 2023, which the company noted was inline with its previously stated plan to payout $200 million for the year. The payment will be paid on 22 May.
In terms of the Wintershall countdown, Harbour noted that it had made significant progress on the various workstreams and approvals required to complete within its timeline.
Notably, it confirmed that it had executed necessary hedging (predominantly for oil) for the anticipated 2025 and 2026 production, in order to de-risk near-term cash flow.
“During the first quarter, we continued to deliver safe and responsible operations, maximize the value of our UK production base and advance our organic growth projects,” Harbour chief executive Linda Cook said in a statement.
“At the same time, we made significant progress towards completion of the Wintershall Dea acquisition which will transform our portfolio and capital structure and support enhanced and sustainable shareholder returns."
Also, UK Gas prices on the up.
https://www.thisismoney.co.uk/money/markets/article-13401077/amp/MARKET-REPORT-North-Sea-giant-Harbour-closes-9bn-German-deal.html
North Sea giant Harbour closes in on £9bn German deal
British companies, one by one, are being plucked off the London stock market by foreign predators.
But two deals suggest the siege is not all one-way traffic.
North Sea producer Harbour Energy is closing in on a near-£9billion takeover in a swoop on most of the oil and gas assets owned by Germany’s Wintershall Dea.
The acquisition, which was announced in December, has now been approved by Germany and Norway and should be completed in the final three months of 2024.
Harbour also said it expects production to double after the deal, making it a major global player.
NSS
35% signed up before issuing the prospectus is pretty high. PIs and most II investors have not yet had the opportunity to vote to support the deal
"IMHO, we should very easily reach £5+ by Q4 if everything goes as planned/scheduled, GLA."
Fully agree.
Well you can’t test nothing so it’s a discovery of sorts at the very least.
Time will tell whether it’s commercial or not.
HBR’s investor presentation clearly states a so far 69p/them price for the hedged gas price.
Post from ADVFN today:
TheComposer10 May '24 - 08:39 - 4645 of 4645 Edit
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Excellent Investor Presentation (May 2024) by HBR team clearly highlighting both the Outstanding progress made and enormous potential ahead here going forward:
https://www.harbourenergy.com/media/swvfapx4/harbour-energy-plc-investor-presentation-may-2024.pdf
IMHO, we should very easily reach £5+ by Q4 if everything goes as planned/scheduled, GLA.
Thanks Stevo.
The one thing that did surprise me is they still only have 35% signed up to support the deal.
I also like the fact they are testing the Wlidcat… Could be really good news…!!!… or.. lol
For Harbour Energy/Wintershall Dea the future clearly is extremely bright:
§ Investments at Harbour's operated UK hubs progressed including drilling at Callanish F6 (Greater Britannia Area), and the Talbot development (J-Area) which remains on track to start production around year-end
§ International growth opportunities advanced with potential for material reserve additions
- Mexico: Zama FEED due to commence shortly with contractor bids being evaluated; appraisal of the 2023 Kan oil discovery scheduled for H2 2024
- Indonesia: Further momentum with the Andaman Sea exploration campaign including at Tangkulo (South Andaman, Harbour 20 per cent) where testing is underway. Following completion of operations at Tangkulo, the rig will move to the final location in the current campaign to appraise the significant 2023 Layaran discovery (South Andaman)
- Norway: Small oil discovery at Ringhorne North (Harbour 15 per cent), close to existing infrastructure
§ Continued momentum on Harbour's UK CCS projects including good progress in the FEED phase for the Harbour-led Viking project
§ Net debt reduced to $0.1 billion at end of March 2024 (YE 2023: $0.2 billion), after c.$60 million of financing and other fees associated with the Wintershall DEA acquisition; Harbour's RBL debt facility remains undrawn
Acquisition of Wintershall Dea Asset Portfolio on track to complete in Q4 2024
Harbour has made significant progress on the various workstreams and approvals required to complete the acquisition of the Wintershall Dea asset portfolio (the "Acquisition").
§ All regulatory, anti-trust and foreign direct investment approvals required for completion continue to progress as planned
Harbour continues to expect to complete the Acquisition during Q4 2024.
NSS
I believe today was more about the progression of the WD acquisition and the approval by the German regulator, which was a potential stumbling block.
The FCF in Q1 was $300m before $200m of tax payment and so slightly ahead of the annual forecast of $1.1b FCF before $1b tax payment. The realised price for gas detailed in the presentation was 69p per therm and so a typo in the announcement as highlighted by Londoner. Updated Forecast for 2024 of small FCF/debt reduction after $200m dividend is consistent with prior announcements.
Increase in FCF in 2025 to approx $500m due solely to lower CAPEX. Again as previously announced.
Hi Gents,
As our regular financial gurus I was wondering if either of you would be so kind as to share your thoughts on todays financial news. Greatly apprechiated.
Many thanks
NSS
Londoner
I has the same thought re average realised gas prices. It must be a typo as the average gas price has been on average above the hedge price for 2024 and I don’t think has been as low at 49p per therm. My gut feel is around 70-75p per therm would be average for Q1
I
Playing with the pros with a non existent strike rate is probably i would have thought a bit embarrassing
But hey heres hoping 🤣
I like playing with the pros ;)
I agree. The German approval is significant, still a long way to go...
The debt reduction is a nice touch.
Bonker99.. Don’t feed the fish/donkey
Decent update pretty much as expected. Great news on Germany and the deal at large. And I like the fact they are testing.. They must have found something.. We shall see…
Bonker99.. Don’t feed the fish….
My last add was early Feb at 260p - my stake building was at 220s over a long period - top-ups since then have been very small in comparison.
Get a grip bonkers you've been forever topping up so how the fxck have you got a 230 average
At least attempt to keep it real 😂
Really pleased with the update and the reaction today. Feels like onwards and upwards.
Linda as others have said have played a blinder. No debt and yes no cash flow in 2024 but that's merely the timing of tax payments.
Loads to look foward to and I'm hoping if merger goes forward without hick ups we will see £3.50 - £4.00 with a nice circa 26p annual dividend.
After that who knows ? Take out by a major as expanded company looks really attractive. Solid hold for me.
Yes, I'm so wrong here I'm crying over my 230p average.
Could be the reason you always get it wrong then but let's hope your right it's a long time coming and 8 percent moves on no news are not out of the ordinary 😉
#China April crude oil imports rise 5.45% on previous year
I don't track daily gaps mate, only weekly and she's very tidy down below.
I'm expecting north of £4 here in Q3.
This caught my eye:
"post-hedging oil and UK gas prices of $83/bbl and 49 pence/therm"
Given 2024 average gas hedges are 67p - swap and collars combined - with the lowest average at 54p - swaps, and Q1 HH gas pricing at c.70p/therm, how can the realised gas price be as low as 49p/therm?
I see two possibilities.
1) The Q1 hedging was much lower than the 2024 average - it would have to be very low. Or,
2) It's a typo and should read as $49/boe, ot 49p/therm - which comes close by my sums.
Have I missed something?