Harbour Energy Share Price (HBR)

Great news/finds! In the meantime, UK & European Gas prices on the rise again today, HBR has/also is going to have some great assets here both PMO and Wintershall Dea inherited, along with a very strong management and fantastic E&P team.

offshore energy june 19, 2024

fresh gas discovery with multiple development routes emerges from north sea depths

wintershall dea norge, a norwegian subsidiary of germany’s energy player wintershall dea, has expanded its natural gas ****nal with a new gas condensate discovery in the northern north sea, thanks to drilling activities undertaken with one of transocean’s semi-submersible rigs.

anne grethe bretting, wintershall dea’s exploration manager for the north sea, outlined: “with gjøa and vega both in a mature production phase, we and our partners are highly motivated to continue to explore for new discoveries. these discoveries can utilise the spare capacity which will become available in the existing infrastructure in the coming years.”

while disclosing a gas condensate discovery at the cuvette prospect on june 19, wintershall dea confirmed that license partners were going to evaluate the gas condensate discovery’s potential to be fast-tracked into production utilizing existing infrastructure in the vega/gjøa area.

“our strategy is to identify new volumes close to infrastructure that can be quickly developed into new fields. our goal will now be to establish the commerciality for this new discovery by evaluating development options,” highlighted roy davies, vice president exploration & subsurface at wintershall dea norge.

based on the preliminary results, the cuvette exploration well encountered gas condensate in sandstones of the middle and upper jurassic age, with estimated recoverable volumes of 9 – 22 million barrels of oil equivalent (mmboe) in the primary middle jurassic target and 7 – 16 mmboe in the shallower upper jurassic target.

according to dno, the partners will consider fast-track production of middle jurassic volumes through the vega central template along with another option on the table, which is a joint development with three nearby discoveries made in 2015-2016 – syrah, orion, beaujolais – totaling some 15 mmboe gross.

“we are racking up discovery after discovery close to existing gathering and processing infrastructure. our challenge now is to inject the norwegian oil sector with a large dose of entrepreneurialism to bring a sense of urgency to partners, infrastructure hosts and regulatory bodies in helping bring our and other discoveries to market,” emphasized dno’s executive chairman.

with the vega and nova subsea fields, alongside several operated exploration licenses from its portfolio being close by, wintershall dea considers itself one of the key operators in this area of the northern north sea. the firm is also a shareholder in the nearby gjøa platform which serves as the export hub for the surrounding fields in this area.

https://www.offshore-energy.biz/fresh-gas-discovery-with-multiple-development-routes-emerges-from-north-sea-depths/

Jun 19, 2024

Wintershall Dea Finds Oil at Cuvette Well Near Vega Field Off Norway

German oil and gas company Wintershall Dea has made a discovery of gas, condensate and oil in an exploration well next to the Vega field in the North Sea, using Transocean’s Transocean Norge semi-submersible rig.

The Cuvette discovery was made in production license 248, which was awarded in 1999.

The well - 35/11-27 S - drilled 100 kilometers southwest of Florø, resulted in discoveries in four different formations, according to Norwegian Offshore Directorate (NOD).

The preliminary estimate of the size of the discovery in the Tarbert and Upper Ness formations is between 1.5 - 3.5 million standard cubic meters of recoverable oil equivalent (Sm3 o.e.). This corresponds to 9 - 22 million barrels of oil equivalent.

The preliminary estimate of the size of the discovery in the Upper Jurassic is between 1.1 – 2.6 million Sm3 o.e. This corresponds to between 7 - 16 million barrels of oil equivalent.

An additional interval in the Upper Jurassic was also encountered during the drilling operation.

An oil zone was also encountered in the Etive Formation. As of now, there is no preliminary volume estimate here.

The Transocean Norge rig drilled the well, three kilometers south of the Vega field, for the operator Wintershall Dea and its partners, Petoro and DNO.

Vega an oil, gas and condensate field comprising three subsea templates tied back to the nearby Gjøa platform.

The licensees are considering tying the field back to existing infrastructure in the area.

Cuvette is the latest Wintershall Dea-operated well to be drilled with the Transocean Norge rig in a period of high activity by the company. The rig has already drilled development wells in the Maria field in the Norwegian Sea, successfully appraised the Bergknapp and Adriana discoveries and drilled production wells on the Nova field in the North Sea.

During the rest of 2024 and 2025 it is scheduled to complete the Maria Phase 2 wells and to commence drilling of the Dvalin North development wells. It may also be used to drill additional wells for exploration and carbon storage licenses.

https://www.oedigital.com/news/514583-wintershall-dea-makes-oil-and-gas-discovery-off-norway

Proactive Investors 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."

So do you think our natural SP rise will get us promoted in September or will we have to wait until the deal is done in December…

Either way let’s hope we are moving in an upward direction soon…