(Alliance News) - Harbour Energy PLC on Thursday said it has begun a buyback programme to reduce its share capital.
Back in April, the North Sea-focused oil and gas company had proposed a capital reduction to create additional reserves to support its USD200 million per annum dividend policy and to provide flexibility for future share buybacks.
On Thursday, Harbour Energy launched a share buyback programme for up to USD200 million.
The London-based company said that the buyback scheme, which will reduce its share capital, demonstrates its "disciplined and prudent approach to capital allocation".
Harbour Energy is "balancing its three priorities of safeguarding the balance sheet, ensuring a robust and diverse portfolio and shareholder returns," it said.
The buyback programme will start on Thursday and will end no later than December 31, Harbour Energy said.
Shares in Harbour Energy were up 2.1% to 375.56 pence each in London on Thursday morning.
By Sophie Rose; sophierose@alliancenews.com
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Harbour Energy (HBR)