Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
HBR Dividend Payment day tomorrow:
https://www.harbourenergy.com/investors/shareholder-information/dividends/
Adding Chevron to the long list of big oil companies now leaving the North Sea is all simply due to unpredictability of this flip flop government, as for any business, stability and predictability are key for future investments, and unfortunately for now, UK has become a banana republic where forecasting has become impossible, so well done HBR for being super proactive in this respect!
Many interesting takes/articles to read up further here:
Tangkulo gas discovery offshore Sumatra could open wider deepwater development
Mubadala’s Tangkulo-1 gas and condensate find has lifted total in-place discovered resources in the area to 11 Tcf, according to Wood Mackenzie.
https://www.offshore-mag.com/field-development/article/55039788/tangkulo-gas-discovery-offshore-sumatra-could-open-wider-deepwater-development
After all, “11 trillion cubic feet of gas, according to consultant Wood Mackenzie” is serious business!
Personally enjoyed reading this one.
This will undoubtedly be a game changer for Asia as will Zama for the Gulf of Mexico, hence Carlos Slim and family!
https://www.upstreamonline.com/exploration/indonesia-s-new-exploration-sweetheart-mubadala-energy-could-fast-track-andaman-sea-development-by-2028/2-1-1643959
Indonesia’s new exploration ‘sweetheart’: Mubadala Energy could fast-track Andaman Sea development by 2028
Indonesia’s new exploration ‘sweetheart’: Mubadala Energy could fast-track Andaman Sea development by 2028
“A dividend re-investment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the company. The last date to elect for the DRIP in respect of this dividend is 26 April 2024.”
Looking forward to more Short Position Closures here in coming days and of course the Dividend Payment next week on the 22nd.
“Outstanding News, an incredibly huge discovery here for Asia, and as stated by others, “now soon to be FTSE 100 HBR is clearly firing on all cylinders”, so thank you HBR team!”
This will easily be in the £5-£6 range minimum by the year end, it’s currently just way too undervalued IMHO.
OPEC Signals Lasting OPEC+ Alliance in Oil Market Management
OPEC is preparing to replace the ‘call on OPEC’ forecast of global demand for the cartel’s crude oil with ‘call on OPEC+ crude’ in its closely-watched monthly oil market report, signaling that it remains committed to the broader OPEC+ alliance to manage supply to the market.
The change in forecasts of the amount of crude OPEC needs to produce for a balanced supply-demand picture on the market is expected to be published in the Monthly Oil Market Report (MOMR) for May, scheduled to be released on May 14, sources close to the matter told Reuters this week.
Demand for crude from the producers that form part of the Declaration of Cooperation (DoC) – as OPEC+ is officially known – has become more relevant to assessing market balances, according to one of the sources.
OPEC published for the first time an assessment of ‘Demand for DoC crude’ in the April report, alongside the outlook on demand for OPEC crude. From May, it will no longer publish estimates of ‘Demand for OPEC crude’, per Reuters’ sources.
In April, OPEC said that “Demand for DoC crude (i.e., crude from countries participating in the Declaration of Cooperation) is projected to stand at about 43.2 mb/d in 2024, which is around 0.9 mb/d higher than the estimated level for 2023.”
Demand for OPEC+ crude in 2025 is expected to rise to about 44.0 million barrels per day (bpd), up by 800,000 bpd compared to the figure forecast for 2024.
Demand for OPEC crude is set to increase to about 28.5 million bpd this year, up by 1.2 million bpd compared to the estimated level for 2023. Demand for OPEC crude in 2025 is expected to reach about 29.0 million bpd, up by 400,000 bpd over the level expected for 2024.
The OPEC+ group, which includes OPEC members and 10 non-OPEC producers led by Russia, is now a more powerful force on the market and a key factor in global supply than OPEC was before the alliance was created at the end of 2016, to address the market and price slump of 2015-2016 following the glut in 2014.
OPEC+ holds a 41% share of global oil supply, compared to just 27% for OPEC only as of end-2023 when Angola left the OPEC cartel, per Reuters calculations.
Evidence of the sway OPEC+ now has over the market is the fact that analysts have started to speculate how the next OPEC+ meeting on June 1 will unfold. The alliance is currently withholding around 2.2 million bpd from the market by the end of the first half of this year, and is set to decide in early June how to proceed with the ongoing production cuts into the second half.
Goldman Sachs, for example, expects OPEC+ to stick to its production output reduction agreement at its next meeting, revising an earlier stance that the cartel may partially unwind the cuts.
“While our interpretation of OPEC+ communication is that no final decision has been made, we now expect Saudi crude supply to remain flat at 9 mb/d (mill
Post from ADVFN today:
Onlylongterm910 May '24 - 09:55 - 4646 of 4646
0 8 0
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."
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.
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.
“HBR trading on unusually/extremely low volumes here which makes SP manipulation very easy at least until the AGM updates next week.”
Exactly, just reviewing all the unusual single figures share trades (all sales only!) of less than 10 shares today, amazing!
Harbour Energy and partners make gas discovery offshore Norway
Norwegian Offshore Directorate announced that Harbour Energy, along with its partners Sval and Aker BP, has made a gas discovery at well 15/9-25 in the North Sea, building on previous findings from two other exploration wells.
This discovery, which lies northeast of the Sleipner area, approximately 210km west of Stavanger, has been estimated to hold between one and three billion standard cubic metres of recoverable oil equivalent.
Drilled using the Noble Integrator rig to a measured depth of 2,872m below the sea, the well 15/9-25, which is the first in production licence 1138 awarded during the 2021 Awards in Pre-defined Areas (APA).
The primary exploration target for well 15/9-25 was to prove petroleum in Middle Jurassic and Triassic reservoir rocks within the Hugin and Skagerrak formations.
The secondary target aimed to delineate gas previously proven in wells 16/7-2 and 16/7-10, located in the Ty Formation from the Palaeocene.
This well identified a 22m thick aquiferous sand layer with very good reservoir quality in the Hugin Formation and a 10m gas column in a 118m-thick sandstone reservoir with very good reservoir quality in the Ty Formation.
Harbour and its partners are now assessing the technical and financial viability of connecting the discovery to the existing infrastructure in the vicinity.
The gas/water contact was found at 2,330m below sea level, aligning with previous findings.
Although well 15/9-25 was not formation-tested, extensive data acquisition and sampling were conducted.
The well was terminated in the Smith Bank Formation in the Upper Triassic.
Last month, Harbour Energy signed a five-year master service agreement (MSA) with EthosEnergy.
The deal positions EthosEnergy as the primary service provider for the maintenance and support of Harbour Energy’s light industrial gas turbines across three North Sea production assets in the UK sector.
https://www.globaldata.com/newsletter/details/harbour-energy-and-partners-make-gas-discovery-in-north-sea/
The Next Two Months Will Be Critical For Oil Fundamentals
https://oilprice.com/Energy/Crude-Oil/The-Next-Two-Months-Will-Be-Critical-For-Oil-Fundamentals.html
Https://oilprice.com/Energy/Crude-Oil/Standard-Chartered-Global-Oil-Demand-Will-Pick-Up-Strongly-In-May-And-June.html
Standard Chartered: Global Oil Demand Will Pick Up Strongly In May And June
Https://www.ft.com/content/afe3c68d-1b77-4a2f-9055-22c72f06c48d
“There are many other ways to invest £250k of your hard earned. Linda appears confident !”
Absolutely NasiRul, and especially when you already own circa £25 Million worth of shares (over 8.5M shares owned by her even prior to this purchase!). So indeed “Linda appears confident”!
Post from ADVFN today:
MickinVest26 Apr '24 - 07:08 - 4635 of 4636
Interesting share purchase by CEO, roughly £250,000 spent when she already has plenty. The sp does seem a bargain with oil around $90.