Lol, only an opportunity for someone to load up here (the likes of Carlos Slim who’ve already been doing same)!
Https://www.tipranks.com/news/company-announcements/harbour-energy-stake-increased-by-mexican-firm
Post from ADVFN today:
Dull Gull12 Jun '24 - 23:11 - 4707 of 4707
From Prospectus:
BASF will be a large shareholder in Harbour
▪ Six month lock up period
▪ Right to appoint two board members
“The shares in Harbour that BASF will receive upon
completion of the transaction offer significant potential for
value appreciation and enable a gradual exit from the oil
and gas business over the next few years.”
BASF CEO, February 2024
....
Should allay concerns of a BASF dump at the point of completion, and suggests an expected significant premium to the agreed issue price of 360p in the years to come.
Harbour Energy 12 June 2024
Publication of Circular and Prospectus in connection with proposed acquisition of Wintershall Dea asset portfolio
Harbour is pleased to announce that it has today, following receipt of approval from the Financial Conduct Authority (the "FCA"), published its shareholder circular (the "Circular") and prospectus (the "Prospectus") in relation to the proposed acquisition of substantially all of Wintershall Dea AG's upstream oil and gas assets (the "Target Portfolio") (the "Acquisition"). A general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.
DeGolyer and MacNaughton ("D&M") have prepared an independent competent person's report ("CPR") on the Target Portfolio, which is included in full in the Prospectus. D&M has certified that, as at 31 December 2023, the target portfolio had 1,117 mmboe[1] of 2P oil and gas reserves with an estimated value (NPV10) of $10.5 billion[2]. This excludes c.60 mmboe of reserves produced between the effective date of the Acquisition of 30 June 2023 and 31 December 2023. In addition, as at 31 December 2023, D&M has certified that the Target Portfolio had 1,238 mmboe of 2C contingent resources[3].
The publication of the Circular and Prospectus marks another important milestone towards completion of the Acquisition. In addition, all regulatory, anti-trust and foreign direct investment approvals continue to progress as planned. These include approvals from Egypt's Ministry of Petroleum and Mineral Resources and the European Commission, which were recently received. Harbour continues to expect the Acquisition to complete during the fourth quarter of 2024.
Harbour has made available copies of the Circular and Prospectus as well as a presentation summarising the key highlights of the Prospectus on its website at https://www.harbourenergy.com.
WINTERSHALL DEA IN ARGENTINA
Wintershall Dea has been active in Argentina for 45 years. Today, the company has stakes in onshore and offshore fields in Neuquén and Tierra del Fuego and with these contributes significantly to Argentina’s energy supply. With a total production of about 60,000 barrels of oil equivalent per day, Wintershall Dea is one of Argentina’s main gas producers.
About Wintershall Dea
Wintershall Dea is a leading independent European gas and oil company with more than 120 years of experience as an operator and project partner along the entire E&P value chain. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 11 countries worldwide in an efficient and responsible manner. With activities in Europe, Latin America and the MENA region (Middle East & North Africa), Wintershall Dea has a global upstream portfolio and, with its participation in natural gas transport, is also active in the midstream business. And we develop carbon management and low carbon hydrogen projects to contribute to climate goals and secure energy supplies. More in our Annual Report.
As a European gas and oil company, we support the EU's 2050 carbon neutrality target. As our contribution we have set ourselves ambitious targets: We want to be net zero across our entire upstream operations – both operated and non-operated – by 2030. This includes Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emissions on an equity share basis. Wintershall Dea will also bring its methane emissions intensity below 0.1 per cent by 2025. We endorsed the World Bank’s Initiative ‘Zero Routine Flaring by 2030’ and continue to support the initiative aimed at eliminating routine flaring in operated assets by 2030. In addition, we plan to support global decarbonisation efforts by building up a carbon management and hydrogen business to potentially abate 20-30 million tonnes of CO2 per annum by 2040. You can find more about this in our Sustainability Report.
Wintershall Dea was formed from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, in 2019. Today, the company employs more than 2,000 people worldwide from almost 60 nations.
The shareholders of Wintershall Dea (BASF and LetterOne) and Harbour Energy plc (Harbour) signed a business combination agreement in December 2023 to transfer Wintershall Dea’s E&P business consisting of its producing and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) as well as Wintershall Dea’s carbon capture and storage (CCS) licenses to Harbour. Until closing, Wintershall Dea and Harbour will continue to operate as independent companies. The transaction is, among other things, subject to approvals of merger control and foreign investment authorities in several countries. Subject to these regulatory approvals, closing is targ
Start of development drilling at the Fénix gas field off the coast of Argentina
Drilling commenced at Fénix, which is the largest natural gas field under development offshore Argentina
- Project well on track for first gas end of 2024
- Fénix to contribute significant natural gas volumes for more than 15 years to Argentina’s energy supply
Wintershall Dea and its partners Total Austral, subsidiary of TotalEnergies in Argentina (operator), and Pan American Energy have commenced development drilling at the Fénix field, around 60 kilometres off the coast of Tierra del Fuego.
Noble’s jack-up drilling rig Regina Allen has been deployed to start the Fénix development drilling programme. The rig is temporarily located next to the new Fénix production platform, installed beginning of the year. Three development wells are planned to be drilled, completed and put on production over the next months. Production is then planned to be evacuated via a 24-inch subsea multiphase line to the existing Vega Pléyade platform at 35 kilometres distance from Fénix, and from there to the Rio Cullen facilities at shore.
“After the successful installation of the production platform in February and extensive and detailed preparation work for the drilling campaign over recent months, we are delighted to commence the next stage in the development of Fénix. We are well on track to bring this key energy project into production in Q4 this year”, says Manfred Boeckmann, Managing Director of Wintershall Dea Argentina. “The team is looking forward to a successful drilling campaign”, he adds.
Fénix is the largest natural gas field currently being developed off the Argentine coast. Fénix represents a material pillar for the growing domestic gas production, with its natural gas volumes planned to contribute for more than 15 years to Argentina’s long-term energy supply. The gas field is expected to play a significant role in the country’s energy matrix and to offset imports, with a planned peak production of around 10 million cubic metres of gas per day. The total investment of the consortium in the Fénix development amounts to approximately 700 million US dollars.
Fénix is the next gas field to be brought on stream as part of the world’s southernmost gas production concession CMA-1 in which Wintershall Dea and Total Austral (operator) each hold a 37.5 per cent share while Pan American Energy holds the remaining 25 per cent. Currently, the four main gas fields Cañadón Alfa, Aries, Carina and Vega Pléyade in CMA-1 are producing and already supply 15 per cent of Argentina's natural gas production.
WINTERSHALL DEA IN ARGENTINA
Wintershall Dea has been active in Argentina for 45 years. Today, the company has stakes in onshore and offshore fields in Neuquén and Tierra del Fuego and with these contributes significantly to Argentina’s energy supply. With a total production of about 60,000 barrels of oil equivalent per day, Winte
Https://www.newstatesman.com/politics/2024/06/the-snps-u-turn-on-oil-and-gas-is-a-challenge-to-labour
The SNP’s U-turn on oil and gas is a challenge to Labour
Keir Starmer’s party may look like it has failed to choose Scotland’s side in the energy debate.
Speaking to a group of Americans this week, I was asked about Scotland’s increasingly troubled relationship with North Sea oil. They were mostly elderly and retired, and remembered the excitement around its discovery in the early 1970s. As far as they could tell, today’s Scottish politicians want little to do with its lucrative but environmentally awkward black gold.
This often feels true. As fears over climate change have grown, politicians have become increasingly oil-sceptic (in public at least). Labour has ruled out granting any new North Sea licences when it takes power and wants to extend the windfall tax on oil and gas companies. The SNP, for as long as it was in partnership with the Greens, was similarly loath to voice support for the industry.
The Nats, at least, appear to be changing their stance as new leader John Swinney drags his party back towards the centre. With the coalition with the anti-growth Greens now history, his task is considerably easier.
Https://www.insider.co.uk/news/75-scots-back-north-sea-32979624.amp
75% of Scots back North Sea oil and gas
Three quarters of Scots support domestic oil and gas production from the North Sea, according to new polling by advisory firm True North.
Less than a month out from the general election, the data shows 75% would rather see the UK meet its energy demands from domestic sources than import from overseas.
True North's new senior energy advisor Allister Thomas said: “As North Sea production reaches record lows, with projects stuck in the investment doldrums, this is a clear signal to politicians to get the sector back on track.
“The alternative is more imports, which government data tells us is already seeing record high levels of LNG from the US, nearly four-times more carbon intensive than domestic supply.
“That’s bad for the planet and bad for business – the UK will realise little of the economic benefit if we are buying in more energy from overseas.
“As they aspire to become the next UK government, Labour will be buoyed that 51% Scots think GB Energy can reduce their household bills.
“However, there are significant risks - and stark warnings from experts across the energy sector - that more punitive taxes on energy will drive investment out of the market, rather than helping to bridge the renewable jobs gap.
I assume it’s because Wintershall Dea will be adding circa 300,000+ bpd equivalent production here to the overall basket (of circa 500,000+ bps Total) and as such, BASF will roughly own more than 50% of shares in the new FTSE 100 HBR.
Harbour Energy (HBR) Share Forecast & Price Target
Based on 6 Wall Street analysts offering 12 month price targets for Harbour Energy in the last 3 months. The average price target is 395.00p with a high forecast of 545.00p and a low forecast of 350.00p. The average price target represents a 29.68% change from the last price of 304.60p.
https://www.tipranks.com/stocks/gb:hbr/forecast#
Proactive Investors
Harbour Energy gives shareholders progress report as Wintershall transaction advances
Harbour Energy PLC (LSE:HBR) told investors it continues to make progress on the acquisition of Wintershall Dea's asset portfolio.
The company, in a brief statement, said that the prospectus and shareholder circular documents are in the final stages of preparation and will be published in the coming weeks.
A shareholder meeting to approve the acquisition will take place shortly thereafter.
All required regulatory, anti-trust, and foreign direct investment approvals are progressing as planned, it added.
Harbour Energy expects to complete the acquisition during the fourth quarter of 2024.
Again with all that’s going on, this is easily going to £6+ minimum by this very year end, no brainer I believe.
It’s actually an important update here today; HBR need to issue a prospectus and shareholder circular (“both documents are in the final stages of preparation”) and then hold a shareholder meeting to approve the acquisition thereafter, now likely “in the coming weeks” as per this RNS, GLA.
With all that’s going on, this is easily going to £6+ minimum by this very year end, no brainer I believe.
And interestingly finally, “Oil investors now want the thrill of the drill”:
https://www.ft.com/content/7cbdfdd6-c12f-4818-ab6c-2a1c3d499684
Post from ADVFN today, never underestimate the power of Unions especially when it comes to Labour:
farmerjohn130 May '24 - 09:51 - 4688 of 4688
0 7 0
The Telegraph 17 May 2024
Union backlash over Labour’s plans to shut down the North Sea
Union chiefs are pursuing a campaign against Sir Keir Starmer in six key Scottish constituencies
Unite is demanding the Opposition ditch plans to abolish all new oil and gas exploration and boost the existing 75pc windfall tax on oil and gas producers by a further 3pc.
Without abandoning these policies, it has warned companies will exit the North Sea and destroy 30,000 jobs in the process.
It comes after US oil giant Chevron confirmed on Thursday it is quitting the North Sea after 55 years, as it claimed it was no longer viable to operate there.
Unite's attack on Labour could serve as a significant blow to Sir Keir if it dents his party's hopes of winning at least an extra 20 seats across Scotland.
https://www.telegraph.co.uk/business/2024/05/17/union-backlash-over-labours-plans-to-shut-down-the-north-se/#
First minister says windfall tax ‘has gone too far’
First minister john swinney has said the windfall tax on north sea oil and gas has gone “too far”.
responding to the 39th energy transition report – which is produced by aberdeen & grampian chamber of commerce (agcc), in partnership with kpmg and etz ltd – the first minister said the energy profits levy was causing investment uncertainty.
industry confidence in uk activities has plunged to a record low, according to the long-running survey, with high taxes and a potential exploration ban threatening to bring our world class domestic oil and gas industry to a premature end. it also warns the new uk government will have 100 days to save 100,000 north sea jobs once it takes office.
the report was front and centre of the general election campaign yesterday, which resulted in mr swinney being pressed on its findings by sky news.
despite initially supporting the 75% tax on oil and gas profits, mr swinney signalled a shift in policy direction when asked if he supported it now.
“well i think the windfall tax proposal – which we’ve supported some up until now because they were appropriate – but they’ve been extended, and they’ve been extended too far in my view,” he said.
“as a consequence of that it’s causing real investment uncertainty and real uncertainty for the renewables journey of the oil and gas sector.
“so what’s important is that we ensure we take the sector with us and take considered judgements because we will need the expertise of the energy sector and the oil and gas sector to contribute on our journey to net zero which we must make to fulfil our obligations on the climate.”
however, mr swinney dodged a question on whether the snp would drop the proposed presumption against future oil and gas from its energy strategy when published this summer.
the party’s leader at westminster, stephen *****, hinted that the presumption could be reversed.
he said: “the scottish government has a draft energy policy that is out for consultation. the scottish government will, of course, in due course come forward with its final energy strategy. the energy strategy, as it stands, is not published in its final form. i’m very much looking forward to it being published in its final form.
“i think we all need to recognise, irrespective of where you are, the importance of the oil and gas sector to scotland’s economy and the fact that those 100,000 individuals that we are talking about are absolutely crucial in our journey to net zero.”
responding to the comments, mr sarwar told the scotsman that “oil and gas will play a significant role for decades to come”.
but pointing to the snp, the scottish labour leader claimed “people are starting to see through” the party trying to “say one thing to one audience and another thing to another audience”, adding “we are being upfront and open about what our plan is”.
Https://www.investorschronicle.co.uk/ideas/2024/05/28/more-oil-please-says-our-cash-magic-screen/
“More oil please, says our Cash Magic screen”
Https://www.fool.co.uk/2024/03/19/1-ex-ftse-100-stock-that-i-think-will-get-promoted-soon/
1 ex-FTSE 100 stock that I think will get promoted soon
Https://www.tipranks.com/news/company-announcements/harbour-energy-ceo-retains-dividend-shares
Harbour Energy CEO Retains Dividend Shares
Harbour Energy PLC announced that following the final dividend payment on May 22, 2024, CEO Linda Z. Cook received dividend equivalent shares. After selling a portion to cover tax obligations, Cook retained the balance of shares. This transaction is in line with the Market Abuse Regulation disclosure requirements.
Nevertheless, even UK focused Oilers like Ithaca Energy, and Enquest are trading positive so fat today and not worried on a Labour victory, this Labour government will likely be a copy paste of Tony Blair period and not rock the boat where possible including on WT.