RE: RNS23 Nov 2023 09:30
At the end of June, we completed the annual redetermination of our reserve-based lending (RBL) facility with the new borrowing base availability set at $1.1 billion compared to $2.7 billion previously, reflecting the full impact of the EPL. As at period end, Harbour's liquidity stood at c.$1.6 billion comprising an undrawn RBL and $0.5 billion of cash. As part of the redetermination, we amended the oil and gas price hedging requirements which are now linked to the amount drawn under the borrowing base. This means that while we remain under 10 per cent drawn there are no minimum hedging requirements on our business. ***Approximately 50 per cent of our 2023 production is hedged - comprising 64 per cent of our gas production and 33 per cent of our liquids production - due to historical hedging requirements.***
Wow - talk about a giant Xmas pressy.