Member Info for kign

Unfortunately i think HBR is on one of the hedge fund's short basket despite HBR's huge hedges, so there is no benefit of hedging to the share price. The main worry for HBR is a very small 2P reserve for a 200kboepd company, they need to acquire something that will double or triple it in the short term. Exploration prospects will take 5-10 years before they can move over to 2P.

Latest rumour is wintershall dea but they gave adnoc as a competitor

It was reported in August that talks have broken down: https://www.ft.com/content/c3598452-5466-497c-8b7c-c626210a57ed

Wintershall - 324kboepd - 11B valuation

hbr - 200kboepd - 2B valuation

we are not in a good position

Reverse merger, abit like how chrysaor did to pmo? another shareholder hit?

There's an update here: https://www.legislation.gov.uk/ukpga/2022/40/section/1

I think the key issue here is a lack of genuine buying volume or there might be something else lurking in the background e.g. Mars' HOTC 160% premium takeover!

Does anyone remember if there was a no news period before the premier takeover was announced?

are we seeing the same thing here?

Going to be a strange move if it's true?

no nearby infrastructure and they just gave up on bressay (heavy oil) not to long ago

I don't think Labour will do any better for EPL though...

Https://www.basf.com/global/en/investors/calendar-and-publications/reporting.html

note BASF still very keen to "monetise" Wintershall DEA but will probably need to wait until the Russian part of the business is fully separated...

It's amazing there are zero upcoming events on HBR's financial calendar webpage!

Follow welligence on LinkedIn, this is what they wrote:

On 30 October, the North Sea Transition Authority announced the first tranche of awards in the UK 33rd Licensing Round. 27 licences have been offered to 19 companies, including 14 as operator, with this first tranche focused on discovered resources that have the potential to be fast-tracked for development.

Production replacement is the leading strategy, with awards as both operator and partner dominated by the large producers, including Shell (11), New European Offshore (nine), Ithaca Energy (five), Equinor (four) and TotalEnergies and bp (two each).

The lack of firm commitment wells, which has hit a floor in recent rounds, is balanced by 13 (48%) of the licences offered moving straight to second term, typically requiring an FDP. This is by far the most since the initiative was offered and these are set to boost the pool of new UK development projects.

Shell seems to be the big winner in this licence round

https://www.ft.com/content/1a219f8c-5b23-497f-8db6-5fda92caacbd

One of Britain’s biggest oil and gas producers has said it would not enter the UK’s first exploration licensing round in nearly three years as it reviews its investments in response to an increase in the country’s windfall tax on fossil fuel producers.

The decision by Harbour Energy not to submit bids for new licences in the North Sea comes after French energy major Total earlier this month said it would cut planned investment in UK oil and gas projects by 25 per cent — or £100mn — next year following the government’s decision to increase the tax burden on the sector.

I think management needs to shed their old Conoco/Shell/BG attitudes and start courting investors more actively. This includes announcing every single successful project and discovery e.g. Earn.

By keeping silent, it gives the impression that HBR has no plans to address their very short remaining reserves life and that's an immediate danger to any future valuation of the company!

Looks quite sizeable from the map shown here:

https://www.offshore-energy.biz/high-quality-gas-reservoir-discovered-in-southern-north-sea/

and Tolmount East clean up and testing is done.

High-quality gas reservoir discovered in southern North Sea

The company started full-scale exploratory drilling this July after deriving a “promising structure” and excavated to a final depth of 3,198 meters at the end of September, discovering gas in the target layer at the Earn prospect.

Following the discovery, Dana is carrying out evaluation drilling to accurately assess the amount of resources and to obtain additional data for future development.

The Earn prospect structure is located approximately 4 kilometers west of the company’s producing Tolmount Main prospect.

Well clean-up and testing of the Tolmount East development well has been completed including the installation of the Xmas tree and protection structure. The well is now suspended for future tie-in to the subsea infrastructure which will facilitate production via the Tolmount platform.

No RNS but Earn (50% share) is a successful discovery next to Tolmount! 133bcf?

https://www.energyvoice.com/oilandgas/north-sea/539084/dana-confirms-find-at-southern-north-sea-exploration-well/

Latest rumour from Reuters:

https://www.reuters.com/markets/deals/wintershall-dea-gets-takeover-interest-groups-including-totalenergies-2023-10-02/

Harbour Energy (HBR.L) is also interested in buying Wintershall Dea, but a transaction would likely be too large for the British oil and gas company, Handelsblatt said.

BASF and Harbour Energy declined to comment.

How is it possible for neo's after tax profit to be so much better than HBR's?

After tax, profits climbed from $455.9m in 2021 to $940.1m in the year to December 31, 2022, on revenues of $3.6bn – more than four-times that of 2021’s $878.9m.

https://www.energyvoice.com/oilandgas/north-sea/537842/neo-energy-2022-results-profits/

Not looking good:

https://www.fitchratings.com/research/corporate-finance/fitch-revises-harbour-energy-outlook-to-negative-affirms-at-bb-27-09-2023