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· BPC has reached agreement with the provider of its conditional fixed conversion price convertible note facility (the "Facility") to establish revised terms for the Facility and extend this Facility to ensure it remains available through the course of 2021 drilling operations in Trinidad and Tobago and Suriname, as follows:
o the conversion price of all notes issued under the Facility ("Notes") has been amended from 2.5p to 0.8p;
o the maturity date for all Notes will be a single maturity date of 31 December 2023, regardless of the date of issue of the relevant Notes;
o the coupon on the Notes remains 12 per cent., to accrue from the date of receipt of any subscription funds by the Company;
o coupon will be payable periodically throughout the term of the Notes, on each of 30 June 2021, 31 December 2021, 30 June 2022, 31 December 2022, 30 June 2023, and 31 December 2023 (each an "Interest Payment Date");
o on any Interest Payment Date, BPC can elect (at its sole discretion) to capitalise up to 50 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date, with any amount not capitalised to be paid in cash. Alternatively, BPC can elect to pay 100 per cent. of the coupon accrued on the Notes at the relevant Interest Payment Date in the form of BPC ordinary shares, to be issued at a price equivalent to 90 per cent of the volume weighted average price of BPC's shares in the 10 trading days prior to the relevant Interest Payment Date. This variation reflects BPC management's expectation that the Company, which is targeting material growth in production and cashflow through the course of 2021 and beyond, will have the ability to cash settle coupon (all or in part) throughout the term of the Notes, which will then allow the Company to use available surplus cashflow from production for this purpose, thereby reducing the overall potential dilutive impact of the Notes;
o the provider has agreed to make an immediate additional £2 million subscription for Notes on an unconditional basis, thus increasing to £5 million the total amount of Notes subscribed for to-date, with settlement for the additional subscription (and coupon accrual commencement) on 28 February 2021;
o the last date for subscription for further amounts of Notes, up to the total undrawn Facility availability of £10 million, is extended to 16 April 2021, and this date will be extended further to 30 June 2021 if a minimum of £8.5 million of Notes in aggregate have been subscribed for by 16 April 2021. The ability to draw-down on these remaining funds remains subject to satisfaction of certain conditions precedent, which the Company and the provider are engaging on collaboratively;
Anglo-Dutch giant Shell and Harbour Energy have clinched an agreement to become partners in the Acorn carbon capture and storage (CCS) project in Scotland, UK.
The two companies have joined project proponent Storegga — via the latter's wholly owned subsidiary Pale Blue Dot Energy — to become equal partners in a scheme that will capture carbon dioxide from industrial facilities in the St Fergus area and elsewhere and pipe it to storage reservoirs in the North Sea, for which a licence is already held.
The development, located on Scotland's east coast, also aims to produce blue hydrogen.
Shell and Harbour — formed by the recent closure of a deal to merge Chrysaor and Premier Oil — had already been supporting the Acorn scheme for a couple of years.
French supermajor Total was also an initial backer but, according to a statement issued by Pale Blue Dot earlier this week, "decided to step down from the project as part of its portfolio management strategy".
More ...
https://www.upstreamonline.com/energy-transition/acorn-accord-shell-and-harbour-become-partners-in-uk-blue-hydrogen-and-ccs-project/2-1-996719
http://www.tribune242.com/news/2021/apr/15/oil-exploration-fight-heading-full-trial/?news
Hi Romaron - I don't disagree with what you say. I haven't come from a background of being a long term holder of PMO so I realise that those who have been through the mill with PMO have a different perspective to me. I feel comfortable with the fundamentals of the combined group and see a lot of potential. The current SP is disappointing but I see that as a short term issue that has little effect on Harbour's ability to generate free cash flow and I expect that there will be a correction in the SP towards the end of June, perhaps earlier if there is any significant news ahead of the AGM and Trading Update.
Good luck with all of your investments.
Fair enough. The AGM is not far away so then is the first time to judge the new BoD. On financial matters, we must take into consideration that Alexander Krane replaces Richard Rose as Chief Financial Officer on Thursday of this week.
Alexander Krane has over 20 years of experience from holding various accounting, controlling and executive roles in the energy industry.
Alexander started his career at KPMG, working in both Norway and the US from 1999 to 2006. After working as Group Controller for Norse Energy Corp., a junior exploration and production company with operations in Brazil and onshore US, he joined Aker ASA as corporate controller in 2010.
In 2012, Alexander joined Det norske oljeselskap ASA as Chief Financial Officer, responsible for all financial functions as well as strategy, business development and mergers and acquisitions. After the merger with BP Norway in 2016, he remained Chief Financial Officer of the merged entity, Aker BP ASA.
In 2019, Alexander left Aker BP ASA to become Investment Director at Aker ASA, responsible for Aker ASA's oil and gas investments.
He holds a Master of Science in Business from The University of Nordland and an MBA from The Norwegian School of Economics. Alexander is also a state authorised Public Accountant in Norway.
One thing we do know is that HBR intends to focus on expanding its footprint in overseas regions to reduce dependence on North Sea. That doesn't rule out further acquisitions in North Sea if a suitable opportunity to increase reserves presents itself and is financially compelling.
What direction would you like the company to take or are you simply ramping ENQ on the HBR board?
Krakenoil - "The CEO hasn't said anything about the future or where he expects the company to be heading."
The AGM is in June and I expect Linda Cook will outline her vision either then or shortly before. Some current considerations can be gleaned from information on the company website and the presentation material.
https://www.harbourenergy.com/media/qqcfslt1/210401-a-new-global-independent-oil-and-gas-company-april-2021-final1.pdf
Krakenoil - MC is a movable feast and the current SP is not in line with the true valuation of HBR due to the effect of PMO creditors shifting on their HBR shares, something which will likely be short lived.
SK - HBR has been in existence for all of 13 days. I think it's somewhat premature to be calling out the CEO. I'm guessing you have a negative agenda, hence the repetitive negative posts.
DUBAI — Saudi oil giant Aramco on Friday entered into a $12.4 billion deal with a consortium of investors led by EIG Global Energy Partners that would give the investor group a 49% stake in Aramco’s pipeline assets, the two companies said.
https://sweetcrudereports.com/aramco-signs-12-4bn-pipeline-deal-with-eig-led-consortium/
FinalBell - " My shares in IG are still being displayed as Premier Oil, the quantity remains unchanged, so it would appear in IG anyway that no conversion, transfer, renaming etc has taken place."
Are you trading shares or CFDs? I can confirm that my shareholding (real shares) was converted within the first hour of trading on April 1st. Check your trade history and you should see a Corporate Action to sell x shares in PMO and buy x shares in HBR at no cost. I could be using a different trading platform to you as I don't use the web based platform, I use L2 Dealer.
If you don't see the Corporate Action in your trade history then I suggest you contact IG for an explanation.
Fundamentals look promising and once we see the BoD start to roll out their plan, likely funded out of free cash flow, we can then start to get a handle on expectations of growth, profitability and dividend yield. This is no longer Premier; we have a new BoD with considerable experience in the industry and the future looks bright.
It will be helpful once information about Harbour Energy is harmonised across platforms. This is ADVFN's take on HBR if you click on 'financials' ;)
Company name: Harbour Energy Plc
Company Description: Provision of camping holidays including the hiring-out of fully equiped tents and mobile homes on camp-sites throughout Europe, the provision of hotel short-breaks in the UK and continental europe, and worldwide adventure and activity holidays
Harbour Energy are looking to expand their portfolio of assets. Let's see if they think BPC is a steal.
willec the ramper
willec
12 Dec 2020 11:43
The 2.61p was just an UT not worried at all expect 3 - 4p if not higher by the end of next week.
Givingthelowdown - you are barking up the wrong tree if you are blaming Harbour for the time it is taking your broker to complete the transfer of your PMO stock to HBR. Brokerages don't all work at the same speed. You will be complaining when a dividend is paid if it doesn't appear instantaneously in your account, which it likely won't. As for contacting the ombudsman, be aware of the due process ... "You should give the financial business you’re unhappy with a chance to sort things out before bringing your complaint to us.
Let them know what the problem is, and how you’d like them to put things right. If you’re not sure how to do this, contact us and we can help. The business needs to give you their final response within eight weeks at the most, depending on what you’re complaining about."
WTI v Brent is like comparing Bud Light with Guinness
This was never going to open higher than last night's PMO close. The future is bright for HBR so anyone stressing out is likely to be over exposed or has taken a punt on a quick 10% and currently showing a loss. This will become an investment grade stock IMHO but volatility will present trading opportunities in the early weeks and months and not for the faint-hearted.
I suspect, and hope, that Zama unitisation can be resolved without need for arbitration. No deal is better than a bad deal, someone once said, and this holds true for Zama.
As for your comments about the Falklands, it was looking unlikely that Premier would progress with later phases after writing off $200m of investment last year but maybe Harbour Energy will take a different view of the risk/reward profile of Sea Lion. Exciting times ahead and much for our new BoD to ponder. I'm sure they have already been hard at work in preparation for the merger completion and I look forward to seeing what is planned for the next 18 months or so.
hefonthefjords - "... it seem as though the creditors' shares won't have a lock-in period? Is that right?"
Three months lock-up in respect of fifty per cent of their Creditor Shares and a further three month lock-up in
respect of their remaining Creditor Shares, provided that the Restructuring Plan Creditor (and any of their designated nominees), holds more than 2.7 per cent of the enlarged share capital of the Company.