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Wells thats a pretty clear and concise explanation. Best I have ever seen to be honest. Thank you so much.

Fingers crossed it all comes together now, oil playing its part this evening for sure.

I guess the most exciting stuff is Norway, Indonesia and Mexico of our own drilling but when our new love settles in Argentina is truly huge....

Heres to the future.....

Hi Stevo,

Great analysis.

As you say the paid a heavy price for the deal but there does seem to be a lot of flex in the resources but Harbour have a great track record expanding these number.

Harbour really do have lots of opportunities all over the world and with a fair wind I’m sure they’ll do well. I also think there could be some movement in the WFT if the government want the industry to continue. Labour also need all the Scots votes so they might become a bit more realistic.

Just listened to the podcast and it sounds like both of our new partners won’t be in bed with us for long based on Linda’s comments.

I also think Buy Backs will be a big part of the plan going forward to slowly help mop up the shares.

I’m still a bit concerned about this mythical guaranteed £3.60 share price but hopefully all will be well.

Step by step. A long journey to get the deal completed by we are on the move...

Algeria

Argentina

Denmark

Egypt

Germany

Indonesia

Libya

Mexico

North Sea

Norway

Vietnam

Https://www.harbourenergy.com/media/n0dbtukr/240118-investor-presentation-t-o-update-jan-2024.pdf

Step by step. A long journey to get the deal completed by we are on the move...

Algeria

Argentina

Denmark

Egypt

Germany

Indonesia

Libya

Mexico

North Sea

Norway

Bring it on......

So what exactly does this mean for us going forward.

I know Harbour have had many banks scouring over our numbers and were not only happy to loan us 2.15$ Billion but also give us this rating. Part of this was obviously agreeing to the £3.60 share price for BASF.

£2,150,000,000$ Thats a lot of confidence......

But back to the rating....What does this bring us?

In any case, the report sees "good reasons" for such a risk. In their conclusion, the experts write that the question arises whether the discretionary powers of the Ministry of Economic Affairs could be reduced to zero during the review. Reducing discretion to zero means that only one action is lawful - in this case, prohibiting the transaction. The background to this assumption is the importance that CCS could play in the greening of industry in the future. At present, certain industrial processes cannot be decarbonised without this technology. The report goes on to say that "climate neutrality and the future viability of German industry cannot be achieved" without CCS.

Wintershall is involved in several CCS projects

Wintershall Dea is so far the only company in Germany that is active in the field of CCS on a large scale. It holds two CO2 storage licences in Norway and one for the Camelot project in the United Kingdom. It also has a stake in the Danish Greensand project. This makes the sale of Wintershall Dea to the UK an "enormous risk for Germany's security of supply", says CEF managing director and founder Friedbert Pflüger, commenting on the results of the report. For Pflüger, many things do not fit together here, as he explained to energate: "Energy sovereignty is being preached and the opposite is being done." By selling the last German explorer, Germany would not be able to capture, transport and inject CO2 emissions under the sea in future without support from non-European countries and correspondingly high costs.

Pflüger: Do not sell CCS

If the sale is approved despite all the concerns, the Ministry of Economics should at least attach the condition that CCS technology is not sold along with it, demands Pflüger. In the think tank CEF, which he founded, he has long campaigned in favour of the use of carbon capture and storage. However, the industry initiative Zukunft Gas also recently issued a statement in favour of "the business areas that are important for resilience and transformation remaining in Germany or another German company in the industry acquiring this expertise."

Frankfurt (energate) - The planned sale of the exploration company Wintershall Dea to the British oil company Harbour Energy could have a negative impact on public safety in Germany. This is the conclusion of a recent brief report by the Frankfurt law firm Schalast on behalf of the Clean Energy Forum (CEF) foundation. The report, which is available to energate, has analysed the admissibility of the transaction announced in mid-December. The parent company BASF's plans have been widely criticised since then, not only because the closure of the German sites in Kassel and Hamburg would result in the loss of around 850 jobs. For the critics, the crux of the matter is that the sale of the only German exploration company would also mean the loss of key expertise in the future topic of carbon capture and storage (CCS).

BMWK now has a duty to investigate

The report now presented confirms these concerns. Firstly, the authors state that Wintershall Dea is to be regarded as a "critical operator of gas production facilities". The sale - especially to a non-EU country - is therefore "particularly security-relevant in the sense of the Foreign Trade and Payments Act". As a result, the Federal Ministry of Economics must now examine whether the deal is permissible or whether it could endanger public order and security. If so, the ministry can either prohibit the acquisition altogether or impose conditions. The German government recently announced that it would "intensively examine" the sale, which is expected to take place in the fourth quarter. At the time of going to press, the Ministry of Economic Affairs had not provided any information on the status of the procedure in response to an enquiry from energate.

German chemical company BASF's sale of Wintershall Dea assets to UK producer Harbour Energy could be a risk for the country's security, because it includes licenses for carbon capture and storage (CCS) – seen as a key technology to make industry climate friendly and ensure its competitiveness, reports Handelsblatt. Oil and gas company Wintershall Dea is a dominant German player in CCS technology, with projects across Europe. An expert opinion by law firm Schalast, commissioned by the organisation Clean Energy Forum (CEF), said that should carbon capture and storage not be available, this would present a risk for German industry and the goal of climate neutrality. The German government is expected to review the sale, reported Reuters. A government source told the news agency that the deal is not seen as being problematic. Still, Friedbert Pflüger, the head of CEF – which describes itself as a think tank pushing the debate on technologies needed in the transition – says that "if the sale is approved despite all the reservations, it must at least be linked to the condition that CCS technology is not sold as well."

Energy security and the question of which technologies must be produced at home in Germany or in the European Union have been more intensely debated since Russia's invasion of Ukraine and the ensuing energy crisis highlighted dependence on other countries. In addition, the EU is trying to remain competitive in the global net-zero technology race. The German government has made clear that CCS will be crucial, because it is necessary to tackle hard-to-abate emissions from certain industrial processes, like cement production. The government is currently finalising its carbon management strategy with details on how to tackle the issue in the future. The European Commission has also included CCS in its list of "strategic net-zero technologies" in the proposed Net Zero Industry Act. The proposal sets a benchmark for the domestic manufacturing capacity of strategic net-zero technologies to meet at least 40 percent of the EU’s annual deployment needs by 2030.

Help a Numpty Day.

What does that mean please Bonker?

Wintershall had this result in December. They (we) own 40%….

Every little helps…

https://wintershalldea.com/en/newsroom/pi-23-44

https://www.ogj.com/exploration-development/area-drilling/article/14302683/wintershall-confirms-size-of-norwegian-sea-bergknapp-oil-discovery

Winteshall Dea Q4 and end of year results....

Would expect to get these during week commencing 19th February if goes by previous years.....

i guess its very difficult to know where we will end up this year but what we know for the trading update is:

“increased total capital expenditure of c.$1.2 billion (including lower decommissioning spend of $0.2 billion), driven by higher investment in the uk and internationally: – increased uk drilling activity targeting high return, quick payback opportunities in our operated j-area, greater britannia and aele hubs, in addition to the talbot development, all of which will add to production and support cash flow starting in late 2024”

“advancement of our uk ccs projects including feed at viking”

“increased investment in our international growth projects which have the potential to materially increase our reserve life. this includes the exploration campaign in indonesia, where drilling of the halwa and ***o wells on the andaman ii license (harbour 40%, operator) is underway; and, in mexico, feed for the zama development and the drilling of the kan appraisal well”

i’m sure the ns will give us a decent return with the investment allowances even including the killer tax.

however, i’m much more excited about our international fields where we have 3 bits of the cherry.

be interesting to hear some wintershall news soon as well plus the ongoing merger.

any thoughts ???

Hi Memoryou,

I quoted that Harbour are producing 500,000 barrels per day that is what they are producing. Infact they are producing in excess of that…

As you say….” That more than the Forties field produced in the late 70s early 80s and that is credited with saving BP at the time”

Good luck… NSS

Some of the best financial debate on here today I have ever seen on this board.

For me Harbour will trundle on now until we get this deal sorted and then I would hope for a rerate. Regarding the deal I would have thought a massive amount of DD has gone into this merger and BASF are keen to get shot of Wintershall as soon as possible so I dont see much blocking it. And remember Harbour have proved themselves twice before with deals like this...

500,000 Barrel of oil and Gas combined per day is one hell of a lot with massive potential project to come on line. We have Zama which should kick off soon, Andaman which could be a monster, Norway, Argentina not to mention Germany, North Sea and some other smaller fish. Also our Green stuff which could do really well for us in time....

I don't see the BASF shares being a problem personally. They know what they have gone into and will make money on this deal. There will always be Institution investors interested in buying into a company with investment grade credit and great prospects. I also see buybacks helping out over time. It's everyones favourite medicine. BASF clearly have a well thought out plan....

So my header was 2025 cash flow which with our new production, friendlier Tax regimes, lower interest could be....

Well thats the million dollar question......

Thank you all for a great board today.....

Certainly got at least one Clown on the board....lol

This is what the CFO of BASF said on 7th December 2023.

The point being they had very cleared and advance planned to sell Wintershall Dea and going by what they have said will want it completed as soon as possible....

"As you know, we continue to pursue our strategic goal of selling

BASF’s 72.7 percent share in Wintershall Dea and are working on

monetization options.

The legal separation of Wintershall Dea’s Russia-related business

announced in January 2023 is planned to be completed by mid-2024.

Wintershall Dea has adjusted its corporate strategy to reflect the

changes in the energy sector and particularly its exit from Russia. The

company is reorganizing its company structure with the target of

reducing administration costs by around 200 million euros per year.

In the future, the Management Board will comprise three instead of

five members. As part of the restructuring, the company plans to

reduce around 500 positions."

Just to say a huge thank you to Stevo and Londoner for a reasl quality breakdown of the Harbour situation.

Lets hope for a calmer day and for Harbour to get cracking with the Deal.

No idea how many rigs we have drilling but there are certainly more than half a dozen and multiple banks are keen to lend Harbour billions well aware of yesterdays figures. Add to that BASF were aware of yesterday figures and happy to take hold over 921 million shares at guaranteed £3.60.

Finally don't forget a hugely increased dividend and soon to be investment grade credit status...What more do you want ?

Not the day any of us wanted but...

The only thing you need to know is that BASF are happy to own nearly 50% of Harbour at £3.60 a share so that share price is a given.

BASF would have 100% known todays results and what we were forecasting for this year and next.

And this is all you need to know.....

On the first trading update of the year why did Harbour go into depth about 2025 figures, huge production drop etc…Slightly unusual to say the least…

Nothing to do with making the government aware of the Death Tax Sorry Windfall) oil companies are currently paying…

Snap….

I can’t help but think it’s a F You to the government as well intentionally….