Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Wintershall Dea management board to step down after Harbour Energy deal closed
BERLIN, April 24 (Reuters) - Wintershall Dea (WINT.UL) said on Wednesday that the current management board will step down after the transfer of its non-Russian oil and gas assets to Britain's Harbour Energy.
CEO Mario Mehren, COO Dawn Summers and CFO Paul Smith will remain members of the management board until the transaction closes and will then resign from their mandates, it said.
Stefan Schnell, currently senior vice president of Group Reporting & Performance Management at BASF (BASFn.DE), opens new tab, will be proposed as chairperson (CEO) of Wintershall Dea as of the closing of the transaction, expected in the fourth quarter.
Larissa Janz, vice president of special projects at Wintershall, would then assume the role of deputy CEO.
Harbour Energy agreed in December to acquire Wintershall Dea's non-Russian oil and gas assets in a $11.2 billion share and cash deal with co-owners BASF and LetterOne that creates one of the world's biggest independent producers.
Upon completion, Wintershall Dea's main tasks will include handling claims related to the expropriation of Russian assets, the sale of remaining assets and the closure of the headquarters' units in the German cities of Kassel and Hamburg.
Some 850 employees work at the headquarters, it said.
"To implement the required restructuring and ultimately the closure of the headquarters in a socially responsible manner, the company is currently negotiating a reconciliation of interests and a social plan with the works council," it said.
https://www.reuters.com/markets/commodities/wintershall-dea-management-board-step-down-after-harbour-energy-deal-closed-2024-04-24/
Linda Cook must be extremely confident here while owning (and still adding) 8,603,532 Harbour Energy Shares, particularly of the timely closure of Wintershall Dea M&A deal, same as Carlos Slim and when looking at Zama, I can see another good reason why:
Top ten crude oil upcoming fields in North America
1. Zama
Zama is located in the Gulf of Mexico, Mexico. This upcoming crude oil field is owned by BASF, Harbour Energy, LetterOne Holdings, Petroleos Mexicanos and operated by PEMEX Exploracion y Produccion. Production from this field is expected to begin in 2024 and is forecasted to peak in 2026 at approximately 0.13mmbpd of crude oil and condensate. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2053.
https://www.offshore-technology.com/data-insights/top-ten-crude-oil-upcoming-fields-in-north-america/
“Zama oil field is located approximately 60km off the coast of Tabasco, Mexico, in the Block 7 of Sureste Basin, Gulf of Mexico. Estimated to hold up to two billion barrels of oil-equivalent, it is considered to be one of the world’s biggest shallow-water oil discoveries in the past 20 years.”
https://www.nsenergybusiness.com/projects/zama-oil-field-gulf-of-mexico/#:~:text=Zama%20oil%20field%20is%20located,in%20the%20past%2020%20years.
Shorts Closing CONSECUTIVELY, HBR Director's Buying CONSECUTIVELY, and as for today, Linda adding a further ~£250,000 worth of HBR shares to her already massive portfolio (even by CEO standards!) with Brent nicely trading at circa $90, now looking forward to the upcoming company AGM followed by the ~500,000+ bpd resulting Wintershall Dea mega merger by Q4 this very year!
April 25, 2024
UK’s Harbour Energy, Algerian government discuss investment oil and gas opportunities
Partnership opportunities with Sonatrach in local and regional markets discussed
UK-based independent oil and gas company Harbour Energy discussed investment opportunities in Algeria’s oil and gas sector with the government officials.
The discussions were led by Harbour Company’s CEO Linda Cook and Algeria’s Minister of Energy and Mines Mohamed Arkab.
The two parties discussed co-investment opportunities in Algeria’s natural gas sector with Sonatrach, emission reduction and carbon capture and storage projects and partnerships within the framework of Sonatrach's strategy to expand its presence in the African market.
Harbour Energy is the largest London-listed independent oil and gas company with a leading position in the UK as well as interests in Indonesia, Vietnam, Mexico and Norway, according to the company’s website.
https://www.zawya.com/en/projects/oil-and-gas/uks-harbour-energy-algerian-government-discuss-investment-oil-and-gas-opportunities-co28336j
https://www.dzair-tube.dz/en/mohamed-arkab-meets-with-harbour-energy-director-british-company-expresses-interest-in-investing-in-algerias-energy-sector/
Good and Efficient find here where Harbour Energy owns a 15% stake with estimated recoverable resources of between 13 and 23 million barrels of oil, the operator believes that the Ringhorne North discovery adds to its “already impressive exploration track record,” as the company has had a discovery rate of over 50% over the past five years, with costs of less than $1 per barrel post-tax.
Now great to see the recent consecutive director Buy-Ins here:
"Harbour announces that Louise Hough, Independent Non-Executive Director, has purchased 6,800 ordinary shares in the Company ("Ordinary Shares") at an average price of 288.9 pence per Ordinary Share."
"now this being the THIRD consecutive/back to back rapid Shorter reduction by GLG Partners LP (3, 4, and 5 April 2024)."
Shorts Closing, HBR Director's Buying, and as for today, UK & European Gas prices once again on the rise here with Brent also nicely trading at circa $90, now looking forward to the upcoming dividends followed by the 500,000+ bpd resulting Wintershall Dea mega merger by Q4 this very year!
"Always excellent to note, further reductions in HBR Short positions as noted here today, now this being the second consecutive/back to back reduction by GLG Partners LP (3 & 4 April 2024)."
Shorts Closing, HBR Director's Buying, and as for today, Gas prices nicely on the up here with Brent trading at circa $90, now looking forward to the upcoming dividends followed by the 500,000+ bpd resulting Wintershall Dea merger by Q4 this very year!
Offshore Technology:
Harbour Energy and partners make gas discovery offshore Norway
The discovery is estimated to hold between one and three billion standard cubic metres of recoverable oil equivalent.
Norwegian Offshore Directorate announced that Harbour Energy, along with its partners Sval and Aker BP, has made a gas discovery at well 15/9-25 in the North Sea, building on previous findings from two other exploration wells.
This discovery, which lies northeast of the Sleipner area, approximately 210km west of Stavanger, has been estimated to hold between one and three billion standard cubic metres of recoverable oil equivalent.
Drilled using the Noble Integrator rig to a measured depth of 2,872m below the sea, the well 15/9-25, which is the first in production licence 1138 awarded during the 2021 Awards in Pre-defined Areas (APA).
The primary exploration target for well 15/9-25 was to prove petroleum in Middle Jurassic and Triassic reservoir rocks within the Hugin and Skagerrak formations.
The secondary target aimed to delineate gas previously proven in wells 16/7-2 and 16/7-10, located in the Ty Formation from the Palaeocene.
This well identified a 22m thick aquiferous sand layer with very good reservoir quality in the Hugin Formation and a 10m gas column in a 118m-thick sandstone reservoir with very good reservoir quality in the Ty Formation.
Harbour and its partners are now assessing the technical and financial viability of connecting the discovery to the existing infrastructure in the vicinity.
The gas/water contact was found at 2,330m below sea level, aligning with previous findings.
Although well 15/9-25 was not formation-tested, extensive data acquisition and sampling were conducted.
The well was terminated in the Smith Bank Formation in the Upper Triassic.
Last month, Harbour Energy signed a five-year master service agreement (MSA) with EthosEnergy.
The deal positions EthosEnergy as the primary service provider for the maintenance and support of Harbour Energy’s light industrial gas turbines across three North Sea production assets in the UK sector.
Berenberg ups Harbour Energy to 'buy'
Berenberg upgraded Harbour Energy on Wednesday to ‘buy’ from ‘hold’ and lifted the price target to 360p from 280p as it said that cash flow supports higher returns.
Harbour Energy reported its FY23 results on 7 March and Berenberg said that most of the key figures were in line with those reported in the January trading update.
"Importantly, despite recent headlines, the company remains confident in completing its merger with Wintershall Dea, which will transform the portfolio in terms of scale and diversification," the bank said.
It said Harbour’s deal to take control of most of Wintershall Dea’s upstream portfolio adds significant scale to the business and diversifies the portfolio away from the UK’s challenging fiscal system.
"Based on our initial modelling, it significantly increases cash flow and potential for increased shareholder returns - publication of the prospectus (expected in Q2 2024) is likely to provide more detail and reduce some of the uncertainty in our initial forecasts," it said.
Berenberg noted that the company has guided to a 5% increase in dividends and said it expects the higher cash flow to support dividend per share growth over the medium term.
The bank said it was updating its model to incorporate FY24 guidance from both Harbour and Wintershall Dea, and give credit for tax deductibility of decommissioning provisions in its valuation.
"The net effect is a 29% increase in our price target to 360p and we upgrade our rating to buy (from hold)," it said.
https://www.sharecast.com/news/broker-recommendations/berenberg-ups-harbour-energy-to-buy--16428188.html
HBR ending up circa 1% today on massive trading volumes here has to be pretty solid, all with UK Gas prices now rallying and Brent at $85+ (highest level seen since around last October), interestingly, Berenberg's HBR upgrade was just prior to this recent commodities rally, may it last long!
Despite the obvious headwinds the management of HBR, have done, imho, an exceptionally slick job for us shareholders
I second that and BTW, final dividend will be paid in May (same month as the HBR AGM), so we should see a nice rise going into the AGM while awaiting further M&A updates.
@ surprised, I agree.
Key here will be the successful closure of the Wintershal Dea deal which will not only provide outstanding global diversification for HBR but also add very lucrative assets to the already PMO inherited ones for further exploration, development, and production. Daily/Weekly market fluctuations either way are totally insignificant if you have a longer term outlook, nevertheless, I would be very surprised if by the time of the May AGM SP here is not well over £3+, DYOR.
"OPEC+ Agrees to Extend Supply Curbs to End of Q2"
(Bloomberg) -- OPEC+ agreed to extend current supply curbs to the middle of the year to avert a surplus, according to delegates who asked not to be identified.
The output reductions amount to roughly 2 million barrels a day on paper. The 22-nation bloc is led by Saudi Arabia and Russia.
https://www.bnnbloomberg.ca/opec-agrees-to-extend-supply-curbs-to-end-of-q2-delegates-1.2042034
"***o1 drill results are due anytime now. now that would be excellent news if it comes in :)"
I agree.
Some interesting reading/article on HBR here from Yahoo finance:
https://uk.finance.yahoo.com/news/ftse-250-stock-no-brainer-075900549.html
"HBR is no longer the same company (although it was still very much undervalued even before the Wintershall Dea M&A and hence the 360p agreed premium), as with any share trading, there will of course be fluctuations here along with bad or good market days but HBR SP will be lot harder to manipulate and eventually guaranteed to be easily back in the FTSE 100 post deal closure."
Well summarised, now looking forward to the assets & M&A updates along with dividends and potential Capital Gains ahead.
Another high potential asset, good update, thanks.
While on subject of global diversity, Zama is one hell of a field/giant asset, Carlos Slim (and family) are known to be extremely slick operators and have been buying into Zama big time overtime, I assume with HBR/Wintershall (both Zama partners) M&A now in progress they will increasingly buy into HBR as much as they can going forward.
"Carlos Slim Builds Bet on Firms Behind Mexico’s Mega Oil Project"
(Bloomberg) -- Carlos Slim is building up investments in companies behind Mexico’s largest oil exploration effort just months after his business empire acquired a stake in a firm involved in the same project.
https://www.bnnbloomberg.ca/carlos-slim-builds-bet-on-firms-behind-mexico-s-mega-oil-project-1.2013096
@fogthemug, Firstly, I started posting here when HBR share price was around 224p when I joined this bb, and second, being also Mexican, I never stated that Mexico was in South America, every idi*t knows that Slim who used to be the richest man in the world (not that long ago) is also by far the richest and most influential man in Mexico, I was trying to make a point, so please don't mix your agenda here via trying to interpret my post!
All while South America's riches person continues to load up here:
“The market in our view is ignoring the Wintershall deal and focusing solely on the base portfolio, which is going to be only circa 35 per cent of the business from 2025 onwards.”
"This strategic acquisition is set to transform Harbour Energy into one of the world’s largest and most geographically diverse independent oil and gas companies."
Strong PMO/HBR portfolio of assets complement the newly gained/significant Wintershall Dea assets very well, rich, diversified, and undeniably much undervalued HBR is now clearly a global player with huge forward potential, please only DYOR!