Harbour Energy Announces Prospectus in Connection with Proosed Acquisition of Wintershall Dea

Source: www.gulfoilandgas.com 6/12/2024, Location: Europe

Harbour is pleased to announce that it has today, following receipt of approval from the Financial Conduct Authority (the "FCA"), published its shareholder circular (the "Circular") and prospectus (the "Prospectus") in relation to the proposed acquisition of substantially all of Wintershall Dea AG's upstream oil and gas assets (the "Target Portfolio") (the "Acquisition"). A general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.

DeGolyer and MacNaughton ("D&M") have prepared an independent competent person's report ("CPR") on the Target Portfolio, which is included in full in the Prospectus. D&M has certified that, as at 31 December 2023, the target portfolio had 1,117 mmboe[1] of 2P oil and gas reserves with an estimated value (NPV10) of $10.5 billion[2]. This excludes c.60 mmboe of reserves produced between the effective date of the Acquisition of 30 June 2023 and 31 December 2023. In addition, as at 31 December 2023, D&M has certified that the Target Portfolio had 1,238 mmboe of 2C contingent resources[3].

The publication of the Circular and Prospectus marks another important milestone towards completion of the Acquisition. In addition, all regulatory, anti-trust and foreign direct investment approvals continue to progress as planned. These include approvals from Egypt's Ministry of Petroleum and Mineral Resources and the European Commission, which were recently received. Harbour continues to expect the Acquisition to complete during the fourth quarter of 2024.

Harbour has made available copies of the Circular and Prospectus as well as a presentation summarising the key highlights of the Prospectus on its website at https://www.harbourenergy.com.


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