TIDMHBR
RNS Number : 2151U
Harbour Energy PLC
01 April 2021
Harbour Energy plc
("Harbour" or the "Group" or the "Company")
Harbour Energy to be admitted to trading
1 April 2021
Harbour Energy plc is pleased to announce that, following the
completion of the all-share merger of Chrysaor Holdings Ltd
(Chrysaor) and Premier Oil plc (Premier), the Group's enlarged
ordinary share capital will be admitted to trading on the London
Stock Exchange's Main Market at 0800 BST today.
A new global independent oil and gas company
Harbour is a global independent oil and gas company, producing
over 200,000 barrels of oil equivalent per day from the North Sea
and South East Asia. The Group has a cash-generative diversified UK
business with a significant operated position and competitive
operating costs, providing resilience to commodity price
volatility.
In addition, Harbour has a broad set of international growth
opportunities, including an attractive development and exploration
portfolio and a management team with a track record of value
creation through disciplined M&A transactions. The Group has a
strong balance sheet and the financial flexibility to fund both
further growth and shareholder returns, including via a sustainable
dividend in the near-term.
Harbour is committed to producing oil and gas responsibly to
help meet the world's energy needs. The Group has a lower carbon
intensity than the average UK oil and gas producer with a
commitment to achieve Net Zero greenhouse gas emissions by
2035.
An experienced Board and management team
Harbour is governed by an experienced Board comprising 11
directors (eight non-executive directors and three executive
directors). As previously announced, Blair Thomas, currently CEO of
EIG, is Chairman of Harbour, Linda Z Cook is CEO, Phil Kirk is
President and CEO of Europe, and Alexander Krane will be appointed
CFO on 15 April.
The biographies of Harbour's directors as well as those of the
Group's leadership team can be found on Harbour's website
www.harbourenergy.com.
2021 guidance
Harbour today provides the following guidance for 2021, both on
a proforma basis (including 12 months of Chrysaor and Premier) and
on a reported basis (including 12 months of Chrysaor and 9 months
of Premier). The reported numbers represent the accounting
treatment of the all share merger under IFRS3 Business
Combinations. Both proforma and reported guidance is consistent
with that provided by Premier and Chrysaor on 18 March 2021.
-- Proforma production of 200-215 kboepd; reported production of 185-200 kboepd [1]
-- Proforma and reported operating costs (excluding lease costs) of less than $15/boe
-- Proforma and reported total capital expenditure, including
production, development, exploration and decommissioning (pre-tax),
of c. $1.1 billion [2]
-- Free cash flow breakeven of $30-$35/boe (including one off
transaction and refinancing costs, tax payments and hedging)
-- Net debt of $2.9 billion at completion; significant current
liquidity of more than $700 million
Linda Z Cook, CEO of Harbour Energy commented:
"This is a landmark day for Harbour Energy and all of those
involved with Premier and Chrysaor. As the largest UK listed
independent oil and gas company, Harbour offers a unique
opportunity for investors, bringing together two complementary
portfolios with a material North Sea foundation, an attractive
global footprint and a strong balance sheet.
I would like to thank everyone in both Premier and Chrysaor for
their tremendous efforts in completing the Transaction. Today, as
we start our future as Harbour Energy, we look forward to realising
the potential of our new Company for all of our stakeholders."
Upcoming events
A presentation will be held for analysts today at 11.30 BST via
webcast, the details of which can be found on Harbour's website
(www.harbourenergy.com/investors).
Harbour is scheduled to hold its Annual General Meeting on 23
June 2021 and will provide a trading update on the same day.
Enquires
Harbour Energy plc Tel: 020 7824 1116
Linda Z Cook, CEO
Elizabeth Brooks, Head of Investor Relations
Brunswick Group
Patrick Handley Tel: 07974 982395
Will Medvei Tel: 07823 527148
[1] Production guidance reflects harmonised production reporting
between Premier and Chrysaor, with Premier's contribution now
excluding fuel gas.
[2] Premier's total capital expenditure in Q1 2020 was
approximately $50 million
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