Harbour Energy plc today completed its acquisition of the Wintershall Dea asset portfolio, comprising Wintershall Dea AG’s upstream assets.
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Harbour now produces 475,000 barrels of oil equivalent per day with “significant” production in Norway, the UK, Argentina, North Africa and Germany.
The company said it now had a 2P reserve base of c.1.5 billion boe and circa 1.8bn boe of 2C resource.
Harbour additionally has near-infrastructure opportunities in Norway, unconventional “scalable” opportunities in Argentina and conventional offshore projects in Mexico and Indonesia.
Funds for the acquisition, effective from 30 June 2023, was from issuing equity valued at $4.15bn, the transfer of $4.9bn of euro-denominated Wintershall Dea bonds and $2.15bn cash.
Harbour’s estimated net debt stands at $4.5bn.
Following completion, the company’s total issued share capital of 1,691,590,026 shares, which includes the non-voting shares, is owned approximately 45.5% by Harbour’s legacy shareholders, 39.6% by BASF and 14.9% by LetterOne.
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The company has also appointed two BASF nominees as board non-executive directors.
Dr Hans-Ulrich Engel, BASF former deputy CEO, CFO and chief digital officer will join Harbour’s health, safety, environment and security committee.
Dr Dirk Elvermann, CFO and CDO, will join the nomination committee.
Harbour also intends to increase its annual dividend from $200 million to $455m.
“We are extremely proud to have completed the Wintershall Dea acquisition,” said chief executive Linda Cook.
“It marks our fourth and most transformational acquisition since we were founded in 2014, and is another big step forward as we continue to build a large, global independent oil and gas company focused on the safe and responsible production of the oil and gas the world still needs.”