27th Aug 2024 08:59
(Alliance News) - Harbour Energy PLC shares rose on Tuesday, after it said that it now expects to complete the acquisition of the Wintershall Dea asset portfolio in early September.
Harbour Energy is an oil and gas company operating in the UK North Sea. Its shares were up 7.7% to 302.50 pence each in London on Tuesday morning.
Harbour Energy previously had expected the deal to complete in the fourth quarter.
This follows "considerable progress" made on satisfying the conditions to completion, including the recent receipt of Mexico regulatory consents, the firm explained.
In December last year, Harbour Energy said it had reached an agreement with BASF SE and LetterOne to acquire "substantially all" of the Wintershall Dea's upstream assets. It said it will pay the two Wintershall shareholders USD11.20 billion in cash and shares for the portfolio.
The targeted portfolio of Wintershall Dea, a German gas and oil company, includes its upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria. Harbour Energy also will acquire the company's CO2 capture and storage licences in Europe.
By Sophie Rose, Alliance News senior reporter
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