31st May 2024 09:35
(Alliance News) - Harbour Energy PLC on Friday said that it continues to make good progress on its acquisition of the Wintershall Dea asset portfolio.
Harbour is an oil and gas company operating in the UK North Sea, with additional assets in Indonesia, Vietnam, Mexico and Norway. Wintershall Dea GmbH is a German gas and oil producer.
In December, Harbour agreed to purchase the assets from the oil and gas company for USD11.2 billion, and expects the acquisition to increase its production rate to around 500,000 barrels of oil equivalent per day.
It has made progress on concluding the prospectus and shareholder circular, and says both documents are in the final stages of preparation, with publication expected in the coming weeks.
A shareholder meeting to approve the acquisition will take place after.
Additionally, all regulatory, anti-trust and foreign direct investment approvals continue to advance "as planned", with completion projected for the fourth quarter of this year.
Shares in Harbour Energy were up 0.8% at 324.10 pence each in London on Friday morning.
By Holly Beveridge, Alliance News reporter
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