23rd Jun 2021 14:22
Harbour Energy PLC - North Sea-focused oil and gas company - Expects annual output to be at the lower end of its 185,000-200,000 barrels of oil equivalent per day guidance. Notes output of 162,000 barrels of oil equivalent per day in the five months to May 31, with production levels reflecting deferred maintenance and unplanned outages. Harbour Energy was formed in April from the merger of Chrysaor Holdings Ltd and Premier Oil PLC. On April 1, the company guided proforma production in range of 200,000 to 215,000 barrels of oil per day.
Says operating costs for the five months to May 31 were USD15.7 per barrel of oil equivalent, due to reduced production volumes and predicts full year operating costs of USD15 to USD16 per barrel of oil equivalent. Notes capital expenditure, including decommissioning costs, reached USD330 million in the five month period, with predicted full year spending of USD1 billion in 2021. Adds that net debt was reduced by 6.9% to USD2.7 billion by May 31, from USD2.9 billion on March 31, with available liquidity at around USD1 billion.
Current stock price: 20.21 pence, down 4.1% on Wednesday afternoon
Year-to-date change: up 2.8%
By Scarlett Butler; [email protected]
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