Harbour Provides Trading Update
Harbour Energy plc provides the following unaudited Trading Update. This is issued ahead of the Company’s Annual General Meeting which is being held today at 10.00 BST.
Highlights
- Q1 production averaged 215 kboepd, up c.35 per cent on Q1 2021; on track to meet full year guidance of 195-210 kboepd
- Q1 operating costs of $14.1/boe; full year guidance unchanged at $15-16/boe
- New wells on-stream at J-Area, AELE and Tolmount (UK); active 2022 rig programme including drilling underway at the Catcher- and J-Areas (UK) and the Andaman II licence (Indonesia)
- Total capex (including decommissioning spend) of c.$160 million for Q1; full year guidance of $1.3 billion unchanged, an increase of c.40 per cent versus 2021 levels reflecting the increase in drilling activity
- Continued progress on Harbour’s UK CCS projects in line with the Group’s goal of Net Zero by 2035
- Net debt reduced to $1.7 billion at 31 March from $2.3 billion at 31 December 2021
- Proposed final dividend of $100 million (8.4505 pence per share) for full year 2021 to be paid on 18 May, subject to shareholder approval
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