Harbour Energy PLC has announced the publication of a shareholder circular and prospectus in connection with its proposed acquisition of Wintershall Dea AG's upstream oil and gas assets. The general meeting of Harbour's shareholders has been scheduled for 5 July 2024 to consider and approve the acquisition. DeGolyer and MacNaughton have prepared an independent competent person's report on the target portfolio, certifying that as of 31 December 2023, the portfolio had 1,117 mmboe of 2P oil and gas reserves with an estimated value (NPV10) of $10.5 billion. Additionally, the target portfolio had 1,238 mmboe of 2C contingent resources as of the same date.

The publication of the Circular and Prospectus marks an important milestone towards the completion of the acquisition. All regulatory, anti-trust, and foreign direct investment approvals, including approvals from Egypt's Ministry of Petroleum and Mineral Resources and the European Commission, are progressing as planned. Harbour expects the acquisition to complete during the fourth quarter of 2024.

The company has made available copies of the Circular and Prospectus, as well as a presentation summarizing the key highlights of the Prospectus on its website. The release, publication, or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law. Barclays, J.P. Morgan Cazenove, and Jefferies are acting as financial advisors and corporate brokers on the transaction.

The valuation of the target portfolio is based on D&M's base case price assumptions. Barrels of oil equivalent (boe) is based on 5,600 cubic feet per barrel. 2P reserves and 2C contingent resources are provided on a working interest basis. The component of probable reserves in 2P has not been risk-adjusted to make them comparable to proved reserves. 2C contingent resources should not be confused with reserves due to the uncertainty of development associated with any contingent resource quantity.