Harbour Energy Plc (HBR.L) Friday said that it has signed an agreement to acquire all the subsidiaries of Waldorf Energy Partners Ltd and Waldorf Production Ltd for a sum of $170 million.
The British oil and gas company added that the funding for the acquisition of the subsidiaries, which are at present in administration, will be funded through existing liquidity.
According to Harbour Energy, the acquisition will add 20 kboepd of oil-weighted production and 35 mmboe of 2P reserves and also increase its operated interest in the Catcher field to 90 percent from the earlier 50 percent.
Additionally, the company said that it will gain a 29.5 percent non-operated stake in the Kraken oil field, thus providing a new production base in the Northern North Sea.
The company said that operational synergies are expected from including Waldorf's non-operated portfolio into Harbour's UK organisation. Financial synergies include the release of an estimated $350 million in cash currently securing Waldorf's decommissioning liabilities, as well as the benefits from Waldorf's UK ring-fence tax losses, Harbour Energy said in an official statement.
The company said that the acquisition is expected to be completed in the second quarter of 2026, subject to customary regulatory approvals and the full and final settlement of all creditor claims against the subsidiaries.
On the LSE, HBR.L is up 0.70 percent on Friday's trading at 200.48 pence.
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