D&M provides independent Competent Person’s Report (CPR) for anticipated combination of Harbour Energy plc and Wintershall Dea on the London Stock Exchange

June 19, 2024

Publication of Circular and Prospectus | Harbour Energy

Harbour Energy plc
(“Harbour” or the “Company”)
Publication of Circular and Prospectus in connection with proposed acquisition of Wintershall Dea
asset portfolio
12 June 2024
Harbour is pleased to announce that it has today, following receipt of approval from the Financial
Conduct Authority (the “FCA”), published its shareholder circular (the “Circular”) and prospectus (the
“Prospectus”) in relation to the proposed acquisition of substantially all of Wintershall Dea AG’s
upstreamoil and gas assets(the “Target Portfolio”) (the “Acquisition”). A general meeting of Harbour’s
shareholders has been scheduled for 5 July 2024 to consider and approve the Acquisition.
DeGolyer and MacNaughton (“D&M”) have prepared an independent competent person’s report
(“CPR”) on the Target Portfolio, which is included in full in the Prospectus. D&M has certified that, as
at 31 December 2023, the target portfolio had 1,117 mmboe1 of 2P oil and gas reserves with an
estimated value (NPV10) of $10.5 billion2
. This excludes c.60 mmboe of reserves produced between
the effective date of the Acquisition of 30 June 2023 and 31 December 2023. In addition, as at 31
December 2023, D&M has certified that the Target Portfolio had 1,238 mmboe of 2C contingent
resources3
.
The publication of the Circular and Prospectus marks another important milestone towards
completion of the Acquisition. In addition, all regulatory, anti-trust and foreign direct investment
approvals continue to progress as planned. These include approvalsfrom Egypt’s Ministry of Petroleum
and Mineral Resources and the European Commission, which were recently received. Harbour
continues to expect the Acquisition to complete during the fourth quarter of 2024.
Harbour has made available copies of the Circular and Prospectus as well as a presentation
summarising the key highlights of the Prospectus on its website at https://www.harbourenergy.com.