Harbour Energy PLC on Thursday remained optimistic about its prospects, after completing the Wintershall Dea acquisition ahead of schedule, and despite seeing production in the first nine months fall.

Harbour Energy is an oil and gas company operating in the UK North Sea. The portfolio of Wintershall Dea, a German gas and oil company, includes its upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria.

For the nine months to September 30, Harbour Energy posted estimated revenue of $3.1 billion, and estimated net debt of $4.7 billion.

Average production for the period came to 177,000 barrels of oil equivalent per day, compared to 189,000 boepd a year prior. Accordingly, the firm upwardly narrowed full-year guidance to between 255,000 and 265,000 barrels of oil equivalent per day, from a range of 250,000 to 265,000 boepd previously.

Additionally, the firm noted that production start-up from the Fenix gas project in Argentina began in September, ahead of plan. New wells are currently on-stream, including at Njord, Armada, and Greater Britannia.

‘We continued to deliver on our strategy through the completion of the Wintershall Dea acquisition and strong operational and financial performance,’ said Chief Executive Officer Linda Cook.

‘Our expanded global portfolio is performing well, achieving production rates of over half a million barrels per day in October, generating material cash flow and presenting multiple high return organic investment opportunities. These, together with our strong team, disciplined capital allocation and investment grade credit ratings, mean we are well-positioned for the future.’

Shares in Harbour Energy closed 3.5% lower at 258.80 pence each in London on Thursday afternoon.

Copyright 2024 Alliance News Ltd. All Rights Reserved.