REG - Harbour Energy PLC - Completion of LLOG acquisition

Harbour EnergyAnnouncement

11/02/2026 09:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260211:nRSK5985Sa&default-theme=true

RNS Number : 5985S  Harbour Energy PLC  11 February 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF THAT JURISDICTION. THIS ANNOUNCEMENT IS FOR INFORMATION
PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

 

 Harbour Energy plc

("Harbour" or the "Company")

Completion of LLOG acquisition

11 February 2026

 

Harbour Energy announces that it has completed the acquisition of LLOG
Exploration Company LLC ("LLOG") for $3.2 billion (the "Acquisition"), marking
the Company's strategic entry into the US Gulf of America. The Acquisition
strengthens Harbour's global portfolio and establishes a new core business
unit alongside Norway, the UK, Argentina and Mexico.

 

Establishing a leading position in the deepwater US Gulf of America

Through LLOG, Harbour gains a fully operated, oil-weighted portfolio and an
exceptional team in one of the world's most prolific oil and gas basins. LLOG
adds high margin, long-life assets and a deep inventory of high return
drilling opportunities.

 

Production from LLOG averaged 36 kboepd(1) during 2025, reflecting strong
performance across the Who Dat and Buckskin hubs and the start-up of
Leon-Castille in October. Production is on track to increase to 65-70 kboepd
by 2028.

 

Funding structure and issue of Consideration Shares

Harbour financed the Acquisition through $2.7 billion of cash and the issuance
of 174,855,744 new Harbour voting ordinary shares (the "Consideration Shares")
to LLOG Holdings, L.L.C. (the "Seller") with an agreed value of $0.5
billion.  The cash was funded by a $1.0 billion bridge facility, a $1.0
billion 3-year term loan and $0.7 billion from existing sources of liquidity.

 

An application has been made to the London Stock Exchange for admission of the
Consideration Shares and it is expected that these will be admitted to trading
on the main market for listed securities of the London Stock Exchange and to
listing on the Equity Shares (Commercial Companies) Listing Category of the
Official List of the Financial Conduct Authority on 12 February 2026 at 8.00
a.m. (London).

 

On 12 February 2026, the total number of voting ordinary shares, including the
Consideration Shares, will be 1,579,724,339. This share count may be used by
shareholders to determine if they are required to notify their interest, or a
change to their interest, in the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

The 1,579,724,339 voting ordinary shares in Harbour are owned approximately
89% by Harbour's legacy shareholders, including 42% by BASF, and 11% by the
Seller. Of the Consideration Shares, 70% are subject to a one-year lock-up
following completion of the Acquisition.

 

Linda Z Cook, CEO Harbour Energy, commented:

"This marks another important step in Harbour's journey by establishing a
leading position in the US Gulf of America. We are excited to welcome our new
colleagues and look forward to building on their strong heritage and proven
exploration and development capabilities in the region. With the combined
strengths of our teams, the quality of the assets, and the depth of
opportunities ahead, we are well-placed to deliver significant value for our
shareholders."

 

Upcoming events

Harbour's next scheduled market update will be on 5 March 2026 when the
Company will publish its 2025 Full Year results. Alongside this, Harbour will
provide updated 2026 guidance and a mid-term outlook, including the impact of
the Acquisition, as well as additional detail on its capital allocation plans.

No material change

For the purposes of UK Listing Rule 7.3.3, Harbour confirms that there has
been no material change affecting any matter contained in the Company's
announcements on 22 December 2025 and 16 January 2026.

 

Enquiries

Harbour Energy
plc
+44 (0) 203 833 2421

Elizabeth Brooks, SVP Investor Relations

Andy Norman, SVP Communications

Email: CorporateExternalCommunications@harbourenergy.com
(mailto:CorporateExternalCommunications@harbourenergy.com)

 

IMPORTANT NOTICE

The information contained in this announcement is for information purposes
only and does not purport to be complete. The information in this announcement
is subject to change. This announcement has been prepared in accordance with
English law, the UK Market Abuse Regulation, and the Disclosure Guidance and
Transparency Rules and UK Listing Rules of the Financial Conduct Authority and
information disclosed may not be the same as that which would have been
prepared in accordance with the laws of jurisdictions outside England. This
announcement shall not constitute or form part of any offer to issue or sell,
or the solicitation of any offer to purchase, subscribe for or otherwise
acquire, any securities of the Company in the United States (including its
territories and possessions, any state of the United States and the District
of Columbia) or any other jurisdiction where such offer or sale would be
unlawful. The securities referred to in this announcement have not been and
will not be registered under the U.S. Securities Act of 1933, as amended, or
with any securities regulatory authority of any state or other jurisdiction of
the United States and may not be re‑offered or resold in the United States,
except pursuant to an applicable exemption from, or in a transaction not
subject to, the registration requirements of the United States and in
compliance with any applicable securities laws of any state or other
jurisdiction of the United States. There will be no public offering of the
securities referred to herein in the United States.

 

Forward‑looking statements

Certain statements in this announcement are forward‑looking statements. In
some cases, these forward‑looking statements can be identified by the use of
forward‑looking terminology including the terms "believes", "expects",
"estimates", "anticipates", "intends", "may", "will" or "should" or, in each
case, their negative, or other variations or comparable terminology. These
forward‑looking statements reflect Harbour's current expectations concerning
future events and speak only as of the date of this announcement. They involve
various risks, uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by such
forward‑looking statements. No statement in this announcement is intended as
a profit forecast or estimate for any period and no statement should be
interpreted to mean that earnings, EPS, income, cash flow from operations or
free cash flow for the Harbour group or the post‑completion Harbour group
for the current or future years would necessarily match or exceed historical
amounts.

(1)Production is provided on working interest basis

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQGPUCPPUPQUBG



            Copyright 2019 Regulatory News Service, all rights reserved