Harbour Energy PLC (LSE:HBR) will be Europe’s largest independent exploration and production company when it completes the Wintershall Dea Portfolio acquisition, notes Jefferies.
Assuming it completes in the fourth quarter of 2024 as planned, it triples Harbour's current production taking the pro forma company to 480,000boe/d in 2025, the first full year of trading.
International diversification of production across Norway, the UK, Argentina, Germany, Egypt, Mexico & Algeria/Libya materially reduces Harbour’s exposure to the UK fiscal risk exposure which has been the main overhang on the investment case, in Jefferies's view.
Buy with a 350p target is the broker’s view. Shares were 281p, down 2.5% today.