Harbour Energy plc trading and Operations Update 29 November 2023
Tuesday 5 December 2023
Harbour Energy plc provides the following unaudited Trading and Operations Update for the nine months to 30 September 2023.
Operational highlights
Production averaged 189 kboepd (2022: 207 kboepd), split c.50% liquids, c.50% gas. Full year guidance of 185-195 kboepd is unchanged.
Operating costs averaged $16/boe (2022: $14/boe) for the period. Full year guidance unchanged at c.$16/boe, with strong cost control offset by lower volumes.
Strong safety record with total recordable injury rate of 0.9 per million hours worked
High return, short cycle, infrastructure-led UK investment opportunities progressed, supporting future production and cash flow
Tolmount East production start-up underway, increasing future rates from the Tolmount area
Leverett discovery, close to Harbour’s operated Britannia infrastructure, successfully appraised with good flow rates achieved; planned final appraisal side track underway
Talbot on track to deliver first oil, via the Harbour operated Judy platform, around the end of 2024, with two of the three development wells completed
International growth projects advanced with the potential to materially increase our reserve life
The drilling of Layaran, the first of a multi-well Andaman Sea (Indonesia) exploration campaign, is ongoing. This follows the Timpan-1 gas discovery in 2022. Three additional prospects on the Andaman South and Andaman II licenses will be drilled as part of this campaign.
Zama (Mexico) commercial agreements progressed with preparation for FEED underway
Kan (Mexico) appraisal plan submitted to the regulator following the oil discovery in April with drilling scheduled for 2024
Continued progress on Harbour’s CCS projects. For the Harbour-led Viking project, this includes entering FEED and the successful submission of the Development Consent Order for the onshore pipeline, marking important milestones for the project.