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Harbour Energy plc
PMOIFEnergyOTCGB
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Harbour Energy completed a major acquisition. Rising commodity prices are boosting cash flow. This enables accelerated debt repayment. The credit outlook may improve as well. Significant unhedged production still benefits from price increases.
The shares were sold at 273 pence a share, which is a 9% discount to Thursday's closing price of 300 pence a share.
A major Harbour Energy PLC (LSE:HBR) shareholder has cut its stake in the oil and gas producer, with Potomac View Investments, an entity managed by EIG, placing 60 million shares with institutional investors for gross proceeds of about £153 million. The accelerated bookbuild was priced at 255p per share, with the stock sold representing around 3.8% of Harbour Energy's issued share capital.
Britain's Harbour Energy's third-largest shareholder, EIG Asset Management, is selling about 60 million shares in the oil and gas producer, a bookrunner for the offering said on Tuesday.
Oil companies were the only shares in green on Monday as oil prices were catapulted higher by the ongoing war in the Middle East. Brent crude oil surged at the start of the new week, jumping to $107 per barrel, having risen from $84 to $92 last week.
