Harbour Energy PLC Operations Update (8945F)
July 21 2021 - 1:00AM
UK Regulatory
TIDMHBR
RNS Number : 8945F
Harbour Energy PLC
21 July 2021
Harbour Energy plc
"Harbour" or the "Company"
Operations Update
21 July 2021
Harbour today announces that during final commissioning and
testing of the HGS Tolmount platform issues were identified in
certain offshore electrical systems. These issues are now being
investigated and rectification plans are being developed. As a
result, Tolmount first gas will be delayed beyond the end of July
and is now likely to be around year-end. With expected plateau
rates of 20-25 kboepd net to Harbour, Tolmount was expected to
contribute just over 10 kboepd to Harbour's 2021 production.
Due to the current uncertainty around the timing of Tolmount
start-up, the Company has revised its production guidance for the
year to exclude volumes from the project. As a result, Harbour's
2021 production guidance is now 185 to 195 kboepd on a proforma
basis and 170 to 180 kboepd on a reported basis. This revised
guidance also reflects actual proforma production to the end of
June of 180 kboepd and a delayed restart of Elgin Franklin
following the summer maintenance shutdown. Forecast full year
operating costs of US$15-16/boe and total capex of US$1.1bn are
unchanged.
Enquiries
Harbour Energy plc
Elizabeth Brooks, Head of Investor Relations Tel: 020 7824
1116
Brunswick Tel: 020 7404 5959
Patrick Handley
Will Medvei
The information contained within this announcement is deemed by
Harbour to constitute inside information as stipulated under the
Market Abuse Regulation. By the publication of this announcement
via a Regulatory Information Services, this inside information is
now considered to be in the public domain. The person responsible
for arranging the release of this announcement on behalf of Harbour
is Howard Landes (General Counsel).
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END
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