Harbour Energy acquires North Sea assets worth $170 million; shares increase 6%

Harbour Energy announced on Friday that it had agreed to purchase all of the subsidiaries of Waldorf Energy Partners and Waldorf Production, which are currently under administration in the UK North Sea, for $170 millions, sending its share price up by nearly 6%.

The deal will see Harbour increase its interest in 'its operated Catcher oil field to 90%, and add a non-operated '29.5% interest in the Kraken field.

Capricorn Energy, a British oil and gas producer, said it had signed a lock-up contract backing the deal. It will settle its unsecured Waldorf claims for between $4 and $5 million.

In the morning trading, shares of Harbour rose 5.8% while Capricorn rose 1.6%.

Capricorn is pursuing Waldorf for unpaid consideration after the 2023 settlement on contingent payments linked to a?sale? of its UK North Sea Assets.

Waldorf ran into financial difficulties?in 2024. The London-listed firm was left as an unsecured creditor, with a claim totaling $29.5 million.

Capricorn will retain the right to a share of any additional recoveries, if there are further claims.

(source: Reuters)