Harbour Energy Plc · LSE:HBR
Harbour Energy — Merger or Acquisition (December 2025)
13 slides from Harbour Energy's merger presentation, December 2025
Slide 1: Strategic acquisition of LLOG Exploration Company LLC
Strategic acquisition of LLOG Exploration Company LLC December 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION, ITS CONTENTS AND ANY INFORMATION PROVIDED OR COMMUNICATED DURING ANY PRESENTATION OR DELIVERY OF THIS PRESENTATION ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, NEW ZEALAN
Slide 3: Strategic entry into deepwater US Gulf of America
Strategic entry into deepwater US Gulf of America Acquisition of LLOG for $3.2 billion (effective date 1 October 2025); expected completion in late Q1 2026 Unique opportunity to enter US Gulf of America at scale, establishing another core business unit Secures an exceptional team with a successful t
Slide 4: Three complementary transactions materially increase Harbour's 2026-2030 free cash flow
Three complementary transactions materially increase Harbour’s 2026-2030 free cash flow Recycle capital, enhance cash flow and reinvest in accretive growth Today’s announcement Sale of Indonesia Acquisition Acquisition assets of Waldorf (UK) of LLOG (US) ▪ Portfolio high grading ▪ Immediately, mater
Slide 5: Acquisition of LLOG driving strength, resilience and growth
Acquisition of LLOG driving strength, resilience and free cash flow growth Production1 c.500 kboepd Working interest, kboepd Consistent with Harbour's strategic M&A criteria: ▪ Tier 1 business in GoA; world class team ▪ Adds operated, high margin, oil production ▪ Extends reserve life ▪ Free cash fl
Slide 6: Acquisition is accretive to Harbour across key operational and financial metrics
Acquisition is accretive to Harbour across key operational and financial metrics Unlocking the next chapter: Harbour’s strategic expansion into the deepwater Gulf of America 1 ▪ Establishes a material presence in a prolific O&G basin with a top tier portfolio and world class team Strategic entry int
Slide 7: Unique opportunity to enter one of the world's most prolific oil and gas basins
Unique opportunity to enter one of the world’s most prolific oil and gas basins A top tier portfolio and world class team in a highly supportive regulatory and fiscal environment Leon-Castile start up Oct. 2025 271 34 c.25% mmboe kboepd 3 year production CAGR4 2P Reserves H1 2025 YE 2024 production
Slide 8: Large, long-life deepwater hubs with high-rate wells driving significant growth
Large, long-life deepwater hubs with high-rate wells driving significant free cash flow growth Who Dat (45%, op.) Buckskin (33.8%, op.) Leon-Castile (33%-48.2% op.) ▪ H1 2025: 14 kboepd (WI) ▪ First production 2019, achieved at ▪ Discovered in 2014, developed with a first ▪ Ongoing infill drilling s
Slide 9: Largest resource base among independents in Gulf of America drives growth
Largest resource base among independents in Gulf of America drives growth Disciplined exploration and developed strategy drives long term value creation GoA remaining resources1 Proven explorer and experienced mmboe developer and operator 500 Inventory of low breakeven, high return infrastructure le
Slide 10: Overview of acquisition funding
Overview of acquisition funding Funding structured to support efficient and flexible debt repayment Timeline to closing ▪ Use of equity allows seller to retain upside exposure to the $0.5bn equity business and reduces debt requirement Acquisition $0.7bn existing ▪ Liquidity bolstered by expected div
Slide 11: Strengthens financial position and is free cash flow per share accretive from 2027
Strengthens financial position and is free cash flow per share accretive from 2027 LLOG significantly enhances Harbour’s free cash flow outlook… … and supports delivery of capital allocation priorities Commitment to investment grade credit rating LLOG production ▪ Prudent risk management, including
Slide 12: Concluding remarks
Concluding remarks Acquisition of LLOG driving strength, resilience and free cash flow growth Unique opportunity to enter deepwater Gulf of America with top tier oil-weighted portfolio High-quality, long-life assets with exceptional team Differentiated growth profile with significant exploration ups
Slide 13: Harbour Energy
o_ Harbour mam Energy
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