Market reaction: slightly positive. While there are no major surprises in this RNS, with Solan production now growing and Net Debt being stable for the first time, the Company has turned a corner. The cost reduction at Catcher and opex being below budget is also good news but neutral versus our expectations. Importantly the proportion of cost denominated in Sterling is much higher than we thought, suggesting our FY16 costs might be too high. Our ReNAV EXCLUDING the Falklands stands at £
12 Jul 2016
1H16 IMS - TURNING THE CORNER
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1H16 IMS - TURNING THE CORNER
Harbour Energy Plc (HBR:LON) | 277 3.3 0.4% | Mkt Cap: 2,133m
- Published:
12 Jul 2016 -
Author:
Stephane Foucaud -
Pages:
3
Market reaction: slightly positive. While there are no major surprises in this RNS, with Solan production now growing and Net Debt being stable for the first time, the Company has turned a corner. The cost reduction at Catcher and opex being below budget is also good news but neutral versus our expectations. Importantly the proportion of cost denominated in Sterling is much higher than we thought, suggesting our FY16 costs might be too high. Our ReNAV EXCLUDING the Falklands stands at £