Harbour Energy has completed the acquisition of LLOG Exploration Company LLC for $3.2 billion, marking its strategic entry into the US Gulf of America and creating a new core business unit alongside Norway, the UK, Argentina and Mexico.
The deal adds a fully operated, oil-weighted deepwater portfolio and an established team in a major offshore basin. The acquired position includes production performance across the Who Dat and Buckskin hubs, while Leon-Castille started up in October 2025. LLOG’s assets are described as high margin and long life, with a deep inventory of drilling opportunities.
Production from LLOG averaged 36 kboepd during 2025. Output is on track to increase to 65–70 kboepd by 2028.
The acquisition was funded through $2.7 billion of cash and the issuance of 174,855,744 new voting ordinary shares to LLOG Holdings, L.L.C., with an agreed value of $0.5 billion. The cash component was funded by a $1.0 billion bridge facility, a $1.0 billion 3-year term loan and $0.7 billion from existing sources of liquidity.
An application has been made to the London Stock Exchange for admission of the new shares. They are expected to be admitted to trading on the main market for listed securities and to listing in the Equity Shares (Commercial Companies) category of the Financial Conduct Authority Official List on 12 February 2026 at 8.00 a.m. (London).
On 12 February 2026, the total number of voting ordinary shares, including the new shares, will be 1,579,724,339. The share count may be used by shareholders to determine whether they are required to notify their interest, or a change to their interest, under the FCA’s Disclosure Guidance and Transparency Rules.
The 1,579,724,339 voting ordinary shares are owned approximately 89% by legacy shareholders, including 42% by BASF, and 11% by the seller. Of the new shares issued as consideration, 70% are subject to a one-year lock-up following completion.
Harbour Energy’s next scheduled market update is on 5 March 2026, when it will publish its 2025 full-year results, updated 2026 guidance and a mid-term outlook reflecting the transaction, alongside additional detail on capital allocation plans. For the purposes of UK Listing Rule 7.3.3, the company confirmed there has been no material change affecting matters contained in its announcements dated 22 December 2025 and 16 January 2026.
