The deal will increase Harbour’s interest in its operated Catcher field to 90% and add a 29.5% non-operated interest in the Kraken oil field, with the acquisition expected to be completed in the second quarter of 2026.
British oil and gas producer Capricorn Energy separately said it signed a lock-up agreement backing the deal and that it will settle its unsecured claims against Waldorf for about $4 million to $5 million.
Shares of Harbour climbed 5.8% and Capricorn rose 1.6% in the morning trade.
Capricorn has been pursuing unpaid consideration from Waldorf after a 2023 settlement of contingent payments tied to the sale of its UK North Sea assets.
Waldorf fell into financial difficulty in 2024, leaving the London-listed firm as an unsecured creditor with a total claim of $29.5 million.
Capricorn will keep the right to share in any additional recoveries if further claims arise, it said on Friday.
Reporting by DhanushVignesh Babu in Bengaluru; Editing by Subhranshu Sahu – Reuters
This article was originally posted at sweetcrudereports.com
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