Harbour Energy plc (LSE:HBR) commences share repurchases on June 16, 2022 under the program mandated by the shareholders in the Annual General Meeting held on May 11, 2022. As per the mandate, the company will repurchase up to 138,829,896 shares, representing 15% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 5% above the average of the closing middle market quotations for the ordinary shares for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out.

The minimum price which may be paid for an ordinary share is the nominal value of the share. The repurchased shares will either be cancelled or held in treasury. The program will be valid till the next Annual General Meeting in 2023, or August 11, 2023, whichever is earlier, unless previously renewed, varied or revoked by the company in a General Meeting.

As at May 9, 2022, the company had 925,532,639 issued and outstanding shares.