Argentina

Production from Aguada Pichana Este averaged 18 kboepd for the period 3 September to 31 December 2024, mainly from the unconventional Vaca Muerta shale, with production constrained by offtake and local market capacity.

San Roque production averaged 3 kboepd for the period from the mature conventional oil play. The unconventional Vaca Muerta shale in the San Roque licence has been appraised and discussions with partners for the potential development of the resource are ongoing.

In Q4 2024, Harbour signed a participation agreement to acquire a 15% interest in Southern Energy SA which is looking to develop a 2.45 mtpa FLNG export project. The transaction completed in January 2025 and a final investment decision was reached in May 2025. Harbour has a 15% interest in the project which envisages deploying two of Golar LNG’s FLNG vessels – the Hilli Episeyo and MK II – off the coast of the Rio Negro province. The project is expected to have processing and export capacity of c.6 million tonnes per year of LNG, equivalent to 27 million cubic metres per day (or 1.0 billion cubic feet per day) of natural gas.

The progress at San Roque and Aguada Pichana Este, along with participation in Southern Energy, marks important steps towards unlocking the full potential of Harbour’s natural gas resources in Argentina. With more than 750 mmboe of 2C resources, mainly in the Vaca Muerta shale play, Argentina represents the largest single component of Harbour’s 2C resources and a significant reserve replacement opportunity for the company.