It’s “one of the largest independent oil and gas companies in Europe,” Mullin says, with most of their production in the UK and Norwegian North Sea, in addition to a “growing wedge” in the US and Argentina.
“This company generates a tremendous amount of cash. If we think it’s a moderate oil price environment: they pay off their debt in two years, furiously put that back into you know put into capital return.
Mullin says there’s a potential that it could grow its US businesses and list there, where companies of a similar nature have market caps of closer to $US40bn, far larger than the $6bn Harbour Energy is currently trading at.
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