Harbour Energy plc HBRIY and its partner Ithaca Energy recently announced the discovery of hydrocarbons in the Jocelyn South prospect (P032) within Block 30/07a of the U.K. Continental Shelf’s Central North Sea. The discovery was the result of recent exploration drilling activity carried out by the companies in the region and highlights the area’s untapped potential.

Harbour Energy is the operator at the Jocelyn South prospect, holding 67% interest, with partner Ithaca Energy holding 33%.

HBRIY’s Gas Discovery Details

Harbour Energy informed that the top of the Joanne sandstone reservoir was encountered at a depth of 12,620 ft TVDSS (17,763 ft MD), and the gas-condensate was encountered with a net pay thickness of 434 ft MD (307.6 ft TVT) in the well.

The company recorded data related to cuttings and pressures during drilling to ensure the quality of the reservoir and fluid parameters. HBRIY intends to gather further data and evaluate the commercial viability of the reservoir.

HBRIY’s J-Area

In 2023, J-Area was Harbour Energy’s largest oil producer, averaging 34 kboepd (thousand barrels of oil equivalent per day). This performance was driven by improved uptime and the contribution from new wells.Located about 240 km southeast of Aberdeen, Jocelyn South forms part of the broader J-Area. Judy and Joanne are in Block 30/7a of the U.K. central North Sea. Activities in this block have gained momentum in 2024, including the drilling of Jocelyn South and additional wells aimed at increasing hydrocarbon recovery. A rig-based intervention campaign at the Judy field has further boosted Harbour Energy's operational capabilities in the region. Ithaca Energy is a partner in the HBRIY-operated J-Area, carrying various working interests in several fields.

HBRIY’s Zacks Rank and Key Picks

The U.K.-based Harbour Energy is an independent oil and gas company. Currently, HBRIY has a Zacks Rank #3 (Hold).

Investors interested in the energy sector might look at some better-ranked stocks like TechnipFMC plc FTI,KLX Energy Services Holdings, Inc. KLXE and Flotek Industries, Inc. FTK. While TechnipFMC currently sports a Zacks Rank #1 (Strong Buy), KLX Energy and Flotek Industries each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

London-based TechnipFMC plc is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. The Zacks Consensus Estimate for FTI’s 2024 earnings indicates 260% year-over-year growth.

KLX Energy Services Holdings Inc. provides oilfield services focused on the wells’ completion, intervention and production activities. KLXE’s expected EPS (earnings per share) growth rate for next year is 28.52%, which aligns favorably with the industry growth rate of 15.10%.

Flotek Industries develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. The Zacks Consensus Estimate for FTK’s 2024 earnings indicates 125% year-over-year growth.

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