Okea Småprat

Dopey · april 1, 2024, 1:11am

Innsidere kjøper med begge hendene, så tviler sterkt på at vi får noen «dårlige» nyheter med det første.

TekBot · april 8, 2024, 5:00am

Final investment decision made for Brasse

(Trondheim, 8 April 2024) OKEA ASA (OSE: OKEA), in collaboration with its
partners, announces that final investment decision (FID) has been made for the
Brasse development. The field is estimated to contain 24 million barrels of oil
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equivalent gross in recoverable reserves and will be developed as a tie-back to
the Brage field.

[A screenshot of a computer

Description automatically generated]

The Brasse development (PL740) is located in the northern North Sea, 13
kilometers south of the Brage field (Brage Unit). Transactions amongst the
partners have resulted in an ownership structure with substantial overlap with
the Brage Unit. OKEA will continue as operator for both licenses.

The development plan for Brasse consists of a two-well subsea tie-back to the
Brage platform, which will serve as the host facility for production,
processing, and export. Use of standard solutions, well-proven technology, and
close cooperation with strategic partners will ensure an efficient and cost
-effective development.

“Brasse is an important addition to our portfolio and represents a significant
value creation opportunity for OKEA and our partners. As a tie-back to Brage,
both licences will benefit from synergies and economies of scale” said Knut
Gjertsen, SVP Projects and Technology at OKEA.

The Brasse development showcases OKEA’s strategy to create additional value in
areas close to existing infrastructure by identifying cost-effective solutions
that enable extraction of further volumes from the area.

The plan for development and operation (PDO) will be submitted during April and
Brasse will be renamed Bestla upon approval of the PDO. The field is expected to
come on stream during the first half of 2027 and is anticipated to operate until
2031 with potential for extension. Plateau production is estimated at around 10
kboepd OKEA share (26 kboepd gross) and is expected within the first year of
production.

OKEA has awarded a contract to Aker Solutions for the topside scope and a
contract to Subsea7 and OneSubsea for the subsea scope. Contracts for rig and
drilling services will be awarded in the second quarter of 2024.

The PL740 partnership consists of OKEA ASA (operator 39.2788%), DNO Norge AS
(39.2788%), Lime Petroleum AS (17%), and M Vest Energy AS (4.4424%).

The Brage Unit partnership consists of OKEA ASA (operator 35.2%), Lime Petroleum
AS (33.8434%), DNO Norge AS (14.2567%), Petrolia Noco AS (12.2575%), and M Vest
Energy AS (4.4424%).

For further information, please contact:

VP IR, Anca Jalba: anca.jalba@okea.no, +47 41 08 79 88

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information is available at www.okea.no

Kilde

TekBot · april 8, 2024, 11:28am

Publication of annual reports for 2023

Trondheim, 8 April 2024

OKEA ASA hereby publishes the following reports for 2023: Annual report, Annual
…

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statement of reserves and resources, Report on remuneration of leading persons,
ESG report and ESG report appendix - human rights risk assessment.

The reports can also be found on the company’s website at the following address
Reports and presentations - OKEA

The Annual report for 2023 is also published in XHTML format.

For further information, please contact:

VP IR, Anca Jalba, anca.jalba@okea.no +47 41 08 79 88

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information is available at www.okea.no

Kilde

TekBot · april 8, 2024, 11:42am

Publication of annual reports for 2023

TekBot · april 17, 2024, 6:00am

Invitation to OKEA first quarter 2024 conference call

(Trondheim, 17 April 2024) OKEA ASA (OSE: OKEA) OKEA will publish its financial
report for the first quarter of 2024 on Thursday 25 April at 06.00 CET. A
trading update summarizing key figures for the quarter will be published on 18
…

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April at 08.00 CET.

A presentation of the results will be held on 25 April through a webcast and
audioconference starting 10:00 CET. The presentation will be held by Svein J.
Liknes (CEO) and Birte Norheim (CFO).
The webcast can be followed at www.okea.no
or Okea Webcast Q1 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2024042
5_11)
Dial in details for the audioconference:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Anca Jalba, VP IR

anca.jalba@okea.no

+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

TekBot · april 18, 2024, 6:02am

OKEA first quarter 2024 trading update

(Trondheim, 18 April 2024) OKEA ASA (OSE: OKEA) will publish its financial
report for the first quarter of 2024 on Thursday 25 April at 06:00 (CET). This
trading update is provided to summarise production and sales volumes and related
…
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topics and updates for the quarter.

(Amounts in parentheses refer to previous quarter)

First quarter 2024 production and sales
                                      Unit    Q1 2024**  Q4 2023***
Total operating income MNOK 3,422 2,118
Realised liquids price USD/boe* 82.0 83.4
Realised gas price USD/boe* 55.1 74.6
Net production Boepd 42,107 30,082
Net production - liquids Boepd 31,286 22,742
Net production - gas Boepd 10,821 7,340
Third-party volumes available for sale Boepd 0 292
Over/underlift/inventory adjustments Boepd 4,477 -4,739
Net sold volume** Boepd 46,583 25,635
Net sold volumes - liquids Boepd 36,219 17,656
Net sold volumes - gas** Boepd 10,365 7,979
Unit Q1 2024 Q4 2023
Cash and cash equivalents MNOK 2,130 2,301
Interest bearing bond MNOK 1,327 1,246
       Boe - barrels of oil equivalents
** Includes received compensation volumes from Duva and Nova (tie-in to
Gjøa)

*** Volumes and key figures relating to the income statement do not
include contributions from Statfjord prior to closing on 29 December 2023

Goodwill impairment on Statfjord and reversal of previous impairment on the Yme
asset

A goodwill impairment on the Statfjord assets in the range of NOK 220 - 280
million was recognised in the quarter. The goodwill impairment was mainly a
result of lower expected production in 2024 due to dry wells drilled in late
2023. Goodwill impairments are not tax deductible.

Partly offsetting the goodwill impairment, was NOK 90-110 million in reversal of
previous impairments at the Yme asset following positive market price
developments of crude during the quarter combined with a decrease in expected
discount for Yme crude.

Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company’s first quarter 2024 financial and operational results and may be
subject to change.

First quarter 2024 financial report to be published on 25 April
OKEA will release its first quarter 2024 results on Thursday 25 April at 06:00
CET. A presentation of the results will be held on the same day through a
webcast and audioconference starting 10:00 CET (Link to
webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_11)).
The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).

For further information, please contact:

Anca Jalba, VP Investor Relations

anca.jalba@okea.no

+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA).

More information at www.okea.no

Kilde

TekBot · april 19, 2024, 12:00pm

OKEA ASA - Notice of annual general meeting

(Trondheim, 19 April 2024) OKEA ASA (OSE: OKEA): The annual general meeting in
OKEA ASA will be held on Tuesday 14 May 2024 at 09:00 (CEST) as a virtual
meeting.
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The general meeting will be conducted as a virtual meeting only, accessible
online via Lumi AGM. All shareholders will be able to participate in the
meeting, vote and ask questions from smartphones, tablets or desktop devices.
For further information regarding electronic participation, please refer to the
guide available on https://www.okea.no/investor/general-meeting/.

The deadline for notice of attendance, registration of advance votes and proxies
is 10 May 2024 at 4:00 pm (CEST) as further described in the notice.

Please find attached the following documents:
OKEA - Notice of annual general meeting 2024

OKEA - Revised guidelines for remuneration of leading persons 2024

OKEA - Report on remuneration of leading persons 2023

OKEA - Proposal from nomination committee
All documents to be processed in the meeting, including annual report for
2023, are available on:

www.okea.no/investor/general-meetings/

For further information, please contact:

VP IR & Communication, Anca Jalba

anca.jalba@okea.no

+47 41 08 79 88

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information is available at ww.okea.no

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

Kilde

TekBot · april 24, 2024, 11:47am

OKEA webcast Q1 2024

OKEA ASA will release its first quarter 2024 results tomorrow Thursday 25 April
2024 at 06:00 CET.

…

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A presentation of the results will be held the same day through a webcast and
audio conference starting 10:00 CET. The presentation will be held by Svein J.
Liknes (CEO) and Birte Norheim (CFO).
The webcast can be followed at www.okea.no
or OKEA Webcast Q1 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2024042
5_11)
Dial in details for the audioconference:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Anca Jalba, VP IR

anca.jalba@okea.no

+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

TekBot · april 25, 2024, 4:00am

OKEA ASA - First quarter 2024 financial results

(Trondheim, 25 April 2024) - OKEA ASA (OSE: OKEA) delivered operating income of
NOK 3,474 (2,118) (correction from trading update of NOK 3,422) million and
EBITDA of NOK 2,159 (1,661) million in the first quarter of 2024. The cash
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balance amounted to NOK 2,130 (2,301) million. An impairment charge of NOK 158
million was recognised in the quarter which comprises NOK 260 million of
goodwill impairments from Statfjord, partly offset by NOK 102 million in
reversal of previous impairments at Yme.

(Amounts in parentheses refer to previous quarter)

“The all-time high production in the quarter follows from the Statfjord
acquisition in combination with continued strong performance particularly from
our operated assets. At Statfjord we are collaborating closely with the operator
to improve production. In March, an investment decision was made for the Bestla
field. Bestla is estimated to hold 24 million barrels of oil equivalent in
recoverable reserves and will be developed as a tie-back to the Brage field.
With OKEA as operator for both licenses, this will enhance synergies and
economies of scale for both fields. As announced separately this morning, we are
contemplating a new USD 125 million four-year senior secured bond to strengthen
liquidity and enhance financial flexibility ahead of investments in the Bestla
development”, stated OKEA CEO Svein J. Liknes.

First quarter 2024 summary

The all-time high net production to OKEA of 42.1 (30.1) kboepd in the quarter
was largely driven by Statfjord area activities included in income statement and
key figures. OKEA operated assets continue to perform well with additional
volumes at Draugen from Hasselmus. Production from Yme, Ivar Aasen and Nova was
stable throughout the quarter. Production at Gjøa was reduced following closing
of one well due to sand production.

Sold volumes in the quarter amounted to 46.6 (25.6) kboepd. The increase
compared to previous quarter was mainly due to Statfjord volumes and underlift
positions at Ivar Aasen and Brage being lifted in the quarter.

The average realised liquids price was USD 82.0 (83.4) per boe and the average
realised price for gas was USD 55.1 (74.6) per boe. USD 7.5 (5.9) per boe of the
realised gas price was attributable to gain on fixed price contracts.

Other operating income / loss (-) of NOK 53 (81) million mainly consisted of
tariff income at Gjøa and Statfjord area of NOK 78 (33) million. This was partly
offset by a net hedging loss for oil and CO2 quotas of NOK 17 (net gain of 12)
million and an increase in fair value of the contingent considerations to
Wintershall Dea and Equinor of NOK 9 (unrealised income of 26) million following
an increase (decrease) in forward prices for crude oil.

An impairment charge of NOK 158 (1,876) million was recognised in the quarter.
NOK 247 million related to impairment of technical goodwill from the Statfjord
area mainly driven by lower expected volumes in 2024. In addition, PPA revisions
recognised in the quarter resulted in impairment of ordinary goodwill of NOK 13
million. The goodwill impairments are not tax deductible and are non-reversable.
Partly offsetting was NOK 102 million in reversal of previous impairments at Yme
following positive market price developments of crude during the quarter
combined with a decrease in expected discount for Yme crude.

Exploration and evaluation expenses amounted to NOK 50 (22) million. General and
administrative expenses amounted to NOK 41 (37) million and represent OKEA’s
share of costs after allocation to license activities.

Cash and cash equivalents amounted to NOK 2,130 (2,301) million. Interest
-bearing bond loans amounted to NOK 1,327 (1,246) million and relate to the
OKEA04 bond.

2024 production guidance remains unchanged to 35 - 40 kboepd. As capex guidance
includes sanctioned projects only, guidance for 2024 increases to NOK 3.2 - 3.7
billion from NOK 2.8 - 3.3 billion following the investment decision for the
Bestla development project in March.

OKEA is contemplating a new 4-year senior secured bond with an initial issue
amount of USD 125 million, subject to inter alia market conditions. Net proceeds
from the contemplated bond issue will be used to fund planned investments on the
recently sanctioned Bestla development and general corporate purposes. Please
see separate stock exchange notice for further information.

Webcast and audioconference
A presentation of the results will be held today through a webcast and
audioconference starting 10:00 CET. The presentation will be held by Svein J.
Liknes (CEO) and Birte Norheim (CFO).
The webcast can be followed at www.okea.no
or OKEA Webcast Q1 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2024042
5_11)
Dial in details for the audioconference:
NO: +47 2195 6342
DK: +45 7876 8490

SE: + 46 8 1241 0952

UK: +44 203 769 6819
US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Anca Jalba, VP IR

anca.jalba@okea.no

+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

TekBot · april 25, 2024, 4:00am

OKEA ASA: Fixed Income Investor Meetings for Contemplated Senior Secured Bond

(Trondheim, 25 April, 2024): OKEA ASA (OSE: OKEA) (“OKEA” or the “Company”) has
mandated DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS as Joint
Global Coordinators and Joint Bookrunners and Arctic Securities AS as Joint
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Bookrunner to arrange a series of fixed income investor meetings commencing
today.

A new 4-year senior secured bond with an initial issue amount of USD 125 million
may follow, subject to inter alia market conditions. Net proceeds from the
contemplated bond issue will be used to fund planned investments related to the
recently sanctioned Bestla (previously named Brasse) development and general
corporate purposes. In connection with the bond issue, the Company expects to
increase its super senior revolving credit facility from USD 25 million to USD
37.5 million (the “SSRCF”). No amounts are currently drawn under the SSRCF.

This information is considered to be inside information pursuant to Regulation
EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR
article 17 and section 5-12 of the Norwegian Securities Trading Act. The
information was submitted for publication by Anca Jalba, VP Investor Relations,
OKEA ASA on 25 April 2024 at 06:00.

For further information, please contact:

Birte Norheim, CFO
Birte.norheim@okea.no
+47 952 93 321

Anca Jalba, VP Investor Relations
Anca.jalba@okea.no
+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information at www.okea.no

Kilde

TekBot · april 30, 2024, 11:56am

OKEA ASA: Successful Placement of Senior Secured Bond Issue

(Trondheim, 30 April, 2024): OKEA ASA (OSE: OKEA) (“OKEA” or the “Company”) has
successfully placed a new USD 125 million senior secured bond issue with a tenor
of 4 years. The new bond will carry a fixed interest rate of 9.125% per annum.
…

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The transaction attracted strong interest from Nordic and international
investors and was significantly oversubscribed.

Net proceeds from the bond issue will be used to fund planned investments
related to the recently sanctioned Bestla (previously named Brasse) development
and general corporate purposes. In connection with the bond issue, the Company
expects to increase the size of its super senior revolving credit facility (the
“SSRCF”) from USD 25 million to USD 37.5 million and extend the tenor for parts
of the facility. No amounts are currently drawn under the SSRCF.

DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS acted as Joint
Global Coordinators and Joint Bookrunners, and Arctic Securities AS as Joint
Bookrunner, in connection with the bond issue.

For further information, please contact:

Birte Norheim, CFO
birte.norheim@okea.no
+47 952 93 321

Anca Jalba, VP Investor Relations
anca.jalba@okea.no
+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information at www.okea.no

Kilde

pleximus83 · mai 7, 2024, 3:58pm

TekBot · mai 14, 2024, 11:01am

OKEA ASA - Minutes of annual general meeting

(Trondheim, 14 May 2024) OKEA ASA (OSE: OKEA): On 14 May 2024 at 09:00 CET OKEA
ASA held an annual general meeting as a virtual meeting with online
participation.
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All proposals on the agenda were adopted. The minutes of meeting are attached
and also available on General meetings - OKEA.

At the general meeting, Chaiwat Kovavisarach was re-elected as chairman of the
board for a period of two years. The board of directors in OKEA ASA subsequently
consists of the following shareholder-elected members:

· Chaiwat Kovavisarach (Chairman)
· Mike Fischer (vice chair)
· Rune Olav Pedersen
· Nicola Gordon
· Finn Haugan
· Jon Arnt Jacobsen
· Phatpuree Chinkulkitnivat
· Elizabeth Williamson

For further information, please contact:

VP Legal, Marit Moen Vik-Langlie

marit.viklanglie@okea.no

+47 407 63 671

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information is available at www.okea.no

Kilde

dagulvin · juni 8, 2024, 6:07pm

Nå har det lenge vært veldig stille fra OKEA. Har OKEA blitt mer skeptiske til å kjøpe produserende oljefelt etter Stafjordfiaskoen?

TekBot · juli 9, 2024, 6:02am

Invitation to OKEA second quarter 2024 conference call

(Trondheim, 9 July 2024) OKEA ASA (OSE: OKEA) OKEA will publish its financial
report for the second quarter of 2024 on Wednesday 17 July at 06:00 CEST. A
trading update summarising key figures for the quarter will be published on 10
…

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July at 08:00 CEST.

A presentation of the results will be held on 17 July through a webcast and
audioconference starting 10:00 CEST. The presentation will be held by Svein J.
Liknes?(CEO) and Birte Norheim (CFO).

The webcast?can be followed at www.okea.no
or?OKEA Webcast Q2 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2024071
7_1)

Dial in details for the audioconference:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Birte Norheim, CFO
birte.norheim@okea.no (anca.jalba@okea.no)
+47?952 93?321

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

TekBot · juli 10, 2024, 6:01am

OKEA second quarter 2024 trading update

(Trondheim, 10 July 2024) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2024 on Wednesday 17 July at 06:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
…
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topics and updates for the quarter.

Second quarter 2024 production and sales
                                    Unit     Q2 2024*  Q1 2024
Total operating income MNOK 2,584 3,474
Realised liquids price USD/boe 79.7 82.0
Realised gas price USD/boe 65.7 55.1
Net production Boepd 38,357 42,107
Net production - liquids Boepd 29,160 31,286
Net production - gas Boepd 9,197 10,821
Third-party volumes available for sale Boepd -43 0
Over/underlift/inventory adjustments Boepd -5,063 4,477
Net sold volume* Boepd 33,294 46,583
Net sold volumes - liquids Boepd 24,711 36,219
Net sold volumes - gas* Boepd 8,583 10,365
Unit Q2 2024 Q1 2024
Cash and cash equivalents MNOK 3,182 2,130
Interest bearing bonds MNOK 2,614 1,327

*Includes received compensation volumes from Duva and Nova (tie-in to Gjøa)

Impairments

A technical goodwill impairment on the Statfjord assets in the range of NOK 100

140 million is expected to be recognised in the quarter. The technical
goodwill impairment is mainly a result of change in risking of future projects.
Technical goodwill arises as an offset to the deferred tax recognised in
business combinations and is not tax deductible.

In addition, an impairment in the range of NOK 130-160 million is expected to be
recognised on the Yme asset following reduced forward prices for crude oil.

Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company’s second quarter 2024 financial and operational results and may
be subject to change.

Second quarter 2024 financial report to be published on 17 July
OKEA will release its second quarter 2024 results on Wednesday 17 July at 06:00
CEST. A presentation of the results will be held on the same day through a
webcast and audioconference starting 10:00 CEST (OKEA Webcast Q2 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2024071
7_1)). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim
(CFO).

For further information, please contact:
Birte Norheim, CFO
birte.norheim@okea.no
+47?952 93?321

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline. OKEA is listed on the
Oslo Stock Exchange (OSE:OKEA) More information at www.okea.no

Kilde

TekBot · juli 17, 2024, 4:02am

OKEA ASA - Second quarter 2024 financial results

(Trondheim, 17 July 2024) - OKEA ASA (OSE: OKEA) delivered operating income of
NOK 2,584 (3,474) million and EBITDA of NOK 1,617 (2,159) million in the second
quarter of 2024. An impairment charge of NOK 267 (158) million was recognised,
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comprising NOK 121 (247) million technical goodwill impairment of the Statfjord
area and NOK 144 (reversal of 102) million impairment on the Yme asset. Cash and
cash equivalents amounted to NOK 3,182 (2,130) million.

(Amounts in parentheses refer to previous quarter)

“I am very pleased that the strong performance, particularly from our operated
assets, is continuing. We delivered the PDO for the Bestla development project
to the Ministry of Energy in April, a project that will be developed as a tie
-back to the Brage field and is estimated to hold 24 million barrels of oil
equivalent in recoverable reserves. The Bestla development aligns well with our
strategy to create additional value in areas close to existing infrastructure by
identifying cost-effective solutions that enable extraction of further volumes.
The Bestla development, along with the continued drilling activities around
Brage, are important supporters for the lifetime extension project for Brage
which was initiated in the previous quarter”, stated OKEA CEO Svein J. Liknes.

Second quarter 2024 summary

Net production to OKEA was 38.4 (42.1) kboepd in the quarter. The lower volumes
compared to previous quarter was largely driven by a prior period adjustment
equivalent to 1,145 bopd recognised in the first quarter, natural decline in
wells at Brage, and a 60-day turnaround at Statfjord A completed during the
quarter.

Sold volumes amounted to 33.3 (46.6) kboepd in the quarter. The lower volumes
sold was mainly due to underlift positions from several fields in the quarter
compared to overlift positions in the previous quarter.

The average realised liquids price was USD 79.7 (82.0) per boe, and the average
realised price for gas was USD 65.7 (55.1) per boe. USD 10.4 (7.5) per boe of
the realised gas price was attributable to gain on fixed price contracts. Total
income from sale of petroleum products amounted to NOK 2,442 (3,421) million.

Other operating income of NOK 142 (53) million mainly consisted of tariff income
at Gjøa and Statfjord area of NOK76(78)million and change in fair value of the
contingent considerations to Wintershall Dea and Equinor of NOK 60 (loss of 9)
million following a decrease (increase) in forward prices for crude oil.

An impairment charge of NOK 267 (158) million was recognised in the quarter. NOK
121 (247) million related to impairment of technical goodwill of the Statfjord
area driven by revised risking of less matured projects. The goodwill
impairments are not tax deductible and are non-reversable. In addition, an
impairment of NOK 144 (reversal of 102) million of Yme was recognised following
a decrease in forward prices for crude oil.

Exploration and evaluation expenses amounted to NOK 210 (50) million and mainly
related to expensing of previously capitalised costs on PL938 Calypso. General
and administrative expenses amounted to NOK 33 (41) million and represent OKEA’s
share of costs after allocation to license activities.

Cash and cash equivalents amounted to NOK 3,182 (2,130) million. Interest
-bearing bond loans amounted to NOK 2,614 (1,327) million. The increases are
largely due to issuance of the USD 125 million OKEA05 bond in May.

2024 production guidance is narrowed somewhat to 36 - 40 kboepd from 35 - 40
kboepd, and capex guidance is narrowed to NOK 3.2 - 3.6 billion from NOK 3.2 -
3.7 billion.

Webcast and audioconference
A presentation of the results will be held today through a webcast and
audioconference starting 10:00 CET. The presentation will be held by Svein J.
Liknes(CEO) and Birte Norheim (CFO).
The webcastcan be followed at www.okea.no
orhttps://channel.royalcast.com/landingpage/hegnarmedia/20240717_1/

Dial in details for the audioconference:
NO: +47 2195 6342
DK: +45 7876 8490

SE: + 46 8 1241 0952

UK: +44 203 769 6819
US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Birte Norheim, CFO
birte.norheim@okea.no
+47?952 93?321

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

TekBot · august 15, 2024, 3:00pm

Completed purchases under board compensation package and mandatory notification of trade

Trondheim, 15 August 2024. OKEA ASA (the “Company”, or “OKEA”, ticker: “OKEA”)
has today completed a share purchase on behalf of the members of the board of
directors. The share purchase was made in connection with the compensation
…

Vis børsmeldingen

package for the board and in accordance with the resolution by the annual
general meeting on 14 May 2024 (item 11). The shares purchased are subject to a
12-month lock-up period.

The share purchase was executed by a broker on behalf of the board members, all
of which are primary insiders. A total of 36,998 shares were purchased at an
average price of NOK 23.2389.

Copies of notification of each of the persons discharging managerial
responsibilities (“PDMRs”) for their respective participation in the
transactions are attached hereto.

This information is subject to the disclosure requirements pursuant to
Regulation EU 596/2014 (MAR) article 19 and section 5-12 of the Norwegian
Securities Trading Act.

For further information, please contact:

Birte Norheim, CFO

birte.norheim@okea.no

+47 952 93 321

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information is available at www.okea.no

Kilde

Freddys · september 6, 2024, 6:24pm

Fartin · september 7, 2024, 7:33am

Idioti.