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Net profit after tax amounted to NOK 69 (226) million.
(Amounts in parentheses refer to previous quarter)
“Production performance was good and OKEA generates a solid cash contribution
again this quarter. The Hasselmus project and drilling activities at Brage, Nova
and Draugen are all progressing according to plan. Production from the Talisker
East well started in May and increased production at Brage by 60% during the
quarter. With new wells coming onstream and major maintenance work completed, we
expect production to increase in the second half of the year. The acquisition of
28% in the Statfjord Area from Equinor is progressing towards completion in the
fourth quarter and will further add to our portfolio in line with the growth
strategy”, said OKEA CEO Svein J. Liknes.
Second quarter 2023 summary
Net production to OKEA in the second quarter was 22,263 (22,210) boepd.
Production performance at Brage, Gjøa and Ivar Aasen remains strong and
performance at Yme and Nova is improving. Production at Draugen was impacted by
the planned turnaround which was completed in May.
Sold volumes in the quarter amounted to 22,782 (37,941) boepd. The decrease
compared to previous quarter was mainly due to recovery of a significant
underlift position in the previous quarter. Compensation volumes from Duva and
Nova amounted to 332 (448) boepd.
The average realised liquids price was USD 70.1 (77.7) per boe and the average
realised price for gas was USD 81.2 (116.3) per boe. USD 23.3 (21.1) per boe of
the realised gas price was attributable to gain on fixed price contracts.
Other operating income/loss (-) amounted to NOK 66 (25) million and comprises
tariff income at Gjøa of NOK 39 (32) million, change in fair value of the
contingent consideration to Wintershall Dea of NOK 18 (-16) million, income from
joint utilisation of logistic resources of NOK 8 (3) million and a net gain from
financial oil and gas hedging of NOK 5 (6) million.
An impairment charge of NOK 300 (94) million was recognised on the Yme asset.
The impairment was driven by adverse developments in expected realised prices.
As Yme is carried at fair value, any adjustments to asset performance and/or
macro assumptions will result in impairments or reversal of previous impairments
also going forward.
Exploration and evaluation expenses amounted to NOK 124 (24) million, of which
NOK 80 million related to seismic purchases. General and administrative expenses
were NOK 47 (28) million and included NOK 15 million in advisor fees related to
business development activities.
At the end of the quarter, cash and cash equivalents amounted to NOK 2,335
(1,634) million. Remaining outstanding bonds were NOK 1,293 (1,255) million.
OKEA paid dividend of NOK 104 (104) million in the quarter. The board of
directors has approved a cash dividend of NOK 1.00 per share for the third
quarter of 2023, which will be paid in September. The board of directors also
reaffirmed its intention to distribute NOK 1.00 per share in the fourth quarter
of 2023.
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 Q2 2023
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2023071
3_4)
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 & Communication
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
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