Presentation

OKEA is a Norwegian E&P company with exploration, production and development assets on the Norwegian Continental Shelf (NCS). The company was founded in 2015 and was listed on the Oslo Stock Exchange in June 2019, with a current market cap of USD 175m.

In June 2018, OKEA entered an agreement with Shell to acquire the producing Draugen (44.6% WI) and Gjøa (12.0% WI) for NOK 4.5bn. This transformed the company into a significant independent producer on the NCS with average production of more than 20,000 bbl/day. The company guides on net production 15,500-16,500 bbl/day in 2021. In addition, the acquisition secured an experienced organisation from Shell, which further enables the company to pursue its strategy of targeting overlooked potential in small- and mid-sized developments on the NCS.

The largest ongoing development project is Yme (15% WI) which is operated by Repsol. The production unit has been safely installed at the field with expected production stat in 2021. The start-up is expected to add net production of 4,900 bbl/day in the first year and 7,500 bbl/day when the field reaches plateau production.

Following the temporary change to the petroleum tax system in Norway, OKEA plans to deliver significant organic growth the coming years. In addition, the company was awarded six exploration licenses in the recent APA 2020 round including opportunities close to the producing Draugen and Gjøa fields. Lastly, the company will continue to leverage attractive M&A opportunities similar to the recent acquisition of the license comprising the Vette discovery from Repsol.