Presentation

OKEA is a Norwegian E&P company with exploration, production and development assets on the NCS. The company was founded in 2015 and has net 2P reserve base of 55 mill boe. OKEA was listed on the Oslo Stock Exchange in June 2019 and its main shareholders are Bangchak and Seacrest Capital.

In June 2018, the company entered into an agreement to acquire the producing Draugen (44.6% WI) and Gjøa (12.0% WI) fields from Shell for NOK 4.5bn. This transformed the company into a significant independent producer on the NCS with average production of more than 20,000 boepd over the next five years (70% liquids), with opex of USD 10-12/bbl. The acquisition also secured OKEA an experienced operating organization from Shell. This further enables the company to pursue its strategy of exploiting overlooked potential in small and mid-size developments on the NCS, both through organic growth initiatives and M&A. OKEA’s main development project at present is Yme (15% WI), which is operated by Repsol and benefits from infrastructure of USD 600m already in place. The project has 64 mill barrels of gross 2P reserves with first oil expected in 2021 and a plateau production ~7,500 bpd net.