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 a net 2P reserve base of 41.6 mill bbl. OKEA is listed on the Oslo Stock Exchange, with its largest shareholder being Bangchak with a ~46% stake.

In June 2018, the company entered into an agreement to acquire the producing Draugen (operator, 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. The company currently guides a net production range of 15,500 – 16,500 bbl/day for 2021, with an expected production increase of ~9% in 2022. In Q4’21 OKEA will partake in the drilling of the Ginny prospect well near Draugen.

OKEA’s main development project, Yme (15% WI), is currently at its final hook-up and commissioning phase. Production is expected to start in H2’21, with an initial first-year net production of 5,600 bbl/day, up 700 bbl/day from previous estimates and a plateau net production of ~7,500 bbl/day. Yme is estimated to have a total of 9.4 mill bbl 2P reserves.