Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Jon Jacobsen was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jan 27
OKEA ASA Provides Impairment Guidance for the Fourth Quarter of 2025 OKEA ASA provides impairment guidance for the fourth quarter of 2025. For the period, the company expects to recognise non-cash impairment charges in the range of USD 50 million to USD 70 million mainly due to reduced forward prices. Duyuru • Nov 05
OKEA ASA Updates Production Guidance for 2025 and Reaffirms Production Guidance for 2026 OKEA ASA updated production guidance for 2025 and reaffirmed production guidance for 2026. For 2025, the company based on continued solid production, production guidance is increased and narrowed to 32-33 kboepd from 30-32 kboepd. For 2026, production guidance remain unchanged at 31-35 kboepd. Duyuru • Aug 25
OKEA ASA Announces Oil Discovery in the Talisker Exploration Well At the Brage Field OKEA ASA announced oil discoveries in the Talisker exploration well at the Brage field (PL 055). The discoveries were made in the Cook and Statfjord formations and are considered commercial with preliminary estimates of gross recoverable resources in the range of 16 - 33 mmboe combined. In addition, appraisal of hydrocarbons encountered in the Brent group is expected completed during Fourth Quarter 2025. The Talisker exploration well (31/4-A-15 B), a 10.223 meter long well, was drilled from the Brage platform in the North Sea. Discoveries were made in the Cook andStatfjord formations and are consider commercial with preliminary estimates of gross recoveredable resources in the range of 2 - 7 mmboe in the Cook formation and 14 - 26 mmboe in the Statfjord formation respectively. In addition, hydrocarbons were encountered in two thin sandstones in the Brent group which will be further appraised by the upcoming well paths, expected completed during Fourth Quarter 2020. Duyuru • Jul 16
OKEA ASA Provides Updated Production Guidance for the Year 2025 OKEA ASA provided updated production guidance for the year 2025 . Based on the solid production during the first half of the year, and the plans for the second half, production guidance for 2025 is narrowed towards the high end of the range, up to 30-32 kboepd from 28-32 kboepd. Duyuru • Mar 26
OKEA ASA Reports Conclusion of Operations At Horatio Exploration Well OKEA ASA reported that Drilling operations on the 35/6-6 Horatio exploration well, operated by OMV (Norge) AS, have concluded. The well was characterised as a dry well and has been plugged and abandoned. Duyuru • Mar 05
OKEA ASA Announces A Discovery in the Pl1119 Mistral Exploration Well 6406/6-7S Located in the Southern Norwegian Sea OKEA ASA announced a discovery in the PL1119 Mistral exploration well 6406/6-7S located in the southern Norwegian sea. Preliminary estimates of recoverable oil equivalents are between 3 and 7 million standard cubic meters (MSm3), corresponding to 19 and 44 million barrels. The well was drilled to a vertical depth of 4,024 meters and encountered a 47 meters thick gas/condensate column in a 99 meters thick middle Jurassic sandstone with good reservoir properties. A comprehensive data acquisition has been carried out to assess the reservoir and fluid properties. The PL1119 licence group will now evaluate the commerciality of the discovery by studying options for effective development using existing infrastructure in the area. The licence group comprises Equinor Energy AS (operator, 50% WI), Pandion Energy AS (20% WI), DNO Norge AS (10% WI) and OKEA ASA (20% WI). Duyuru • Mar 04
OKEA ASA - Discovery Confirmed in Mistral Exploration Well OKEA ASA announces a discovery in the PL1119 Mistral exploration well 6406/6-7S located in the southern Norwegian sea. Preliminary estimates of recoverable oil equivalents are between 3 and 7 million standard cubic meters (MSm3), corresponding to 19 and 44 million barrels. The well was drilled to a vertical depth of 4,024 meters and encountered a 47 meters thick gas/condensate column in a 99 meters thick middle Jurassic sandstone with good reservoir properties. A comprehensive data acquisition has been carried out to assess the reservoir and fluid properties. The PL1119 licence group will now evaluate the commerciality of the discovery by studying options for effective development using existing infrastructure in the area. Duyuru • Feb 27
OKEA ASA Announces Finn Haugan Resigned as A Member of the Board of Directors, Effective 1 March 2025 OKEA ASA announced that Finn Haugan has informed the company that he resigns from his position as a member of the board of directors, effective 1 March 2025. OKEA appreciates his considerable contribution to the company and wishes him well in the future. Duyuru • Jan 30
OKEA ASA Provides Production Guidance for the Year 2025 and 2026 OKEA ASA provided production guidance for the year 2025 and 2026. Production guidance for 2025 and 2026 is unchanged at 28-32 kboepd and 26-30 kboepd respectively. Duyuru • Dec 17
OKEA ASA and Equinor Energy AS Announce Drilling Operation in PL 1014 (Arkenstone) Temporarily Suspend OKEA ASA announced drilling operations on the NO 6610/7-3 exploration well operated by Equinor, have been temporarily suspended after shallow gas was encountered during the drilling operations. Two pilot wells were drilled to assess the presence of shallow gas above the reservoir. Shallow gas was encountered, and the drilling operations have been temporarily suspended. The wells were drilled from the semi-submersible rig, Deepsea Atlantic. Both pilot wells have been securely plugged with cement, and the partners in the license will focus on well engineering to ensure that the Arkenstone well can be drilled safely, accounting for the shallow gas zone in the upper layers of the formation. PL 1014 (Arkenstone) is located approximately 100 km north-east of the Norne field, at a water depth of around 230 metres. Equinor Energy AS (operator) holds 80% WI, and OKEA holds 20% WI in the PL 1014 license. Duyuru • Dec 12
OKEA ASA, Annual General Meeting, May 13, 2025 OKEA ASA, Annual General Meeting, May 13, 2025. Duyuru • Dec 01
Lime Petroleum AS completed the transaction of 15% stake in Yme Field from OKEA ASA (OB:OKEA). Lime Petroleum AS entered into an agreement to acquire 15% stake in Yme Field from OKEA ASA (OB:OKEA) for $15.7 million on September 23, 2024. All related decommissioning costs to be transferred to Lime. In addition, Lime will pay OKEA a post-tax consideration of $9.2 million in 2027, which will be repaid to Lime in four 25% tranches upon completion of four pre-defined stages of abandonment at the field, operated by Repsol Norge AS. The transaction is conditional upon Norwegian Governmental Approval. The acquisition will be financed through cash at hand. Upon completion Lime will increase its share in the Yme Field from 10% to 25%. The transaction is expected to be completed by the end of 2024, with an effective date of January 1, 2024.
Lime Petroleum AS completed the transaction of 15% stake in Yme Field from OKEA ASA (OB:OKEA) on November 29, 2024. The Transaction has been approved by the relevant Norwegian authorities and all related obligations, including decommissioning costs, have been transferred to Lime. In addition, Lime will pay OKEA a post-tax consideration of $9.2 million in 2027 which will be repaid to Lime in four 25% tranches upon completion of four predefined stages of abandonment of the field. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: kr2.67 (vs kr0.31 in 3Q 2023) Third quarter 2024 results: EPS: kr2.67 (up from kr0.31 in 3Q 2023). Revenue: kr2.93b (up 37% from 3Q 2023). Net income: kr277.4m (up kr245.0m from 3Q 2023). Profit margin: 9.5% (up from 1.5% in 3Q 2023). Revenue is forecast to decline by 14% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Duyuru • Oct 05
OKEA ASA Narrows Production Guidance for the Full Year 2024 OKEA ASA narrowed production guidance for the full year 2024. for the year, the company expects production of somewhat to 36 – 40 kboepd from 35 – 40 kboepd. Duyuru • Sep 24
Lime Petroleum AS entered into an agreement to acquire 15% stake in Yme Field from OKEA ASA (OB:OKEA) for $15.7 million. Lime Petroleum AS entered into an agreement to acquire 15% stake in Yme Field from OKEA ASA (OB:OKEA) for $15.7 million on September 23, 2024. All related decommissioning costs to be transferred to Lime. In addition, Lime will pay OKEA a post-tax consideration of $9.2 million in 2027, which will be repaid to Lime in four 25% tranches upon completion of four pre-defined stages of abandonment at the field, operated by Repsol Norge AS. The Transaction is conditional upon Norwegian governmental approval. The Acquisition will be financed through cash at hand. Upon completion Lime will increase its share in the Yme Field from 10% to 25%. The completion is expected to be completed before year-end 2024, with an effective date of January 1, 2024.
. Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr0.84 (vs kr0.66 in 2Q 2023) Second quarter 2024 results: EPS: kr0.84 (up from kr0.66 in 2Q 2023). Revenue: kr2.44b (up 49% from 2Q 2023). Net income: kr87.4m (up 27% from 2Q 2023). Profit margin: 3.6% (down from 4.2% in 2Q 2023). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 37%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 12
Full year 2023 earnings released: kr9.00 loss per share (vs kr6.45 profit in FY 2022) Full year 2023 results: kr9.00 loss per share (down from kr6.45 profit in FY 2022). Revenue: kr8.74b (up 37% from FY 2022). Net loss: kr935.4m (down 240% from profit in FY 2022). Oil reserves Proven reserves: 59.2 MMbbls Combined production Oil equivalent production: 8.974 MMboe (6.109 MMboe in FY 2022) Revenue is forecast to decline by 9.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 09
Full year 2023 earnings released: kr9.00 loss per share (vs kr6.45 profit in FY 2022) Full year 2023 results: kr9.00 loss per share (down from kr6.45 profit in FY 2022). Revenue: kr8.88b (up 39% from FY 2022). Net loss: kr935.4m (down 240% from profit in FY 2022). Revenue is forecast to decline by 9.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Duyuru • Feb 08
OKEA ASA Provides Production Guidance for the Year 2024 OKEA ASA provided production guidance for the year 2024. The company's 2024 guidance is 35 kboepd - 40 kboepd for production. New Risk • Jan 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €1.97, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 84% over the past three years. New Risk • Jan 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.7% average weekly change). Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €2.51, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 255% over the past three years. New Risk • Dec 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.7% average weekly change). Upcoming Dividend • Nov 24
Upcoming dividend of kr1.00 per share at 11% yield Eligible shareholders must have bought the stock before 01 December 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.8%). Duyuru • Oct 27
OKEA ASA Announces Dividend, Payment Date of 15 December 2023 (On or About) OKEA ASA announced dividend of NOK 1.00 per share, Last day including right of 30 November 2023, Ex-date of 1 December 2023, Record date of 4 December 2023 and Payment date of 15 December 2023 (on or about). Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: kr0.31 (vs kr1.01 in 3Q 2022) Third quarter 2023 results: EPS: kr0.31 (down from kr1.01 in 3Q 2022). Revenue: kr2.11b (flat on 3Q 2022). Net income: kr32.4m (down 69% from 3Q 2022). Profit margin: 1.5% (down from 4.9% in 3Q 2022). Revenue is expected to decline by 3.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has increased by 66% per year whereas the company’s share price has increased by 68% per year. Duyuru • Oct 19
OKEA ASA Announces Impairment Charge for the Quarter OKEA ASA announced that impairment charge on the Yme asset to be recognised in the financial statements for the quarter is estimated to NOK 450 - 500 million (NOK 100 - 110 million after tax). New Risk • Oct 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.1% average weekly change). Duyuru • Oct 06
OKEA ASA Announces First Gas from Hasselmus OKEA ASA announced production from the Hasselmus gas discovery commenced on 1 October 2023. As a subsea tie-back to the Draugen platform, Hasselmus is expected to add 4,400 barrels of oil equivalents per day in production at plateau. The Hasselmus project is expected to recover approximately 1.65 GSm3 of natural gas and will restart export of associated gas and NGL from Draugen. The Hasselmus gas discovery is located on the western edge of the Trondelag platform in the Norwegian Sea, 7 km northwest of the Draugen platform. A single well (6407/9-9 T2) was drilled on the Hasselmus structure by A/S Norske Shell in 1999 which encountered a 16 meters gas column and a 6.8 meters oil column in high quality sands at a depth of 1,700 meters. Upcoming Dividend • Aug 25
Upcoming dividend of kr1.00 per share at 10% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.5%). Duyuru • Aug 11
M Vest Energy AS entered into an SPA to acquire Brasse license (PL740) from OKEA ASA (OB:OKEA). M Vest Energy AS entered into an SPA to acquire Brasse license (PL740) from OKEA ASA (OB:OKEA) on August 9, 2023. The SPA is subject to customary government approvals. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr0.66 (vs kr0.27 in 2Q 2022) Second quarter 2023 results: EPS: kr0.66 (up from kr0.27 in 2Q 2022). Revenue: kr1.71b (up 36% from 2Q 2022). Net income: kr68.9m (up 148% from 2Q 2022). Profit margin: 4.0% (up from 2.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 13
OKEA ASA Announces Cash Dividend for the Third Quarter 2023, Payable on or About 15 September 2023; Provides Dividend Guidance for the Fourth Quarter of 2023 OKEA ASA announced cash dividend for the third quarter 2023. Dividend amount: NOK 1.00 per share. Ex-date: 1 September 2023. Record date: 4 September 2023. Payment date: 15 September 2023 (on or about). Date of approval: 12 July 2023.The board is also reaffirming its intention to distribute NOK 1.00 per share in the fourth quarter of 2023 for a total intended dividend payment of NOK 4.00 per share in 2023. Future dividend payments in 2023 may be revised due to changes in the market environment, company situation and/or value accretive opportunities available. Upcoming Dividend • May 26
Upcoming dividend of kr1.00 per share at 13% yield Eligible shareholders must have bought the stock before 02 June 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Duyuru • May 12
OKEA ASA Announces Board Appointments OKEA ASA announced that Mike Fischerwas elected vice chair of the board, and Jon Arnt Jacobsen, Phatpuree Chinkulkitnivat and Elizabeth Williamsonwere elected as new members of the board, all for a period of two years. Reported Earnings • May 06
First quarter 2023 earnings released: EPS: kr2.18 (vs kr2.05 in 1Q 2022) First quarter 2023 results: EPS: kr2.18 (up from kr2.05 in 1Q 2022). Revenue: kr2.95b (up 95% from 1Q 2022). Net income: kr226.1m (up 6.0% from 1Q 2022). Profit margin: 7.7% (down from 14% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Duyuru • May 05
OKEA ASA Announces Cash Dividend for Second Quarter of 2023, Payable on or About 15 June 2023; Provides Dividend Guidance for the Coming Quarter of 2023 OKEA ASA announced cash Dividend amount of NOK 1.00 per share for second quarter of 2023. Ex-date: 2 June 2023. Record date: 5 June 2023. Payment date: 15 June 2023 (on or about). Date of approval: 3 May 2023.The board is also reaffirming its intention to distribute NOK 1.00 per share in each of the coming quarters of 2023 for a total intended dividend payment of NOK 4.00 per share in 2023. Future dividend payments in 2023 are subject to an authorization from the general meeting and may be revised due to changes in the market environment, company situation and/or value accretive opportunities available. Buying Opportunity • Apr 11
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €3.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.1% per annum. Earnings is also forecast to decline by 11% per annum over the same time period. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: kr6.45 (vs kr5.86 in FY 2021) Full year 2022 results: EPS: kr6.45 (up from kr5.86 in FY 2021). Revenue: kr6.40b (up 69% from FY 2021). Net income: kr669.6m (up 11% from FY 2021). Profit margin: 11% (down from 16% in FY 2021). Oil reserves and sales price Proven reserves: 45.53 MMbbls Average sales price/bbl (hedged): US$969 Gas sales price Average sales price/mcf (hedged): US$227 Combined production and costs Oil equivalent production: 6.109 MMboe (5.669 MMboe in FY 2021) Average production cost/Boe: US$237 (US$134/Boe in FY 2021) Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.0%. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 23
Upcoming dividend of kr1.00 per share at 13% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 15 March 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: kr6.45 (vs kr5.86 in FY 2021) Full year 2022 results: EPS: kr6.45 (up from kr5.86 in FY 2021). Revenue: kr6.65b (up 76% from FY 2021). Net income: kr669.6m (up 11% from FY 2021). Profit margin: 10% (down from 16% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 8.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.8%. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 31
OKEA ASA Announces Dividend, Payable on or About 15 March 2023, Reaffirms Dividend Guidance for 2023 OKEA ASA announced dividend of NOK 1.00 per share. Last day including right: 1 March 2023, Ex-date of 2 March 2023, Record date of 3 March 2023 and Payment date of 15 March 2023 (on or about).The board reaffirmed its intention to distribute NOK 1.00 per share in each of the coming quarters of 2023 for total intended dividend payment of NOK 4.00 per share in 2023. Future dividend payments in 2023 are subject to an authorisation from the general meeting and may be revised due to changes in the market environment, company situation and/or value accretive opportunities available. Duyuru • Jan 11
OKEA ASA Awards Four Licenses in APA 2022 OKEA ASA has been offered interests in four new production licences on the Norwegian Continental Shelf, two of which as operator, through the Awards in Pre-Defined Areas for 2022. The awards announced further strengthen OKEA's portfolio of near-field exploration opportunities around its Draugen, Brage and Gjøa production hubs. The company now has interests in over 16 exploration-focused licences. The two new OKEA-operated licences are located in the Norwegian Sea and the Northern North Sea, close to operated Draugen and Brage assets. The third licence, to be operated by Equinor, is located in the Norwegian Sea, west of Njord, while the fourth licence, to be operated by Neptune, is located in the Northern North Sea, south of Gjøa. The APA 2022 awards were announced by the Ministry of Petroleum and Energy on 10 January 2023. In total, 47 licences were offered to a total of 25 companies. Board Change • Dec 09
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Grethe Moen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Dec 02
OKEA ASA, Together with Operator Neptune Energy and Licence Partners, Announce A New Discovery in the Calypso Exploration Well OKEA, together with operator Neptune Energy and licence partners, announce a new discovery in the Calypso exploration well (6407/8-8 S) in PL938 in the Norwegian Sea. OKEA holds a 30% working interest (WI) in the licence. The well was drilled to a vertical depth of 3,496 metres and encountered an estimated 8 metres thick gas column and 30 metres thick oil column in a 131 metres thick Garn Formation sandstone reservoir, of good to very good quality. Preliminary estimates of recoverable oil equivalents are between 1 and 3.5 million standard cubic meters (MSm3), corresponding to 6-22 million barrels (boe). Calypso is OKEA's second discovery from three exploration wells in 2022, following the Hamlet discovery in the Gjøa licence in April. The PL938 licence group will now evaluate the commerciality of the discovery by studying options for effective development using existing infrastructure in the area, including the OKEA-operated Draugen field (OKEA 44.56% WI). The Calypso discovery is located 14 kilometres north-west of the Draugen field and 22 kilometres north-east of the Njord A platform. Calypso was drilled by Deepsea Yantai, a semi-submersible rig owned by CIMC and operated by Odfjell Drilling. Neptune Energy Norge AS is operator of PL938 with 30% WI. Other licence partners are Pandion Energy AS (20% WI) and Vår Energi ASA (20% WI). Duyuru • Nov 17
OKEA ASA Provides Production Guidance for 2022 and Revises for 2023 OKEA ASA provides production guidance for 2022 and revises for 2023. For the year 2023, the company expects reducing its production outlook for 2023 from 25,000-27,000 boepd to 22,000-25,000 boepd.For the year 2022, the company expects total volumes for 2022 is kept unchanged at 15,900-17,200 including compensation volumes as production from the assets acquired from Wintershall Dea earlier this year were excluded from the 2022 guiding. Duyuru • Nov 05
OKEA ASA Announces Drilling Starts at the Calypso Exploration Well (PL938) OKEA ASA announced that drilling operations on the Neptune Energy-operated Calypso exploration well (6407/8-8 S), in the Norwegian Sea, have commenced from the Deepsea Yantai rig. The well will be drilled 14 km north-west of the OKEA-operated Draugen field and a discovery could be tied-back to the Draugen platform or the Njord platform. The main prospect lies in the Jurassic Garn, Ile and Tilje formations at a depth of approximately 3,000 m. OKEA holds a 30% working interest ("WI") in the licence. The drilling programme comprises a main well with logging and coring in the case of a discovery. An optional side-track may be drilled dependent on the outcome of the first bore. Further announcements will be made, as applicable, when hydrocarbons are encountered, and/or on completion of drilling operations. Duyuru • Nov 02
OKEA ASA (OB:OKEA) completed the acquisition of Material Portfolio of Assets from Wintershall Dea Norge AS. OKEA ASA (OB:OKEA) agreed to acquire Material Portfolio of Assets from Wintershall Dea Norge AS for $117.5 million on May 23, 2022. OKEA ASA will acquire 35.2% operated working interest in the Brage Unit, 6.4615% WI in the Ivar Aasen Unit and 6% WI in the Nova field from Wintershall Dea. OKEA shall pay to Wintershall Dea an additional contingent consideration based on an upside sharing arrangement subject to oil price level during the period 2022-2024. The Acquisition price includes tax balances and will be financed through OKEA’s existing cash and liquidity resources. The transaction is conditional upon Norwegian governmental approval and is expected to be completed in fourth quarter of 2022.
OKEA ASA (OB:OKEA) completed the acquisition of Material Portfolio of Assets from Wintershall Dea Norge AS on November 1, 2022. Wintershall Dea will retain responsibility for 80% of OKEA’s share of total decommissioning costs related to the Brage Unit. All the employees of Brage Unit will be integrated into the OKEA organization. The operations office for Brage will continue to be in Bergen. Duyuru • Sep 10
Repsol Norge AS, as Operator Informs OKEA ASA Production Outage at Yme Field OKEA ASA announced that following damage to parts of the press pipe system at the Yme field, Repsol Norge AS, as operator, has informed OKEA ASA that the technical issues will likely result in a total of five to six weeks of production down-time at the field during third quarter of 2022 as repair work is being conducted. Estimated re-start of production is in early October 2022. The reduced production in third quarter of 2022 will not result in any change of OKEA's production guidance for the year. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €4.16, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.05 per share. Upcoming Dividend • Aug 26
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 02 September 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 16% share price gain to €4.95, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 179% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.97 per share. Board Change • Aug 05
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Grethe Moen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jul 13
OKEA ASA Announces Cash Dividend, Payable on or about 15 September 2022 The board of OKEA ASA has resolved to distribute a cash dividend payment of NOK 103.9 million (NOK 1.00 per share) in September 2022. The last day of trading including dividend rights is 1 September 2022, ex-dividend date is 2 September 2022, and the record date is 5 September 2022. Payment is expected on or about 15 September 2022. Duyuru • Jul 07
OKEA ASA Provides Production Guidance for the Year 2023 OKEA ASA provided production guidance for the year 2023. For the year, the company expected Production to increase from 17,000 boepd to 19,000 boepd to 25,000 boepd to 27,000 boepd. The increase is mainly due to the acquisition of assets from Wintershall DEA, but also to an increased contribution from Yme as plateau production is currently expected to take full effect in 2023. Duyuru • May 08
Repsol Norge AS Informs OKEA ASA, as Operator That Production from Yme Has Re-Started Repsol Norge AS informed OKEA ASA, as operator that production from Yme has re-started. The source of the leak has been identified in a pipe between the wellhead platform and the subsea storage tank. Production will temporarily go directly to the tanker vessel Bodil Knudsen. The storage capacity of Bodil Knudsen is about 1 million barrels of oil. Duyuru • Apr 21
OKEA ASA Announces Suspension of Operations At Yme Field Due to Technical Issues OKEA ASA announced that Repsol Norge AS, as operator at the Yme field, has informed the Yme license partnership that production at the Yme field was shut in during the Easter holidays due to technical issues. The operator is working to resolve the issues, but it is too early to determine when production will be resumed. The duration of the shutdown period will determine if OKEA's guiding on produced volumes for 2022 will require revision. OKEA will continue to keep the market updated on the developments at the Yme field. Reported Earnings • Apr 06
Full year 2021 earnings released: EPS: kr5.86 (vs kr5.89 loss in FY 2020) Full year 2021 results: EPS: kr5.86 (up from kr5.89 loss in FY 2020). Revenue: kr3.78b (up 129% from FY 2020). Net income: kr603.3m (up kr1.21b from FY 2020). Profit margin: 16% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Oil reserves and sales price Proven reserves: 35.8 MMbbls Average sales price/bbl (hedged): US$575 Combined production and costs Oil equivalent production: 5.669 MMboe (5.91 MMboe in FY 2020) Average production cost/Boe: US$134 (US$105/Boe in FY 2020) Over the next year, revenue is forecast to grow 111%, compared to a 40% growth forecast for the oil industry in Germany. Duyuru • Apr 01
OKEA ASA (OB:OKEA) completed the acquisition of 2.2% stake in Ivar Aasen Oil Field from ENGIE E&P Norge AS. OKEA ASA (OB:OKEA) agreed to acquire an additional 2.2% stake in Ivar Aasen Oil Field from ENGIE E&P Norge AS for $12.7 million on November 12, 2021. Under the terms, the total consideration is $12.7 million dependent on the oil price in 2022. In a related transactions, M Vest Energy AS acquire 0.8% stake in Ivar Aasen Oil Field from ENGIE E&P Norge, ENGIE E&P Norge sell 7.56% WI in Draugen, 4.4424% WI in Brage, 1.2092% WI in the Edvard Grieg oil pipeline and 1.8138% WI in the Utsira High gas pipeline. Post completion, OKEA ASA will hold 2.8% working interest in Ivar Aasen Oil Field. Transaction is subject to customary governmental approvals and closing is subject to the completion of the transaction between ENGIE E&P Norge and M Vest and expected to complete on January 1, 2022.
OKEA ASA (OB:OKEA) completed the acquisition of 2.2% stake in Ivar Aasen Oil Field from ENGIE E&P Norge AS on March 31, 2022. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 18% share price gain to €3.37, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 163% over the past year. Duyuru • Mar 01
OKEA ASA Announces Drilling Operations on Neptune-Operated Hamlet Exploration Well OKEA ASA announced that drilling operations on the Neptune-operated Hamlet exploration well (35/9-16 S) have commenced from the Deepsea Yantai rig. The well will be drilled 7 km north of the Gjøa field and a discovery could be tied-back rapidly to the Gjøa platform. The prospect lies in the Lower Cretaceous Agat Formation at a depth of approximately 2,600 m. OKEA holds a 12% working interest in the Gjøa licence PL153. The drilling programme comprises a main well with an optional side-track dependent on the outcome of the first bore. Further announcements will be made, if applicable, when hydrocarbons are encountered, and/or on completion of drilling operations. Neptune Energy Norge AS is operator of PL153 with 30% working interest. The other licensees are Petoro AS (30% WI) and Wintershall Dea Norge AS (28% WI). Duyuru • Feb 12
OKEA ASA Revises Production Guidance for the Full Year of 2022 and Provides Production Guidance for the Full Year of 2023 OKEA ASA revised production guidance for the full year of 2022 and provided production guidance for the full year of 2023. Production guiding for 2022 is 18,500-20,000 boepd, increased from 18,000 -19,000 boepd in the previous outlook provided.Production outlook for 2023 is 17,000 -19,000 boepd.