Okea Asa · OSL:OKEA
Okea Asa — Pareto Securities' 16th Annual E&P Conference 2021
15 slides from Okea Asa's conference presentation, Mar 25, 2021
Slide 1: Delivering value on the Norwegian Continental Shelf
Delivering value on the Norwegian Continental Shelf Pareto Securities’ 16th Annual E&P Conference 25 March 2021
Slide 2: General disclaimer
General disclaimer This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prosp
Slide 3: OKEA – in a nutshell
OKEA – in a nutshell • Established in 2015 with capital from the founders Ola Borten Moe, Knut Evensen, Erik Haugane (CEO), Anton Tronstad and Seacrest Capital Group • Acquired 15% in the Yme development 2016 • OKEA acquired Shell’s share in Draugen and Gjøa fields for NOK 4.5 bn in 2018 and became
Slide 4: OKEA Portfolio
OKEA Portfolio 32 licences All on the Norwegian Continental Shelf 3 producing fields 16 147 boepd average production 2020 • Draugen (44.56%) (operator) • Gjøa (12%) • Ivar Aasen (0.544%) Yme New Development Expected production start-up H2-21 In assessment for development Hasselmus, Grevling, Vette,
Slide 5: OKEA - Highlights Q4 2020
OKEA - Highlights Q4 2020 OKEA - Q4 2020 Key Financials No serious incidents at Draugen, NOK 581 million Covid-19 situation managed In revenues from oil and gas High production reliability NOK 229 million EBITDA 16 171 NOK 189 million Produced barrels Net profit Yme onshore work completed; rig NOK 8
Slide 6: Oil and gas production, sales and revenues
Oil and gas production, sales and revenues 1Q 21 report due 4th May Production (boepd) Sold volumes (boepd) 20 000 19 099 Draugen 20 000 18 794 Draugen 17 020 Gjøa Gjøa 16 047 16 171 15 810 15 000 Ivar Aasen 15 000 14 634 14 232 Ivar Aasen 8 922 13 303 13 835 9 272 8 835 7 944 7 592 7 446 7 060 7 51
Slide 7: Guiding on production & capex
Guiding on production & capex Production – thousand boepd Capex – NOK million 17-18 980 16.1 15.5-16.5 600 - 700 2020 actuals 2021 guiding 2022 outlook 2020 actuals 2021 guiding Note: For guiding purposes, capex figures do not include capitalised interest 7
Slide 8: Draugen - in production to 2040
Draugen - in production to 2040 • Ambition to increase oil recovery on Draugen to 70% and extend lifetime of field to 2040, i.e. another 80 Mboe • Final Investment Decision in 2021 on Hasselmus, a gas field tie- back to Draugen with first gas planned for 2023 • Excellent operating performance, with
Slide 9: Gjøa – Two new wells in the P1 segment in production
Gjøa – Two new wells in the P1 segment in production • Two new wells in the P1 segment onstream in February • Tie-in of Nova and Duva in Q2-21 – OKEA compensated for deferred production when tie-in projects come onstream in addition to tariff payments • Awarded license due west of Gjøa in APA 2020 •
Slide 10: Yme New Development Project
Yme New Development Project • Onshore work completed and jack-up rig installed at the field • Hook-up, commissioning and preparation for production start-up progressing as planned • Production start in H2 2021 • Production 7 500 boepd net to OKEA at plateau - the first-year average 4 900 boepd net t
Slide 11: Grevling/Ilder in cooperation with Vette
Grevling/Ilder in cooperation with Vette Serial production will share cost for FPSO and reduces geological risk GREVLING VETTE ILDER JERV PL038 D (Grevling) BRISLING OKEA 35% Chrysaor 35% MACKEREL PL972 (Vette) Petoro 30% DRAGONSTONE OKEA 40% M Vest 30% PL974* (Storskrymten) PL973 (Jerv/Ilder) OKEA
Slide 12: Six new licences awarded in APA 2020 - four as operator
Six new licences awarded in APA 2020 - four as operator The new licenses contain 8 discoveries and 15+prospects • Near Draugen & Gjøa • Entry into Norne area PL 125 which includes Falk discovery Production Block(s) Operator Partners OKEA Initial work licence WI programme PL1125 6608/10,11 OKEA ASA L
Slide 13: Key Milestones and Deliveries 2021
Key Milestones and Deliveries 2021 • Two new production wells Gjøa P1 segment already onstream • New production from Yme H2/2021 • Final Investment Decision on Hasselmus • Three exploration wells. Jerv is being drilled. Ilder and Ginny to follow • Appraisal well at Aurora will determine the size and
Slide 14: In conclusion
In conclusion OKEA - a favourable position ahead Prudent and effective Annual production operator per share Higher oil and gas prices 14
Slide 15: loxe
loxe
Okea — Pareto Securities' 16th Annual E&P Conference 2021 on 6ix