Okea Asa · OSL:OKEA
Okea Asa — Pareto Securities' Nordic Corporate Bond Conference 2021
12 slides from Okea Asa's conference presentation, Mar 18, 2021
Slide 1: Delivering value on the Norwegian Continental Shelf
Delivering value on the Norwegian Continental Shelf Pareto Securities’ Nordic Corporate Bond Conference 18 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 – Delivering value on the Norwegian Continental Shelf
OKEA – Delivering value on the Norwegian Continental Shelf OKEA History Production Draugen Falk area (50%, Op) • Established in 2015 with capital from the founders Ola Borten Moe, Knut Evensen, Development Erik Haugane (CEO), Anton Tronstad and Seacrest Capital Group Exploration Draugen (44.56%, Op.
Slide 4: OKEA - Currently outstanding bonds
OKEA - Currently outstanding bonds Overview of terms and conditions Key terms OKEA02 OKEA03 Amount USD 180m* USD 120m Interest 3-mth LIBOR + 6.50% 8.75% Issue date Jun-18 Dec-19 Maturity Jun-23 Dec-24 Maturity price 101% 101% Call Options à Dec 20: Make whole à Dec 22: Make whole Dec 20-Jun 21: 105.
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 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 7 514 7 450 10 000 6 654 10 000 7 0
Slide 7: Income statement
Income statement Q4’20 comments Figures in NOK million Operating income: Q4 '19 Q3 '20 Q4 '20 2020 2019 Total operating income 564 321 584 1 730 3 020 • Higher sold volumes partly offset by lower realized prices for liquids compared to Q4’19 Production expenses -205 -154 -189 -696 -709 Changes in ov
Slide 8: Statement of financial position
Statement of financial position Figures in NOK million Assets 31.12.2019 30.09.2020 31.12.2020 Goodwill 1 426 769 769 Year-end 2020 comments Oil and gas properties 3 886 3 509 3 758 Other non-current assets 2 969 3 031 3 029 • Cash and cash equivalents NOK 871 million Trade and other receivables 622
Slide 9: Cash development
Cash development NOK million 1 200 1 100 164 188 1 000 108 71 900 16 9 800 700 600 500 883 871 400 300 200 100 0 Cash 30.09.20 Operating activities Net taxes received Investment Interest paid Buy-back bond loan Payments of Cash 31.12.20 activities lease debt 9
Slide 10: Guiding on production & capex
Guiding on production & capex Production – thousand boepd Capex – NOK million 17-18 1 000 – 1 100 16.1 980 15.5-16.5 14-15 600 - 700 2020 latest guiding 2020 actuals 2021 guiding 2022 outlook 2020 latest guiding 2020 actuals 2021 guiding Note: For guiding purposes, capex figures do not include capit
Slide 11: OKEA - Key milestones in 2021
OKEA - Key milestones in 2021 • Two new production wells in Gjøa P1 segment onstream in February • Yme New Development – Production start scheduled for second half of the year • Three exploration wells planned; Jerv, Ilder and Ginny • Final Investment Decision on Hasselmus • Concept selection on Vet
Slide 12: loxe
loxe
Okea — Pareto Securities' Nordic Corporate Bond Conference 2021 on 6ix