Okea ASA · OSL:OKEA
Okea ASA — ABG Sundal Collier Corporate Bond Conference 2022
13 slides from Okea ASA's conference presentation, Feb 28, 2022
Slide 1: CFO Birte Norheim, ABG Sundal Collier Corporate bond conference
CFO Birte Norheim ABG Sundal Collier Corporate bond conference 28 February 2022
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 - Finds value where others divest
OKEA - Finds value where others divest OKEA ASA is a leading mid to late-life operator on the Norwegian continental shelf (NCS) with a current target production of 18 500 - 20 000 boe per day in 2022 OKEA has an ambitious strategy built on growth, value creation and capital discipline OKEA is listed
Slide 4: Four assets in operation
OKEA - Four assets in operation Draugen Ivar Aasen Ownership: 44.56% Ownership: 2.777%* Operator: OKEA Operator: Aker BP Reserves: 27.9 mmboe Reserves: 2.1 mmboe Production: 7 231 boepd** Production: 223 boepd** Gjøa Yme Ownership: 12% Operator: Neptune Ownership: 15% Reserves: 7.5 mmboe Operator: R
Slide 5: 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 → Dec 20: Make whole → Dec 22: Make whole Dec 20 – Jun 21 105
Slide 6: Oil and gas production, sales and revenues - per asset
OKEA - Oil and gas production, sales and revenues - per asset Record high petroleum revenue Production (boepd) Sold volumes (boepd) 2021 avg: 15 530 2021 avg: 15 843 20 000 20 000 18 794 Draugen 18 102 Draugen 16 557 Gjøa 16 979 Gjøa - compensation volumes 16 171 16 316 16 038 Ivar Aasen 15 198 Gjøa
Slide 7: Income statement
OKEA - Income statement Q4 21 comments Operating income: • Increase in sold volumes and higher realised prices Figures in NOK million Q4 21 Q3 21 Q4 20 2021 2020 Total operating income 1 725 1 026 584 3 882 1 730 Production expenses: • NOK/boe of 171 compared to 108 in Q3 21 Production expenses -291
Slide 8: Statement of financial position
OKEA - Statement of financial position Figures in NOK million Assets 31.12.2021 30.09.2021 31.12.2020 Goodwill 769 769 769 Q4 21 comments Oil and gas properties 4 685 4 585 3 758 Asset retirement reimbursement right 3 108 3 088 3 029 Trade and other receivables 1 053 714 514 • Total liquidity of NOK
Slide 9: Cash development Q4 21
OKEA - Cash development Q4 21 NOK million 3 400 3 200 3 000 2 800 2 600 +744 46 2 400 207 109 109 70 9 15 11 2 200 +534 210 2 000 957 1 800 1 600 1 400 1 200 2 249 1 000 2 039 800 1 504 600 400 200 0 Cash and cash Operating Net taxes Investment Proceeds from Bond Interest paid Payments of Share issu
Slide 10: Cash development 2021
OKEA - Cash development 2021 NOK million +1 378 3 400 3 200 355 3 000 840 2 800 2 600 109 217 2 400 184 2 200 36 16 15 210 +1 168 2 000 2 160 1 800 1 600 1 400 1 200 2 249 1 000 2 039 800 600 400 871 200 0 Cash and cash Operating Net taxes Investment Proceeds from Bond Interest paid Payments of Shar
Slide 11: 2022 production guiding 18 500-20 000 boepd - up from 18 000-19 000 boepd
2022 production guiding 18 500-20 000 boepd - up from 18 000-19 000 boepd 2021 actuals within guiding both on production and capex Production – thousand boepd Capex* – NOK million 22 Gjøa accelerated compensation 1 200 950 – 1 150 21 0.9 – 1.2 1 100 20 0.6 – 0.8 1 000 18.5 – 20 19 900 18 17 – 19 800
Slide 12: A solid platform for further growth
OKEA – A solid platform for further growth . Strong cash position provides solid basis for growth strategy . Growing production and reserves in strong oil and gas markets • 2P Reserves of 48.3 mmboe*; 16% increase from YE-20 • 2022 production guiding revised up to 18 500-20 000 boepd* • Four new lic
Slide 13: Growth Value creation Capital discipline
Growth Value creation Capital discipline 13
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