Slide 1: Presentation of second quarter 2019
Presentation of second quarter 2019 OKEA ASA 17 July 2019
Slide 2: General and disclaimer
General and 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 p
Slide 3: Highlights 2nd quarter 2019
Highlights 2nd quarter 2019 • Listed at Oslo Børs in June under the ticker “OKEA” • Raised gross proceeds of NOK 315 million in the initial public offering • Revenue at NOK 1 042 million • Profit from operating activities NOK 367 million • Production at 20 045 boe per day • Two appraisal wells at Dr
Slide 4: Production
Production Stable production & strong operational momentum Daily average production (boepd) 25 000 22 369 19 498 20 045 20 000 11 108 15 000 10 496 10 488 10 000 10 898 5 000 8 637 9 241 369 358 376 - Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Ivar Aasen Draugen Gjøa Total • 3% production increase from Q1
Slide 5: Draugen
Draugen Strong operational results Net production (boepd) • Q2 Operations 12 000 • Planned shutdown for Safety and 10 000 Automation Systems (SAS) upgrade completed as planned 8 000 • Safe and efficient changeout campaign for 6 000 10 898 two X-mas trees done faster than planned Skumnisse 8 637 9 24
Slide 6: Gjøa
Gjøa Stable production Net production (1 000 boepd) • Q2 Operations 12 000 • Stable production 10 000 • Well intervention successfully executed 8 000 6 000 11 108 10 488 10 496 4 000 Gjøa P1 PL153 2 000 • Next steps - • Ten days shut-down planned in August 10km Q4 18 Q1 19 Q2 19 due to the Nova Proj
Slide 7: Yme
Yme Highlights Fieldfacts Field facts • Project is progressing well with production start expected • Partners: Repsol (55%, Op.), OKEA (15%), LOTOS (20%), KUFPEC (10%) H1’20 • Discovered: 1987 PL910 Yme • Important milestone reached with Caisson Permanent PL316 • Production re-start1: H1’20 – peak p
Slide 8: Financial review
OK¢ Financial review =A
Slide 9: Oil and gas production, sales and revenues
Oil and gas production, sales and revenues Solid increase in sales and revenue Oil and gas volume (boepd) Realized prices (USD/boe) Petroleum revenues (NOK million) Production Sales Liquids Natural gas 25 274 60,7 1 042 56,2 19 498 20 045 20 265 748 40,0 26,1 Q1 19 Q2 19 Q1 19 Q2 19 Q1 19 Q2 19 Q1 1
Slide 10: Income statement
Income statement Massive increase in operating income year on year 2nd quarter 1st quarter* Figures in NOK million 2019 2018 2019 2018 Total operating income • Increased income in Q2 1 039 479 27 825 764 228 2 314 • Two liftings on Draugen vs. one in Q1 Production expenses -185 938 -2 235 -144 106 -
Slide 11: Statement of financial position
Statement of financial position Robust balance sheet with strong capabilities to execute future projects Assets Equity and liabilities Figures in NOK million 30.06.2019 31.03.2019* 31.12.2018* Figures in NOK million 30.06.2019 31.03.2019* 31.12.2018* Goodwill and other intangible assets 1 429 711 1
Slide 12: Cash flow development during Q2 – Figures in NOK million
Cash flow development during Q2 – Figures in NOK million Solid cash flow to finance future growth 1 600 1 400 75 139 283 1 200 220 1 000 616 800 1 329 600 400 586 200 - Cash 31.03.19 Operations Release of restricted Capex Net proceeds share issue Interest paid Cash 30.06.19 cash CF from operations C
Slide 13: Outlook and concluding remarks
Outlook and concluding remarks
Slide 14: The OKEA journey continues
The OKEA journey continues OKEA is Acquiring Grevling to assess Closing of the Yme Acquire Draugen and Listing at Oslo Børs Roadmap to future founded development acquisition Gjøa from Shell value creation 2015 2016 2017 2018 2019 OKEA’s size measured in reserves1 0 mmboe 1 mmboe 11 mmboe 52 mmboe 55
Slide 15: High level of activity the next two years
High level of activity the next two years1 Q2’19 Q3’19 Q4’19 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Target further debottlenecking and cost reductions Skumnisse expl. well Sanctioning all wells BOK/BOV2 Hasselmus Hasselmus FID Hasselmus 1st gas Draugen Infill pilot well Appraisal wells Infill productio
Slide 16: Financing strategy and optimizing value-creation
Financing strategy and optimizing value-creation ...and further acceleration of growth Strong cash flow from operations… • Developments to be brought into production • Long-life assets with low unit costs • IPO enables accelerated growth plans and enhances the 4 1 • Diversified with three producing
Slide 17: News-flow going forward on different platforms
News-flow going forward on different platforms Social media with OKEA - Facebook and LinkedIn Daily life in OKEA and our operated assets for the most interested public and shareholders. OKEA home page - www.okea.no Updates from our operations and activity which are within the category "business as u
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