Okea Asa · OSL:OKEA
Okea Asa — Merger or Acquisition (May 2022)
18 slides from Okea Asa's merger presentation, May 23, 2022
Slide 1: Finding value where others divest
OKEA Finding value where others divest 23 May 2022 23 May 2022 1
Slide 2: Cautionary statement
Cautionary statement • This presentation contains forward looking information • Forward looking information is based on management assumptions and analysis • Actual experience may differ, and those differences may be material • Forward looking information is subject to significant uncertainties and
Slide 3: Highlights
Highlights Finding value with complementary Wintershall Dea assets Delivering on growth strategy 35.2% operated working interest (WI) in Brage; Partner-operated 6.4615% WI in Ivar Aasen and 6.0% WI in Nova Fixed consideration of USD 117.5 million with additional contingent payment structure subjec
Slide 4: Attractive transaction characteristics
Attractive transaction characteristics Delivering on growth strategy Scale and Operatorship Strengthening diversification existing core areas Acquisition of two producing Leveraging OKEA’s operator Strengthening position in assets and one asset expected to capabilities and organisation, Ivar Aasen a
Slide 5: Attractive growth characteristics
Attractive growth characteristics Significant increase in production, reserves and resource base Change Step change in asset base # of fields producing and cash flow or under dev. 4 2 +50% Fully financed by existing Production 21,000 7,000 cash +33% 2022E exit rate boepd boepd New operatorship in Br
Slide 6: Transaction summary
Transaction summary Finding value with complementary Wintershall Dea assets • USD 117.5 million acquisition from Wintershall Dea Net 2P reserves and Net production Production 2C resources HQ • 35.2% operated WI in Brage; Development ~7+ kboepd (Trondheim) Partner-operated 6.4615% WI in Ivar Aasen an
Slide 7: Delivering on strategy
OK¢ > Delivering on strategy =A
Slide 8: Solid strategic fit
Solid strategic fit OKEA - a leading mid- to late-life NCS operator TRANSACTION CONTRIBUTIONS STRATEGY Scale and diversification Near term value An organisation fit A larger and more creation focus for growth robust portfolio Focus on shareholder Capitalising on existing Strengthening resource value
Slide 9: Acquired Wintershall Dea assets
Acquired Wintershall Dea assets
Slide 10: Brage – 35.2% operated WI
Brage – 35.2% operated WI Mature oil producer with material remaining potential Facts • Current production ~8,000 boepd gross • Significant infill drilling potential • Infill drilling campaigns ongoing • Attractive exploration potential Future potential / plans • Continuously work on identifying fur
Slide 11: Ivar Aasen – 6.4615% WI (9.2385% total WI)
Ivar Aasen – 6.4615% WI (9.2385% total WI) OKEA becomes material partner in Ivar Aasen Facts • Current production ~ 47,000 boepd1 gross • Significant infill drilling potential • Infill drilling campaigns ongoing • First manned platform on NCS to be operated from an onshore control center • A range o
Slide 12: Nova – 6% WI
Nova – 6% WI Low-cost subsea tieback to Gjøa Facts • Subsea tieback to the Gjøa production hub (OKEA 12%) • 3 oil producers and 3 water injectors • Low opex and very attractive ESG metrics • Gjøa electrified through power from shore Nova (6%) • Imminent production start ~Q3 22E Future potential / pl
Slide 13: Process and summary
OK¢ > Process and summary =A
Slide 14: Operatorship transition process
Operatorship transition process OKEA to utilise experience and expertise with transition projects Secure safe and efficient operations in accordance with PRE OPERATORSHIP TRANSITION (2022) POST regulatory expectations and OPERATORSHIP requirements TRANSITION (2023) Deal Transition Transaction Transf
Slide 15: Inaugural dividend and capital allocation principles
Inaugural dividend and capital allocation principles Dividends to be maintained and determined on annual basis Capital allocation principles 2022 dividend NOK NOK NOK Maintain 0.90/share 1.00/share 1.00/share 1 financial flexibility 0,9 Q2 22 Q3 22 Q4 22 Ensure 2 robust portfolio Approved Intention
Slide 16: Summary
Summary Finding value with complementary Wintershall Dea assets Delivering on growth strategy Significant increase in reserves, resources and production - 80% of Brage decommissioning cost retained by Wintershall Dea Providing a more robust and diverse production portfolio for OKEA Leveraging OKEA
Slide 17: Q&A
Q&A Growth Value creation Capital discipline 17
Slide 18: 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