Okea Asa · OSL:OKEA
Okea Asa — SpareBank 1 Markets Gas Market Webinar 2021
16 slides from Okea Asa's conference presentation, Sep 8, 2021
Slide 1: How a small-cap E&P plays the big league gas game
How a small-cap E&P plays the big league gas game Svein J. Liknes, CEO OKEA ASA SpareBank 1 Markets Gas Market Webinar September 8th 2021
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: OKEA – in a nutshell
OKEA – in a nutshell • Established in 2015 with capital from the founders Ola Borten Moe, Knut Evensen, Erik Haugane, Anton Tronstad and Seacrest Capital Group • Acquired 15% in Yme in 2016 • Acquired Shell’s share in Draugen and Gjøa for NOK 4.5 billion in 2018 and became operator for the Draugen f
Slide 4: OKEA Portfolio
OKEA Portfolio 32 licences All on the Norwegian Continental Shelf 2P Reserves 46 mmboe – 27% gas 3 producing fields 16 147 boepd average production 2020 – 31% gas • Draugen (44.56%) (operator) • Gjøa (12%) • Ivar Aasen (0.554%) Field development Yme New Development expected production start H2-21 Ha
Slide 5: Oil and gas production, sales and revenues per asset
Oil and gas production, sales and revenues per asset 31-day planned shut-down on Gjøa in Q2-21, partly due to tie-in work Duva and Nova Production (boepd) Sold volumes (boepd) 20 000 20 000 18 794 Draugen Draugen 16 047 16 171 16 557 Gjøa Gjøa Ivar Aasen 14 634 15 198 Ivar Aasen 15 000 15 000 14 232
Slide 6: Oil and gas production, sales and revenues per product
Oil and gas production, sales and revenues per product Production (boepd) Sold volumes (boepd) 20 000 20 000 18 794 Oil Oil 16 047 16 171 16 557 NGL NGL 14 634 15 198 15 000 Gas 15 000 14 232 Gas 13 303 13 210 13 048 11 124 8 529 8 529 8 864 7 561 7 633 10 000 7 231 10 000 8 185 8 740 8 513 2 758 2
Slide 7: Lifted volumes and realised liquids prices versus Dated Brent – 2020/YTD-21
Lifted volumes and realised liquids prices versus Dated Brent – 2020/YTD-21 USD/bbl kbbl 80 950 Q3 Q1 Q3 Q1 900 75 850 850 70 800 65 750 682 700 60 632 635 640 650 602 55 587 600 550 50 500 45 450 40 400 350 35 300 30 250 25 200 135 135 150 20 100 94 100 43 52 15 26 36 27 24 32 30 50 18 20 15 0 Gjøa
Slide 8: Sold volumes and average gas market price – 2020/YTD-21
Sold volumes and average gas market price – 2020/YTD-21 Record high seasonal European gas prices Pence/therm kboe 100 193 Q1 Q3 Q1 200 95 190 90 176 180 171 85 167 165 170 159 158 80 154 156 154 155 160 151 75 146 150 70 135 140 65 128 130 60 120 55 110 50 100 45 87 90 80 80 40 80 35 64 70 30 60 25
Slide 9: European gas prices to record levels
European gas prices to record levels UK natural gas and Brent oil prices UK natural gas, electricity, Rotterdam coal and CO2-quota prices Source_ Refinitiv, *UK NBP = UK National Balancing Point 9
Slide 10: Record low European inventories – Nord Stream 2 start-up late 2021
Record low European inventories – Nord Stream 2 start-up late 2021 European inventories - bcm Net Russian deliveries to Europe - bcm Source: Energy Aspects 10
Slide 11: Gjøa WI 12% – P1 and Duva/Nova tie-ins
Gjøa WI 12% – P1 and Duva/Nova tie-ins Q2 production Net reserves 5 828 boepd gas 5.5 mmboe 59% gas oil/NGL 3.1 mmboe* • Two new wells in the P1 segment onstream in Q1-21 • 31 days shut down in Q2 including tie-in of Duva and Nova o OKEA to be compensated for deferred production from Nova and Duva p
Slide 12: Hasselmus first gas Q4 23 - WI 44.56% (Draugen)
Hasselmus first gas Q4 23 - WI 44.56% (Draugen) Plateau production Net reserves 2,000 boepd net 4.8 mmboe* 100% gas 100% gas • FID on Hasselmus in Q2 21 - a subsea tie-back to Draugen – first OKEA operated field development project • Adds 4.8 mmboe natural gas reserves net to OKEA • First gas Q4 23
Slide 13: Yme WI 15% production start H2-21
Yme WI 15% production start H2-21 Plateau production Net reserves 7 500 boepd net oil 9.4 mmboe* 100% oil 100% oil • The jack-up Maersk Inspirer installed at location in Q4-20 • Project in final hook-up and commissioning phase progressing as planned • Production start expected in H2-21 • Production
Slide 14: OKEA guiding on production & capex
OKEA guiding on production & capex OKEA to receive compensation for deferred volumes on Gjøa for shut-downs related to Duva/Nova tie-ins Production – thousand boepd Capex* – NOK million Gjøa accelerated compensation 1.2-1.8 0-0.4 16.1 15.5-16.5 17-18 980 600 - 700 2020 actuals 2021 guiding 2022 outl
Slide 15: How a small-cap E&P plays the big league gas game - summary
How a small-cap E&P plays the big league gas game - summary • Strong and balanced production portfolio with >30% gas production • High quality assets with reliable production performance • Start-up of production from P1 segment on Gjøa in February • Duva field tied in to Gjøa with production start A
Slide 16: loxe
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