Trondheim, 15 June 2020 – OKEA ASA (“OKEA” or the “Company”) has requested Nordic Trustee AS to summon a Bondholders’ Meeting for each of the bond issues OKEA02 (with ISIN NO 0010826852) and OKEA03 (with ISIN NO 0010869175) to make certain amendments as set out in the attached summons. The Issuer has received confirmation from a group of the largest bondholders in each of OKEA02 and OKEA03, respectively, that they will irrevocably support the proposals as set out in the summons and vote in favour.
The Norwegian Government has proposed temporary changes to the petroleum tax regime in Norway in order to improve the liquidity of petroleum companies and stimulate investments in the oil and gas industry. The proposal, which is scheduled for passing this week, is expected to have a material positive effect on the Company’s near term liquidity. Based on the Company’s estimates and the current forward curve, the Company expects a positive liquidity effect for the tax year 2020 of approximately USD 60 million.
The Bondholders' Meeting will be held on 29 June 2020 at 13:00 (CET).
DNB Markets, a part of DNB Bank ASA, has been engaged as financial advisor and Advokatfirmaet Schjødt AS has been engaged as legal advisor in connection with the amendment proposal.
For further info please contact:
Birte Norheim, CFO, + 47 952 93 321
Ståle Myhre, VP Investor Relations, + 47 917 51 878
About OKEA ASA
OKEA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with production of ~19 000 boe per day. OKEA aims to grow through low-cost field developments of discoveries with reserves up to 100 million boe and through mergers and acquisitions (M&A). The operating organisation is built on the acquisition of the producing field Draugen in 2018.
OKEA is listed on Oslo Stock Exchange under the ticker "OKEA".
More information on www.okea.no