Financial Statements Q1 2018 - OKEA

Financial Statements Q1 2018


OKEA AS reported a total income of NOK 16.3 million and a operating loss of NOK 18.5 million for the first quarter 2018. Net loss was NOK 486 thousands.

Main highlights:

The PDO for the “Yme New Development” project was approved by the MPE on March 23, 2018. OKEA follows the project closely, and the project is on track with planned first oil in late 2019.

OKEA was awarded two licenses in the APA 2017 Offshore Licensing Round; the first was an extension to the Yme license and the second was an extension to the Ivar Aasen unit.

OKEA raised USD13m through an equity offering directed towards Norwegian investors, including OKEA employees (the employees contributed USD2m).

As part of the new equity offering, OKEA changed the composition of the board of directors at the company’s General Assembly in April 2018. Erik Haugane and Ola Borten Moe, as founder representatives, stepped down as directors, while three new independent directors were elected; Kaare Moursund Gisvold, Knud Hans Nørve and Arild Christian Selvig.

OKEA singed a SPA with Chrysaor for 15% of the Grevling license. Chrysaor is going through pre-qualification, and the expected MPE approval for the license assignment is Q2/Q3 2018.

For Q1 2018 production on the Ivar Aasen field averaged 68,240 boed, of which 380 boed was net to OKEA.

Related to bond terms, the tax/shelter ratio during Q1 2018 has been 1.49.

Financial highlights after close of Q1 financial statements:

In May OKEA established a NOK 300m exploration facility with SEB and Sparebank1 SMN

The board of directors in OKEA are of the opinion that OKEA’s current financial postion is sufficient for the ongoing developments and business development initatives.

Financial Statements 1Q 2018 are now available here