OKEA third quarter 2023 trading update - OKEA

OKEA third quarter 2023 trading update

(Trondheim, 19 October 2023) OKEA ASA (OSE: OKEA) will publish its financial report for the third quarter of 2023 on Thursday 26 October at 06:00 (CET). This trading update is provided to summarise production and sales volumes and related topics and updates for the quarter.


Attached files:

(Amounts in parentheses refer to previous quarter)

Third quarter 2023 production and sales

Unit Q3 2023 Q2 2023
Total operating income MNOK 2,105 1,707
Realised liquids price USD/boe* 89.0 70.1
Realised gas price USD/boe* 61.9 81.2
Net production Boepd 23,710 22,263
Net production – liquids Boepd 18,012 16,620
Net production – gas Boepd 5,698 5,643
Third-party volumes available for sale Boepd 210 332
Over/underlift/inventory adjustments Boepd 2,769 187
Net sold volume** Boepd 26,689 22,782
Net sold volumes – liquids Boepd 20,465 16,718
Net sold volumes – gas** Boepd 6,224 6,064
Unit Q3 2023 Q2 2023
Cash and cash equivalents end of quarter MNOK 2,346 2,335
Interest bearing bond end of quarter MNOK 1,300 1,293

*             Boe – barrels of oil equivalents

**          Includes compensation volumes from Duva and Nova received (tie-in to Gjøa)

Impairment of the Yme asset
Following observation of production performance from the wells drilled at the Yme field earlier this year, OKEA has performed a decline analysis of the field. The preliminary results indicate a reduction in technical reserves net to OKEA from 7.6 Mmboe to an expected range of 5.5 – 6.0 Mmboe. The effect of the reduced reserves was partially offset by increased forward prices for oil. The impairment charge on the Yme asset to be recognised in the financial statements for the quarter is estimated to NOK 450 – 500 million (NOK 100 – 110 million after tax).

The information contained in this statement is based on a preliminary assessment of the company’s third quarter 2023 financial and operational results and may be subject to change. 

Third quarter 2023 financial report to be published on 26 October
OKEA will release its third quarter 2023 results on Thursday 26 October at 06:00 CEST. A presentation of the results will be held on the same day through a webcast and audioconference starting 10:00 CEST (Link to webcast). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).