OKEA ASA – Annual reports 2019

OKEA ASA (“OKEA” or the “company”) has today published the Annual Report for 2019, the 2019 Corporate Social Responsibility and Sustainability Report and the Annual Statement of Reserves and Resources for 2019.

Published

31. March 2020

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During 2019, the company firmly established itself as a prudent operator on the Norwegian Continental Shelf. In OKEA, safety always comes first, and the company successfully transferred the operatorship on Draugen and operated the asset throughout 2019 with no serious incidents and no harm. Production availability at Draugen was achieved at record levels and several integrity maintenance projects were successfully executed ahead of time and below budget. OKEA’s first operated drilling campaign was executed efficiently and safely below budget and with no reportable incidents. The wells provided important data which will be fully integrated with the current reservoir models to further understand the hydrocarbon potential of the greater Draugen area and maximise the economic recovery of resources.

Production from Draugen, together with the non-operated production from Gjøa and Ivar Aasen, resulted in a net production of 18,633 boepd during 2019, which generated a substantial cashflow from operations of NOK 2,111 million.

The company also publishes a separate report on Corporate Social Responsibility and Sustainability for the first time for 2019. OKEA’s work on ESG-topics is structured around three main pillars in the company’s business; prudent operator, safe and efficient operations and commitment to our people.

At the end of 2019 OKEA had 2P reserves of 49.5 mmboe and proven reserves (1P) of 40.6 mmboe. Increased reserves from sanctioning of the Gjøa P1 project and other revisions were offset by the company’s oil and gas production during the year. The 2C contingent resources of 32.6 mmboe are the net result of increased resources on Draugen and reductions through sanctioning of the Gjøa P1 project and changes in working interest on the Grevling and Storskrymten licences.

Contact information: 

CEO Erik Haugane, +47 907 21 655

VP Investor Relations Ståle Myhre, +47 917 51 878

About OKEA

OKEA ASA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with production of ~20,000 boe per day. The company aims to grow through low-cost field developments of discoveries with reserves up to 100 million boe and mergers and acquisitions (M&A). The operating organisation is built on the acquisition of the producing field Draugen in 2018.

OKEA ASA is listed on Oslo Stock Exchange under the ticker “OKEA”.

More information on www.okea.no