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    OKEA   NO0010816895

OKEA ASA

(OKEA)
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OKEA ASA: Initiation of quarterly operational updates - Q3 2021 operational income expected in the range of NOK 1 billion

09/15/2021 | 02:43am EDT

(Oslo, 15 September 2021) OKEA ASA (OKEA, OSE:OKEA) today announces the initiation of quarterly operational updates from 15 October 2021. Following solid operational performance and high realized oil and gas prices, the company expects the third quarter 2021 total operational income in the range of NOK 1 billion.

"OKEA continues to deliver strong operational results, and with high oil and gas realized prices we expect a total operating income in the range of NOK 1 billion in the third quarter, up from NOK 321 million in the third quarter previous year. The start-up of Yme shortly will further strengthen OKEA's production and cash flow, providing a strong platform for further growth and expansion" says OKEA CEO Svein J. Liknes.

Svein J. Liknes will present OKEA at Pareto Securities' 28th Energy Conference on 16 September. The presentation material is enclosed and is also available on OKEA`s web site www.okea.no

OKEA will initiate quarterly operational updates from 15 October 2021, and the Q3 2021 quarterly report will be announced on Thursday 28 October 2021 at 08:00 CET.

The guidance for 2021 remains unchanged: 15,500-16,500 boepd for 2021 and the production outlook for 2022 is 17,000-18,000 boepd.  The capex guiding for 2021 of NOK 600-700 million includes planned investments on the Hasselmus project for the year. The Yme New Development project is currently in the final hook-up and commissioning phase with expected production start in the second half of 2021, in line with previous guiding.
 

For further information, please contact:
CEO, Svein J. Liknes, +47 917 67 704
CFO, Birte Norheim, +47 952 93 321
VP IR, Trond Omdal, +47 915 32 578

About OKEA
OKEA ASA is an independent Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with a current production around 16,000 boepd. OKEA targets profitable production growth within the current portfolio combined with an opportunistic approach to M&A.

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

More information on www.okea.no.
 

https://news.cision.com/no/okea/r/okea-asa--initiation-of-quarterly-operational-updates---q3-2021-operational-income-expected-in-the-r,c3415337

https://mb.cision.com/Main/18168/3415337/1468428.pdf

https://mb.cision.com/Public/18168/3415337/9bd3cca7c044fd00.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2021 3 574 M 428 M 428 M
Net income 2021 462 M 55,3 M 55,3 M
Net Debt 2021 144 M 17,3 M 17,3 M
P/E ratio 2021 6,58x
Yield 2021 -
Capitalization 3 039 M 363 M 364 M
EV / Sales 2021 0,89x
EV / Sales 2022 0,36x
Nbr of Employees 207
Free-Float 15,5%
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Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 29,50 NOK
Average target price 21,00 NOK
Spread / Average Target -28,8%
EPS Revisions
Managers and Directors
Svein Jakob Liknes Chief Executive Officer
Birte Norheim Chief Financial Officer
Chaiwat Kovavisarach Non-Executive Chairman
Knut Gjertsen Senior Vice President-Project & Technology
Tor Bjerkestrand Senior Vice President-Operations
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