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    OKEA   NO0010816895

OKEA ASA

(OKEA)
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OKEA : Q2 2021 Presentation

07/16/2021 | 08:37am EDT

Presentation of second quarter 2021

OKEA ASA

14 July 2021

General and disclaimer

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. The contents of this presentation have not been independently verified, and no reliance should be placed for any purposes on the information contained in this presentation or on its completeness, accuracy or fairness.

The presentation speaks as of the date sets out on its cover, and the information herein remains subject to change.

Certain statements and information included in this presentation constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities. Forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments and activities. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

This presentation contains non-IFRS measures and ratios that are not required by, or presented in accordance with IFRS. These non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures and ratios are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities.

The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

The presentation is subject to Norwegian law.

2

OKEA second quarter 2021 results

Highlights

Second quarter 2021 highlights

OKEA-operated Draugen platform

Operations

  • No serious incidents at Draugen, Covid-19 situation managed
  • Production 13 210 boepd

Financials

  • Operating income NOK 607 million
  • EBITDA NOK 311 million
  • Full impairment reversal Yme NOK 730 million pre-tax
  • Net profit NOK 200 million
  • Cash position increased by NOK 368 million to NOK 1 346 million

Positioned for growth

  • Hasselmus as first OKEA operated project - first gas 2023
  • Ginny exploration well operated by Equinor to be spud in Q4
  • Yme start-up in H2 21 - major cost and cash flow improvements from reorganising operations and ownership of Maersk Inspirer

3

Oil and gas production and production reliability

Excellent production reliability; lower production due to planned maintenance on Gjøa

Production (boepd)

Production reliability (%)

20 000

Draugen

16 047

16 171

16 557

Gjøa

15 000

13 303

7 246

13 210

Ivar Aasen

91

99

99

97

99

7 944

7 592

10 000

6 654

7 128

5 000

7 758

6 390

8 293

8 998

5 828

99

99

99

96

100

0

345

286

313

259

254

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

  • 31-daysplanned maintenance at Gjøa in April/May - Turnaround partly due to tie-in work Duva and Nova fields
  • Deferred production volumes due to tie-in work will be compensated from initial production from Duva and Nova
  • Successful start-up of D2 subsea well on Draugen which had been shut-in since 2019
  • Successful change-out of X-mas tree on well A6 and gas lift valve on well A1 on Draugen both back in production

4

Safety and emissions

No leaks, no serious incidents

Serious Incident Frequency - per million work-hours

Total Recordable Incident Frequency - per million work-hours

6.2

5.0

4.8

4.7

4.8

5.3

5.3

4.5

4.2

3.4

Zero serious incidents

last 2.5 years

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q3 20

Q4 20

Q1 21

Q2 21

Number of hydrocarbon leaks > 0.1 kg/second

C02-emissions - kg per boe produced*

16.8

13.0

14.0

Zero hydrocarbon leaks > 0.1 kg/second

last 2.5 years

2018

2019

2020

12-months average. * Draugen, Gjøa, Ivar Aasen

5

Disclaimer

Okea ASA published this content on 14 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2021 12:36:05 UTC.


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Sales 2021 2 797 M 326 M 326 M
Net income 2021 229 M 26,7 M 26,7 M
Net Debt 2021 618 M 72,0 M 72,0 M
P/E ratio 2021 8,48x
Yield 2021 -
Capitalization 1 942 M 225 M 226 M
EV / Sales 2021 0,92x
EV / Sales 2022 0,45x
Nbr of Employees 207
Free-Float 13,9%
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Number of Analysts 1
Last Close Price 18,85 NOK
Average target price 21,00 NOK
Spread / Average Target 11,4%
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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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