OKEA ASA

Presentation of fourth quarter 2022

31 January 2023

Cautionary statement

This presentation contains forward looking information

Forward looking information is based on management assumptions and analysis

Actual experience may differ, and those differences may be material

Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future

This presentation must be read in conjunction with the published financial reports of the company and the disclosures therein

A full disclaimer is included at the end of this presentation

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OKEA fourth quarter 2022 results

Highlights

Operations

  • Production of 19,8871 boepd
  • Continued strong performance from Draugen, Ivar Aasen and Gjøa
  • Reduced plant availability on Yme and Nova; improvements in 2023 en route

Portfolio

  • Completion of transaction with Wintershall Dea and transfer of operatorship of Brage completed as scheduled on 1 November
  • Hasselmus - production start up expected Q4 2023; Electrification of Draugen - FID in December
  • Four licences awarded in APA 2022; Brasse added to portfolio at zero cost

Financials

  • Record high net profit after tax of NOK 324 million
  • Yme impairment of NOK 251 million due to revised phasing of production
  • Dividend payment in December of 1 NOK/share; 1 NOK/share to be paid in March

1) Daily production from Nova, Ivar Aasen and Brage is based on November and December production divided by 92 days in the quarter. Actual daily production was 21,450 boepd.

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Quarterly key figures

Previous quarter in brackets

Serious Incidents

Frequency

per million work hours

1.5

(1.4)

CO2 emissions

intensity

kg per boe produced

211

Production

boepd

19,8872

(16,064)

Production expense

NOK/boe

258

(253)

Net CF from

operations

NOK million

390

(1,183)

Dividends paid

NOK million

104

(104)

  1. Equity CO2 emissions stated on annualised basis. 21 kg/boe was for 2022.
  2. Daily production from Nova, Ivar Aasen and Brage is based on November and December production divided by 92 days in the quarter. Actual daily production was 21,450 boepd.

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Production volumes and reliability

Production1 (boepd)

20 000

19 887

Yme

1 693

Nova

16 038

16 039

16 064

2 544

Ivar Aasen

14 908

1 322

1 354

Gjøa

15 000

1 345

Brage

8 367

6 478

7 107

6 783

Draugen

10 000

7 353

1 520

5 000

7 231

6 877

7 060

6 338

6 796

0

Q4 21

Q1 22

Q2 22

Q3 22

Q4 22

Production reliability (%) - last 5 quarters

100

99

99

98

99

100 99

100

99 99 99

98

97

97

97

97

97

96

96

95

94

90

87

85

80

Draugen

Brage

Gjøa

Ivar Aasen

1) Daily production from Nova, Ivar Aasen and Brage is based on November and December production divided by 92 days in the quarter. Actual daily production was 21,450 boepd.

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Disclaimer

Okea ASA published this content on 31 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 February 2023 08:49:09 UTC.