OKEA Delivered Net Profit of NOK 23M in 1st Quarter of 2021

Source: www.gulfoilandgas.com 5/4/2021, Location: Europe

OKEA's operating income for the first quarter amounted to NOK 524 million, EBITDA was NOK 240 million, and net profit after tax was NOK 23 million. Earnings per share amounted to NOK 0.22. OKEA’s cash position increased by NOK 107 million to NOK 978 million. Interest-bearing debt amounted to NOK 2,402 million.

Production increased by 400 boepd in the quarter to 16,557 boepd due to production start from the two P1 wells at Gjøa in February and high reliability and availability at the Draugen and Gjøa fields. Sold volumes were 15,198 boepd. The average realised price for liquids was USD 49.5 per boe and average realised gas price was USD 0.24 per scm.

The Yme project is currently in the hook-up and commissioning phase with planned production start in the second half of 2021. Yme is expected to add production of 7,500 boepd net to OKEA at plateau, and 4,900 boepd net to OKEA on average the first production year.

OKEA’s CEO, Erik Haugane, stated:

'I am very pleased with the strong operational results and the positive cash flow development. The solid performance at both Draugen and Gjøa has continued in the first quarter and the petroleum market has strengthened further. The positive market development together with the additional volumes from the Yme field, is expected to generate a strong cash flow going forward. I am pleased to hand over to the new OKEA CEO Svein Liknes a company which is well positioned for profitable growth in the coming years.'


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