September 24, 2018
OKEA AS (“OKEA” or the “Company”), the oil and gas production and development company with operations on the Norwegian Continental Shelf (“NCS”), is pleased to announce that it has successfully placed 475,000 new shares (the “New Shares”) at a subscription price of NOK 231.46 per share raising gross proceeds of approx. NOK 110 million, through a private placement (the “Private Placement”). The Private Placement attracted strong interest and was significantly oversubscribed having attracted demand from a combination of existing shareholders and new investors, providing OKEA a strengthened shareholder structure ahead of the contemplated IPO during 2019.
Notification of conditional allocation and payment instructions will be sent to the applicants on or about 24 September 2018. Completion of the Private Placement is subject to approval by an extraordinary general meeting in the Company 2nd October 2018.
Pareto Securities AS and SpareBank 1 Markets AS acted as Joint Lead Managers and Bookrunners of the Private Placement.
For further information:
Erik Haugane, CEO +47 90721655
Knut Evensen, CFO +47 95077622
Seacrest Capital Group www.seacrest.com
Alice Carroll +971 4399 5737
Established in Trondheim in 2015, OKEA is a Norwegian Continental Shelf focused oil company. OKEA contributes to value creation on the Norwegian Continental Shelf with cost effective development and operation systems in fields with proved reserves which have been traditionally overlooked.
About Seacrest Capital Group
Seacrest Capital Group is a leading independent energy investor specialising in offshore oil and gas investments, leveraging its proprietary assets, relationships and operational and technical capabilities to build a diversified, global portfolio of regionally focused oil and gas companies. Since 2010, Seacrest has invested in a number of upstream oil and gas companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES DIRECTLY OR INDIRECTLY, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.