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

OKEA ASA 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 one billion in the third quarter. 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.

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

Svein J. Liknes will present the company at Pareto Securities’ 28^th Energy Conference 16 September, where he will announce that the total operating income for the third quarter is expected in the range of NOK one billion, up from up from NOK 321 million in the third quarter of 2020. The presentation is enclosed and is also available on OKEA`s web site www.okea.no

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