OKEA ASA – Transaction where OKEA sells its 15% WI in Yme to Lime completed - OKEA

OKEA ASA – Transaction where OKEA sells its 15% WI in Yme to Lime completed

(Trondheim, 29 November 2024) - OKEA ASA (OSE: OKEA) today announces completion of the sale transaction of 15% WI in the Yme license to Lime Petroleum AS (Lime).

Yme platform
Published:
29.11.2024
Attached files:

Reference is made to the stock exchange announcement on 23 September 2024, where OKEA announced that it had entered into an SPA with Lime for the sale of its 15% working interest (“WI”) in the Yme license for a post-tax cash consideration of USD 15.65 million (the “Transaction”). Effective date of the Transaction is 1 January 2024.

In addition, Lime will pay OKEA a post-tax consideration of USD 9.2 million in 2027 which will be repaid to Lime in four 25 per cent tranches upon completion of four pre-defined stages of abandonment of the field.

The Transaction has been approved by the relevant Norwegian authorities and all related obligations, including decommissioning costs, have been transferred to Lime.