![]() considering organic projects either adjacent to existing hubs or pursuing new hubs, dependent on financial headroom and attractive risk-reward.pursuing mergers and acquisitions to add new legs to the portfolio, and.actively pursue further value creation in current portfolio.Net interest-bearing debt amounted to NOK 874 million.ĭuring the quarter, OKEA bought back OKEA02 bonds for NOK 108 million at an average price of 102.5 and settled the NOK 159 million that was due to Shell, as outlined in the second quarter 2021 financial report.Īlong with the third quarter 2021 results, OKEA will also present an updated company strategy today. Going forward, OKEA’s strategy will be centred around three growth levers: Capex guiding for 2021 of NOK 600 – 700 million includes planned investments on the Hasselmus project for the year.Īt the end of the quarter, OKEA’s cash and cash equivalents amounted to NOK 1 504 million. Average production the next 12 months net to OKEA from the Yme field is estimated to 5 600 boepd.Įarlier this year, the Yme licence entered into an agreement to acquire Mærsk Inspirer through a bareboat charter agreement with Havila Sirius AS and take over the day-to-day operations of the jack-up rig from Maersk Drilling. The transaction was effectuated in October and the re-organisation of operations and ownership of the Mærsk Inspirer is expected to provide significant cost improvement and cash flow benefits in the area of NOK 300 million net after tax to OKEA over the next nine months. At plateau, the Yme field will produce around 56 000 boepd, with OKEA’s share around 8 400 boepd. ![]() Market prices have continued to improve during the quarter, which resulted in an average realised liquids price of USD 67.4 (63.8) per boe and an average realised price for gas of USD 0.57 (0.32) per scm.Įxpected recoverable reserves at Yme are estimated to approximately 10 million standard cubic meters of oil – or 63 million barrels – with OKEA’s share at 9.4 million barrels of oil. Sold volumes amounted to 16 979 (13 048) boepd. The production increase was mainly driven by high reliability at both Draugen and Gjøa without any major planned maintenance work in the third quarter. The company’s net production in the third quarter was 16 315 (13 210) boepd. OKEA reported total operating income of NOK 1 026 (607) million and EBITDA of NOK 797 (311) million for the third quarter 2021. (Amounts in parentheses refer to previous quarter) Liknes. “In addition, Yme just started production, which represents a key milestone for the company and will strengthen our production and cash flow further and provide a solid platform for growth.” Combined with highly favourable market conditions, this resulted in a more than doubling of revenues year-on-year,” said OKEA CEO Svein J. “OKEA delivered a strong operational performance in the third quarter. Total operating income was NOK 1 026 million, up from NOK 607 million in the previous quarter, and EBITDA was NOK 797 million, up from NOK 311 million in the previous quarter. Market conditions remain strong, and OKEA today announces an update on the strategy including an ambition to initiate a dividend plan during 2022. (Trondheim/Oslo, 28 October 2021) – OKEA ASA (OSE: OKEA) reported a net profit after tax of NOK 97 million in the third quarter of 2021.
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