OKEA ASA (OKEA) is pleased to announce that it has entered into an agreement with Equinor Energy AS (Equinor) to acquire 28% working interest (“WI”) in PL037 (Statfjord Area) with effective date 1 January 2023 for an initial fixed consideration of USD 220 million (the “Acquisition”).

Highlights

   - Acquisition of 28% WI in PL037 from Equinor, comprising 23.93123% WI in Statfjord Unit, 28% WI in Statfjord Nord, 14% WI in Statfjord Øst Unit and 15.4% WI in Sygna Unit
   - Effective date 1 January 2023 with expected completion in Q4 23
   - Initial fixed consideration of USD 220 million including tax balances of approximately NOK 300 million
   - In addition, the agreement contains contingent payment terms applicable for 2023-25 for certain thresholds of realised oil and gas prices
   - Net 2P reserves of 41 mmboe and net 2C resources of 8 mmboe
   - Additional upside volume potential estimated to net 14 mmboe, identified by OKEA based on drilling beyond 2028 and cost reduction initiatives
   - Adds production in 2023 of 13,000 – 15,000 boepd and expected to grow to 16,000 – 20,000 boepd in 2024
   - Equinor to retain responsibility for 100% of OKEA’s share of total decommissioning costs related to Statfjord A
   - OKEA liable for its share of costs related to the decommissioning of Statfjord B and C. However, Equinor retains responsibility for decommissioning costs relating to any full or partial removal of Statfjord B and C gravity-based structures, should it be required
   - No new financing required for funding the transaction as majority of purchasing price, based on current forward prices, will be covered by cash flows generated by the assets prior to completion

OKEA CEO, Svein J. Liknes stated: “We are very pleased to announce this transaction with Equinor which represents another significant step in delivering value-accretive growth in line with our strategy. Through this acquisition, we are increasing production to well above 40,000 boepd in 2024, nearly three times higher than production at the time of launching our growth strategy in the fall of 2021. In addition, we are diversifying our asset base further without the need for any new financing. We look forward to initiating a fruitful cooperation with Equinor and their FLX team and continuing to create value as a leading mid- to late-life operator.”

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental shelf (NCS). OKEA finds value where others divest and has an ambitious strategy built on growth, value creation and capital discipline.
OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.