Brief: Okea Acquires 28% Working Interest In Pl037 From Equinor

Okea ASA

20/03/2023 06:37

March 20 (Reuters) - Okea ASA  OKEA.OL :
    * OKEA ACQUIRES 28% WORKING INTEREST IN PL037 (STATFJORD
AREA)
FROM EQUINOR
    * ENTERED INTO AN AGREEMENT WITH EQUINOR ENERGY AS TO
ACQUIRE 28%
WORKING INTEREST IN PL037(STATFJORD AREA) WITH EFFECTIVE DATE 1
JANUARY 2023 FOR AN INITIAL FIXED CONSIDERATION OF USD 220
MILLION
    * ADDS PRODUCTION IN 2023 OF 13,000 - 15,000 BOEPD AND
EXPECTED TO
GROW TO 16,000 - 20,000 BOEPD IN 2024
    * IN ADDITION, AGREEMENT CONTAINS CONTINGENT PAYMENT TERMS
APPLICABLE FOR 2023-25 FOR CERTAIN THRESHOLDS OF REALISED OIL
AND GAS PRICES
    * NO NEW FINANCING REQUIRED FOR FUNDING TRANSACTION AS
MAJORITY OF
PURCHASING PRICE, BASED ON CURRENT FORWARD PRICES, WILL BE
COVERED BY CASH FLOWS GENERATED BY ASSETS PRIOR TO COMPLETION

Source text for Eikon:  ID:nWkr72mCzT 
Further company coverage:  OKEA.OL 

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