(Trondheim, 20 April 2026) OKEA ASA (OSE: OKEA or "the company") has entered
into a sale and purchase agreement with Japex Norge AS for a 20% WI in PL1119
(Mistral) for a fixed consideration of USD 30 million. Effective date for the
transaction is 1 January 2026.
OKEA is selling its 20% WI in PL1119 to Japex Norge AS for a fixed consideration
of USD 30 million. In addition, a contingent consideration ensures that OKEA
retains an upside given a commercial Mistral Nord discovery. The transaction is
subject to customary governmental approvals.
Located outside the company's core areas, the divestment of PL1119 strengthens
OKEA's balance sheet and maintains focus on core assets and high-grading of the
portfolio.
As a post-tax consideration, the positive net profit after tax impact of the
transaction is estimated to USD 25 million. The gain will be recognised upon
closing, which is expected by the end of Q3 2026.
PL1119 was an original OKEA idea where a missed discovery in the license was
suspected in a prolific legacy area in the Southern Norwegian Sea. Mistral has
been in OKEA's portfolio since APA2018, and Mistral Sør was discovered in Q1
2025 with recoverable resources of 38 mmboe (P50 estimate). The additional
exploration prospect, Mistral Nord, is planned to be drilled in the first
quarter of 2027.
Licence partners (post transaction) are: Equinor Energy AS (operator, 60% WI),
Inpex Idemitsu Norge AS (20% WI), and Japex Norge AS (20% WI).
This information is considered to be inside information pursuant to Regulation
EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR
article 17 and section 5-12 of the Norwegian Securities Trading Act. The
information was submitted for publication by Stig Hognestad, VP Investor
Relations, 20 April 2026 at 08:30 CEST.
For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040
About OKEA
OKEA ASA is a leading mid- and 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)
More information at www.okea.no