TRONDHEIM, NORWAY: OKEA ASA announced that the company has signed a Sales and Purchase Agreement (SPA) with Equinor Energy AS for the acquisition of Equinor’s 40% operated working interest in PL195 and PL195 B, which include the Aurora discovery, with effective date 1 January 2020.

Aurora is a small gas discovery in the North Sea located west of the Gjøa field. OKEA estimates that the recoverable volumes are in the range of 12-28 mmboe.

Wintershall DEA and Petoro each holds respectively 25% and 35% working interest each in the licenses. OKEA aims to become operator for the licences and pursue a low-cost development of Aurora as a tie-in to Gjøa without further appraisal drilling.

Both the transaction and a potential change in operatorship are subject to approval by the Ministry of Petroleum and Energy.

“By this transaction we are diversifying our portfolio as well as strengthening our position in the Gjøa area. A development of Aurora fits right into the core of OKEA’s strategy with low-cost field development of smaller discoveries”, says Mr Erik Haugane, CEO of OKEA ASA.

OKEA ASA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf (NCS) with production of 19,000 boe per day. OKEA is one of few E&P companies on the NCS with production operating capabilities.

OKEA targets to grow organically through low-cost field developments of discoveries with reserves up to 100 million boe as well as to take advantage of inorganic opportunities.