Seacrest Announces Investment in OKEA AS, a New Norway Focused Development and Production Company

Global investment firm Seacrest Capital Group (“Seacrest”) today announced that they have partnered with OKEA AS, a new oil and gas development and production company that is headquartered in Trondheim, Norway. OKEA will focus on developing discovered oil and gas fields on the Norwegian continental shelf to create a material development and production focussed Norwegian oil and gas company. Seacrest will initially invest up to $200m in OKEA.

OKEA is led by Erik Haugane, an industry veteran, who has more than 30 years’ experience in the sector, and Ola Borten Moe, the former Norway Minister for Petroleum and Energy. OKEA’s management team also includes Anton Tronstad and Knut Evensen, who have a long history of working with Erik at Det norske oljeselskap, which was co-founded by Erik and Anton. At Det norske Anton held the position of SVP, Drilling while Knut was VP, Business Development and Interim CFO. Erik and his team will work alongside Seacrest to identify large scale investment opportunities in the Norwegian Continental Shelf area.

OKEA’s strategy is to unlock the value of conventional oil and gas discoveries by applying innovative partnerships, dynamic strategies and cost effective development solutions to bring existing discoveries into production in a timely, cost-effective and low-risk manner.

Henrik Schroder, Partner, Seacrest Capital Group and Chairman, OKEA AS, commented:

“Seacrest is attracted to the Norwegian Continental Shelf given current market dynamics, combining the availability of development and production projects, the favourable pricing of these assets, the material reduction in the cost structure of the industry and an attractive fiscal environment which protects downside risk.

We are excited to partner with the OKEA team, who combine operational and technical experience with a history of innovation to create value for all stakeholders. Erik has assembled a world-class team representing the breadth of expertise and experience required to fulfil OKEA’s objectives.

We look forward to working with the team to identify and develop investment opportunities and to build out an attractive material portfolio of developed production assets.”

Erik Haugane, CEO of OKEA AS, commented:

“We are delighted to be partnering with investors of the calibre and experience of Seacrest Capital Group. We look forward to working with them to establish a major new development and production company in this prolific petroleum producing region.

We have a highly experienced, committed and skilled team with the ability to deliver our investment strategy. Seacrest’s focus, resources and long-term commitment is a perfect fit to enable OKEA to become a major Norwegian oil and gas company.”

“There are numerous discovered fields in Norway that have huge potential value but are not producing today. The OKEA team has expertise in successfully delivering oil and gas projects through rigorous planning, the creation of powerful relationships with all project stakeholders, using innovative and cost-effective technological advances and development strategies. OKEA will use this expertise to unlock the maximum commercial potential in projects offshore Norway.”

Notes to Editors:

About Seacrest Capital Group

Seacrest Capital Group is a leading independent energy investor specialising in offshore oil and gas investments, leveraging its proprietary assets, relationships and operational and technical capabilities to build a diversified, global portfolio of regionally focussed oil and gas companies. Since 2010, Seacrest has invested in a number of successful oil and gas companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America. Seacrest’s investors comprise a range of blue-chip institutions including endowment funds, foundations, pension plans, fund of funds, international corporations and family offices. For more information please contact investorcommunications@seacrest.com

About OKEA AS

OKEA AS is a hydrocarbon development company focused on the Norwegian Continental Shelf. The Company was founded in 2015 by Erik Haugane, Ola Borten Moe, Anton Tronstad and Knut Evensen. OKEA aims to unlock the value of conventional oil and gas discoveries by applying innovative partnerships, dynamic strategies and cost effective development solutions to bring existing discoveries into production in a safe, timely, cost-effective and low-risk manner.

OKEA Management Biographies

Erik Haugane, CEO. Cand. Real. Geologist. Previously, Erik was the founder of Pertra (founded 2001) and co-founder of Det norske oljeselskap (founded 2005). He has been awarded the Norwegian Petroleum Society’s honorary award, and appointed Oil Man of the Year for his achievements in the Norwegian oil industry. In 2001 Pertra acquired the Varg field from Norsk Hydro in return for assuming the abandonment liabilities. Pertra redeveloped the Varg field by using innovative seismic technology to better understand the reservoir and by applying new business models and service company engagements. This enabled Pertra to cost effectively double the Varg field’s production rates. Varg is still producing today, 13 years after scheduled abandonment. Haugane and Tronstad worked closely in the management of Pertra. Following the sale of Pertra, Haugane, together with Tronstad and others started Det norske oljeselskap. Det norske oljeselskap’s greatest success became their participating interest in the giant Johan Sverdrup field. Erik pioneered several business concepts on the Norwegian Continental Shelf, including production tariffs for service companies, drilling services as outsourced operations, bundling of service contracts, joint operator emergency centre initiative etc.

Ola Borten Moe, Chief Commercial Officer (CCO). Previously Minister of Petroleum and Energy (MPE) in Norway, Member of Parliament for 8 years and previously SVP in Siva SF. He has been awarded the Norwegian Petroleum Society’s honorary award, and appointed Oil Man of the Year for his achievements in the Norwegian oil industry.

Knut Evensen, CFO. M. Ec. Analysist in Pareto and Danske Market, journalist in Upstream, VP Business Development in Det norske oljeselskap, acting CFO in Det norske oljeselskap.

Anton Tronstad, COO. M.Sc. from NTNU. Thirty years’ experience in field development and operations in Kværner and Statoil. SVP Drilling in Pertra. Co-founder and SVP of Drilling in the Det norske oljeselskap.

Dag Eggan, SVP HSE. M.SC. NTNU. VP HSE Ocean Rig, VP HSE Sevan Drilling, QRM Manager Statoil.

Espen Myhra, VP Business Development. M. EC. Head Exploration Section, MPE. Energy Councilor, the Norwegian Embassy in Washington. Assistant Director General, Section for Gas and Infrastructure, MPE.

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Contact information

OKEA AS
Erik Haugane, +47 90721655
http://www.okea.no/
or
Vigo Communications
Patrick d’Ancona/Chris McMahon, +44 (0)20 7016 9570
or
Seacrest Capital
Kerry Graham, +1 441 297 8008