Seacrest Capital backed-OKEA to acquire package of A/S Norske Shell’s interests on the Norwegian Continental Shelf
for c. $556 million

Hamilton, Bermuda – Wednesday, June 20, 2018:

OKEA AS, the oil and gas production and development company on the Norwegian Continental Shelf (“OKEA”), founded by management and Seacrest Capital Group, is pleased to announce it has entered into an agreement with A/S Norske Shell to acquire working interests in the Draugen (44.56% – Operator) and Gjøa (12% – Non-operator) fields for a total consideration of 4.52 billion NOK (~$556 million). 80% of decommissioning financial liabilities will remain with Shell up to an agreed cap.

Highlights:

• OKEA estimates to acquire net daily production of c.22,000 barrels of oil equivalent from January 2018.
• OKEA’s net resources to increase from 11 to 53 million barrels oil equivalent.
• Significantly enhances operating capability of OKEA with operations centre in Kristiansund.
• Includes tax balances of c. 1,9 billion NOK.The deal is subject to government approvals, with completion expected by Q4 2018 and the effective date for the transaction January 1st 2018.The transaction will be financed through a combination of underwritten bond loan and equity. Bangchak Corporation PCL, a Thai downstream oil and gas company, have entered into a strategic partnership with Seacrest Capital Group, and together they will finance the acquisition.Paul Murray, Seacrest co-founder and Partner added:“This transaction marks the beginning of a long-term strategic relationship with Bangchak, with whom we expect to continue to co-invest in the future. Globally, Seacrest continues to evaluate and pursue select opportunities to broaden our production and development portfolio, with this being a major milestone in that process.’’

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 focused oil and gas companies. Since 2010, Seacrest has invested in a number of upstream oil and gas companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America.