OKEA’s Q1 report exceeded our estimates due to higher production and lower operating costs, and the two key development projects (Bestla and Draugen electrification) are progressing on schedule/ budget. Furthermore, OKEA achieved a 69% reserve replacement ratio for 2024. Against this, reduced commodity price assumptions for the remainder of 2025 as well as a stronger NOK vs. USD lead us to cut estimates. All effects considered, our NAV estimate is down ~5% since our previous update, and along wi ....
