-- Okea said Monday that it agreed to sell a 20% stake in production license 1119, Mistral, for $30 million, with an estimated post-tax gain of about $25 million.
The company said it entered into a sale-and-purchase agreement with Japex Norge to divest its 20% working interest in the Mistral license for a fixed consideration of $30 million.
The transaction carries an effective date of Jan. 1, 2026, and remains subject to customary government approvals before completion, the company said.
Okea added that the deal includes contingent consideration, allowing it to retain upside exposure tied to a potential commercial discovery at the Mistral Nord prospect.
The company said the divestment supports balance sheet strength and sharpens focus on core operating areas.
Okea expects a positive net profit after tax impact of about $25 million, with the gain to be recognized upon closing, which is anticipated by the end of Q3 2026.
The company said Mistral has been part of its portfolio since APA2018, Awards in Predefined Areas 2018, with the Mistral Sor discovery made in Q1 2025, and that it holds estimated recoverable resources of 38 million barrels of oil equivalent.
Following the transaction, license partners will include Equinor (EQNR) as operator with 60%, alongside Inpex Idemitsu Norge and Japex Norge, each holding 20% interes
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