OKEA ASA, operating as the lead operator, has announced a substantial oil discovery at the Brage Field, located in the northern region of the North Sea, approximately eight miles (13 kilometers) north of the Brasse field. The Norwegian Petroleum Directorate released a statement confirming the discovery, revealing that between 0.2 million and 0.5 million standard cubic meters of recoverable oil were uncovered during the drilling of well 31/4-A 13 E.

Further drilling operations involved the production well 31/4-A-13 D, targeting exploration prospects within the Sognefjord and Fensfjord Formations in the southern part of the Brage field. Unfortunately, both of the exploration targets were found to be dry, as reported by the agency.

The Brage field, operational since 1993, is developed using an integrated production, drilling, and living quarters facility with a steel jacket. Oil extracted from the field is transported through a pipeline to the Oseberg field and subsequently via the Oseberg Transport System (OTS) pipeline to the Sture terminal. Additionally, a gas pipeline is connected to the Statpipe pipeline system, facilitating the transportation of gas.

In its third-quarter financial results, OKEA reported strong operational performance, with an operating income of $190 million (NOK 2.1 billion) and an EBITDA of $120 million (NOK 1.34 billion). Net production for the quarter was documented at 23,710 barrels of oil equivalent per day (boepd), with an increase in sales volume to 26,689 boepd, mainly attributed to heightened production levels from key assets such as Draugen, Brage, Ivar Aasen, and Nova.

Despite positive performance, the company highlighted an impairment charge of $42.5 million (NOK 475 million) on the Yme asset, primarily due to a downward revision of reserves, partially offset by increased forward prices for oil. OKEA's CEO Svein Liknes expressed satisfaction with the successful refinancing in September, emphasizing the company's continued growth journey, including the acquisition of a 28 percent working interest in the Statfjord Area from Equinor, slated for completion in November, and the commencement of production at the Hasselmus gas field in October.