The partners in the Brasse license have agreed on a fast-track development concept for the oil and gas discovery, paving the way for detailed design studies to link up with the Brage field. A final investment decision is expected in early 2024. In December 2022, OKEA and DNO ASA entered into an agreement for OKEA to become a 50% owner of the Brasse license (PL740), taking over the previous partner`s equity free of charge, with DNO holding the remaining 50%.

OKEA has also entered into an SPA with M Vest Energy AS (M Vest) to sell 4.4424% WI in Brasse to further align ownership in the two licenses. The SPA is subject to customary government approvals. The partners in the Brasse license have now decided to continue to mature a tieback to the Brage platform, which is located 13 kilometres north of the Brasse field.

Key commercial terms for the tie-in have been agreed with the Brage license where OKEA is operator and holds a 35.2% WI. To reduce cost and maximize the synergies with Brage, it has been agreed that the operatorship of Brasse will be transferred to OKEA from 1 September 2023.