The "Run, Cactus Kid, Run" campaign will retain the successful "for people who don't like water" strapline.
It comprises three 30-second TV spots, plus a fourth ad that will appear online with alternative endings on which users can vote.
Cathryn Sleight, the marketing director at Coca-Cola GB, said: "This year's campaign builds on the brand's irreverent humour, designed specifically to appeal to the twentysomething target audience."
The campaign will also feature an extended cinematic trailer and outdoor ads, which evoke classic movie posters.
Project: Run, Cactus Kid, Run
Client: Caroline Bonpain, senior brand manager, Coca-Cola UK
Brief: Drive affinity and awareness of Oasis by making its point of view famous "for people who don't like water"
Creative agency: Mother
Art director: Mother
Media agency: Vizeum
Media planner: Chris Stephenson
Media spend: £2.4 million
Production company: Independent
Director: Mike Maguire
Editor: Marshall Street
Exposure: TV, outdoor, online
1st air date: Thurs 3 July, 21:10, Channel 4 (Big Brother)