Okea Småprat

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OKEA ASA - Purchases under the share-based bonus program completed and mandatory notification of trade

(Trondheim, 3 April 2025) OKEA ASA (OSE: OKEA) (“OKEA” or the “Company”).
Reference is made to the stock exchange announcement dated 11 March 2025
regarding share purchase by Pareto on behalf of 492 employees in the Company.
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With today’s purchase, the collective share purchase for an aggregate amount of
up to NOK 27.8 million has been completed.

In total, 1,488,205 shares have been purchased on behalf of employees in OKEA,
including primary insiders, at an average purchase price of NOK 18.6688 per
share.

Copies of notification of each of the persons discharging managerial
responsibilities (“PDMRs”) for their respective participation in the purchase
are attached hereto.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

This information is subject to the disclosure requirements pursuant to
Regulation EU 596/2014 (MAR) article 19 and section 5-12 of the Norwegian
Securities Trading Act.

Kilde

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CORRECTION: Mandatory notification of trade

With reference to the stock exchange annoucement 3 April 2025, please see one
updated PDMR form attached.

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For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

This information is subject to the disclosure requirements pursuant to
Regulation EU 596/2014 (MAR) article 19 and section 5-12 of the Norwegian
Securities Trading Act.

Kilde

[TekBot]

OKEA historical financial information available in USD

(Trondheim, 15 April 2025) OKEA ASA (OSE: OKEA) will, effective from Q1 2025,
publish its financial reports in USD. Historical financial information is
available for comparison using the following link:
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Historical financial information - OKEA

OKEA has NOK as functional currency. Starting from Q1 2025, all figures in the
financial statements will be presented in USD, aligning with common practices in
the upstream oil and gas sector. Comparative information for historical
financial information previously presented in NOK, has been published in USD to
conform with the current year’s presentation.

For presentation purposes, balance sheet items are translated from functional
currency to USD using spot rates at the balance sheet date. Items within profit
or loss and other comprehensive income are translated from functional currency
to USD using average exchange rates for the periods presented, or actual rates
at the dates of the transactions if significantly different. For share capital
and share premium historical exchange rates are used.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA - Notice of annual general meeting

(Trondheim, 15 April 2025) OKEA ASA (OSE: OKEA) The annual general meeting in
OKEA ASA will be held on Tuesday 13 May 2025 at 09:00 (CEST) as a virtual
meeting.
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The general meeting will be conducted as a virtual meeting only, accessible
online via Lumi AGM. All shareholders will be able to participate in the
meeting, vote and ask questions from smartphones, tablets or desktop devices.
For further information regarding electronic participation, please refer to the
guide available on https://www.okea.no/investor/general-meeting/.

The deadline for notice of attendance, registration of advance votes and proxies
is 9 May 2025 at 4:00 pm (CEST) as further described in the notice.

Please find attached the following documents:

OKEA - Notice of annual general meeting 2025

OKEA - Report on remuneration of leading persons 2024

OKEA - Proposal from nomination committee

All documents to be processed in the meeting, including annual report for 2024,
are available on

https://www.okea.no/investor/general-meetings.

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

Invitation to OKEA’s first quarter of 2025 conference call

(Trondheim, 21 April 2025) OKEA ASA (OSE: OKEA) OKEA will publish its financial
report for the first quarter of 2025 on Tuesday 29 April at 06:00 CEST. A
trading update summarising key figures for the quarter will be published on 22
…

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April at 08:00 CEST.

A presentation of the results will be held on Tuesday 29 April through a webcast
and audioconference starting 10:00 CEST. The presentation will be held by Svein
J. Liknes(CEO) and Birte Norheim (CFO).
The webcastcan be followed at www.okea.no
orOKEA Webcast Q1 2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250429_4
/)
Dial in details for the audioconference:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Birte Norheim, CFO

birte.norheim@okea.no (anca.jalba@okea.no)

+47952 93321

Stig Hognestad, VP Investor Relations

stig.hognestad@okea.no

+47902 59040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA first quarter 2025 trading update

(Trondheim, 22 April 2025) OKEA ASA (OSE: OKEA) will publish its financial
report for the first quarter of 2025 on Tuesday 29 April at 07:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
…

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updates for the quarter.

First quarter 2025 production and sales

                                    Unit     Q1 2025     Q4 2024

Total operating income MUSD 278 205
Realised crude oil price USD/boe 77.7 76.7
Realised NGL price USD/boe 63.1 48.6
Realised liquids price USD/boe 75.4 69.2
Realised gas price USD/boe 84.4 80.0
Net production* Kboepd 34.2 37.8
Third-party volumes available for sale Kboepd -0.2 -0.2
Over/underlift/Inventory adjustments Kboepd 5.0 -8.4
Net sold volume** Kboepd 39.1 29.2
Net sold volumes - crude oil Kboepd 24.5 13.9
Net sold volumes - NGL Kboepd 4.6 5.1
Net sold volumes - gas* Kboepd 9.9 10.2

                                    Unit     31.03.2025  31.12.2024

Total liquidity MUSD 367 311
Interest bearing bonds MUSD 247 246

• In 2024, activities from the 15% WI in the Yme divestment were included in
  the statement of comprehensive income and key figures until closing date. OKEA’s
  share of volumes excluding Yme was 35.9 kboepd in the fourth quarter. Closing of
  the sale transaction took place end of November 2024, with effective date 1
  January 2024…

**Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)

Other items

Technical goodwill impairments in the range of USD 10-15 million are expected
recognised in the quarter, mainly as a result of reduced forward prices.
Technical goodwill is a non-cash expense that arises as an offset to the
deferred taxes recognised in business combinations and is not tax deductible.

OKEA has NOK as functional currency. Starting from Q1 2025, all figures in the
financial statements will be presented in USD. Comparative historical financial
information previously presented in NOK, has been published in USD to conform
with the current year’s presentation.
For presentation purposes, balance sheet items are translated from functional
currency to USD using spot rates at the balance sheet date. Items within profit
or loss and other comprehensive income are translated from functional currency
to USD using average exchange rates for the periods presented, or actual rates
at the dates of the transactions if significantly different. For share capital
and share premium historical exchange rates are used.

The information contained in this statement is based on a preliminary assessment
of the company’s financial and operational results for the first quarter 2025
and may be subject to change.

First quarter 2025 financial report to be published on 29 April

OKEA will release its first quarter 2025 results on Tuesday 29 April at 06:00
CET. A presentation of the results will be held on the same day through a
webcast and audio conference starting 10:00 CET (OKEA Webcast Q1 2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250429_4
/). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim
(CFO).

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA - First quarter 2025 financial results

(Trondheim, 29 April 2025) - OKEA ASA (OSE: OKEA) delivered operating income of
USD 271 (205) and EBITDA of USD 183 (149) million in the first quarter of 2025.
Total liquidity amounted to USD 367 (311) million and net cash position was USD
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120 (65) million.

(Amounts in parentheses refer to previous quarter)

“I am pleased to report continued strong operational performance with no serious
incidents in the first quarter of 2025. We continue to build our portfolio and
further strengthened our position in the greater Brage area through the farm-in
to a 35% WI in the Tverrdal prospect. We also made a discovery from the Mistral
exploration well with preliminary estimated resources of 19-44 million boe. Our
activity level on development projects remains high. Start of equipment
installation for the power from shore project at Draugen will commence in the
second quarter and all key milestones on the Bestla project are on schedule”,
stated OKEA CEO, Svein J. Liknes.

First quarter 2025 summary

Net production to OKEA was 34.2 (35.9 ex Yme) kboepd. Production was somewhat
reduced vs last quarter mainly due to a shut-in of one well on Draugen during
the quarter due to scale build-up.

Sold volumes amounted to 39.1 (29.2) kboepd The average realised crude price
was USD 77.7 (76.7) per boe. Average realised NGL price was USD 47.0 (48.6)
resulting in an average realised liquids price of USD 72.8 (69.2) per boe. The
average realised price for gas was USD 84.4 (80.0) per boe. Total income from
sale of petroleum products amounted to USD 266 (198) million.

Production expenses ended at USD 62 (73) million, corresponding to USD 18.6
(19.7) per boe. Changes in over-/underlift positions and production inventory
resulted in an expense of USD 13 (income of 33) million as sold volumes exceeded
produced volumes.

Net profit after tax for the quarter ended at USD 21 (6) million.

Cash and cash equivalents amounted to USD 343 (289) million. In addition, USD 24
(22) million was placed in money market funds. Interest-bearing bond loans
amounted to USD 247 (246) million, comprising the OKEA04 and OKEA05 bonds, which
brings the net cash position to USD 120 (65) million.

Production guidance for 2025 and 2026 is unchanged at 28-32 kboepd and 26-30
kboepd respectively. Capex guidance is also unchanged, at USD 310-350 million
and USD 300-360 million respectively.

Note: An adjustment in the calculation of revenues related to NGL sales reduces
petroleum revenues by USD 7 million compared to the trading update dated 22
April.

Webcast and audioconference

A presentation of the results will be held today through a webcast and audio
conference starting 10:00 CEST. The presentation will be held by Svein J. Liknes
(CEO) and Birte Norheim (CFO).

The webcast can be followed at www.okea.no

or OKEA Webcast Q1 2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250429_4
/)

Dial in details for the audio conference:

NO: +47 2195 6342

DK: +45 7876 8490

SE: + 46 8 1241 0952

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Birte Norheim, CFO

birte.norheim@okea.no

+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA - The nomination committee’s revised proposal to the annual general meeting

(Trondheim, 11 May 2025) OKEA ASA (OSE: OKEA): Reference is made to the stock
exchange notice published on 15 April 2025 regarding the annual general meeting
in OKEA ASA to be held on 13 May 2025.
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The nomination committee has submitted an updated proposal to the annual general
meeting, which is attached here and which will also be made available on the
company’s website www.okea.no.
This information is subject to disclosure requirements pursuant to section 5-12
of the Norwegian Securities Trading Act.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA - Minutes of annual general meeting

(Trondheim, 13 May 2025) OKEA ASA (OSE: OKEA) On 13 May 2025 at 09.00 OKEA ASA
held an annual general meeting as a digital meeting with online participation.

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All proposals from the board of directors on the agenda provided in the notice
of the annual general meeting published on 15 April 2025, were adopted,
including the revised proposal from the nomination committee published on 11 May
2025.

The minutes of meeting is attached and is also available on
General meetings - OKEA.

Following the annual general meeting and election of employee representatives to
the board of directors with effect from the time the annual general meeting was
completed, the board of directors in OKEA ASA subsequently consists of the
following board members:

· Chaiwat Kovavisarach (Chairman)
· Mike Fischer (vice chair)
· Rune Olav Pedersen
· Nicola Gordon
· Jon Arnt Jacobsen
· Phatpuree Chinkulkitnivat
· Elizabeth Williamson
· Pairoj Kaweeyanun
· Sverre Nes (elected by the employees)
· Ragnhild Aas (elected by the employees)
· Per Magne Bjellvåg (elected by the employees)
· Olav Bjarne Roksvaag (deputy member, elected by the employees)
· Eivind Bøyum (deputy member, elected by the employees)
· Suzana Jensen (deputy member, elected by the employees)

This information is subject to the disclosure requirements pursuant to Section 5
-12 the Norwegian Securities Trading Act.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA: Fixed Income Investor Meetings for Contemplated Senior Secured Bond

(Trondheim, 10 June, 2025): OKEA ASA (OSE: OKEA) (“OKEA” or the “Company”) has
mandated Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, and Pareto
Securities AS as Joint Bookrunners to arrange a series of fixed income investor
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meetings commencing today.

A new 4-year senior secured bond with an initial issue amount of USD 175 million
may follow, subject to inter alia market conditions. Net proceeds from the
contemplated bond issue will be used for the redemption of the Company’s
existing outstanding USD 125 million senior secured bond with maturity in
September 2026 (ISIN NO 0013009282) (“OKEA04”) and for general corporate
purposes.

Subject to successful completion of the contemplated bond issue, OKEA04 will be
called in full at the prevailing call price.

This information is considered to be inside information pursuant to Regulation
EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR
article 17 and section 5-12 of the Norwegian Securities Trading Act. The
information was submitted for publication by Stig Hognestad, VP Investor
Relations, OKEA ASA on 10 June 2025 at 06:00.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA: Successful Placement of Senior Secured Bond Issue

(Trondheim, 12 June, 2025): OKEA ASA (OSE: OKEA) (“OKEA” or the “Company”) has
successfully placed a new USD 175 million senior secured bond issue with a tenor
of 4 years. The new bond will carry a fixed interest rate of 9.125% per annum,
…

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payable semi-annually in arrears.

Net proceeds from the bond issue will be used to call the Company’s outstanding
USD 125 million senior secured bonds with maturity in September 2026 (ISIN NO
0013009282) in full at the prevailing call price of 104.563% of par and for
general corporate purposes.

In connection with the bond issue, the Company expects to increase the size of
its super senior revolving credit facility (the “SSRCF”) from USD 37.5 million
to USD 45.0 million and extend the tenor for parts of the facility. No amounts
are currently drawn under the SSRCF.

Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, and Pareto
Securities AS acted as Joint Bookrunners in connection with the bond issue.

For further information, please contact:

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA - Key information relating to full redemption of bond loan

ISIN: NO0013009282 - OKEA ASA senior secured callable open bonds issue 2023/2026

OKEA ASA has today officially notified Nordic Trustee AS of its decision to
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exercise the call option to redeem all outstanding bonds under its senior
secured bonds with ISIN NO0013009282, please see attached call notice.

Issuer: OKEA ASA

ISIN for bond loan: NO0013009282

Original maturity date: 14 September 2026

Record date for the call option: 1 July 2025

New maturity date: 3 July 2025

Redemption price: 104.563% (plus accrued and unpaid interest on the redeemed
amount)

This information is published in accordance with the requirements of the
Continuing Obligations.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

Invitation to OKEA’s second quarter conference call, 16 July 2025

(Trondheim, 8 July 2025) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2025 on Wednesday 16 July at 07:00 CEST. A trading
update summarising key figures for the quarter will be published on 9 July at
…

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07:00 CEST.

A presentation of the results will be held on Wednesday 16 July through a
webcast and audioconference starting 10:00 CEST. The presentation will be held
by Svein J. Liknes(CEO) and Birte Norheim (CFO).
The webcastcan be followed at www.okea.no
orOKEA Webcast Q2 2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1
/)
Dial in details for the audioconference:

DK: +45 7876 8490

SE: +46 8 1241 0952

NO: +47 2195 6342

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA second quarter 2025 trading update

(Trondheim, 9 July 2025) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2025 on Wednesday 16 July at 07:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
…

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updates for the quarter.

Second quarter 2025 production and sales

                                    Unit     Q2 2025     Q1 2025

Total operating income MUSD 206 271
Realised crude oil price USD/boe 68.4 77.7
Realised NGL price USD/boe 41.2 47.0
Realised liquids price USD/boe 63.1 72.8
Realised gas price USD/boe 71.4 84.4
Net production Kboepd 31.7 34.2
Third-party volumes available for sale Kboepd 0.0 -0.2
Over/underlift/Inventory adjustments Kboepd 1.3 5.0
Net sold volume* Kboepd 33.0 39.1
Net sold volumes - crude oil Kboepd 19.2 24.5
Net sold volumes - NGL Kboepd 4.7 4.6
Net sold volumes - gas* Kboepd 9.1 9.9

Cash and interest bearing debt
Unit 30.06.2025 31.03.2025
Total cash MUSD 464 367
Interest bearing bonds** MUSD 422 247

• Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)

** Interest bearing bonds comprise the OKEA4 and OKEA05 bonds, each with a
nominal value of USD 125 million, and the OKEA06 bond with a nominal value of
USD 175 million issued in June. OKEA04 was settled on 3 July.

Other items

Technical goodwill impairments in the range of USD 30-35 million are expected
recognised in the quarter, mainly as a result of reduced forward prices.
Technical goodwill is a non-cash expense that arises as an offset to the
deferred taxes recognised in business combinations and is not tax deductible.

The information contained in this statement is based on a preliminary assessment
of the company’s financial and operational results for the second quarter 2025
and may be subject to change.

Second quarter 2025 financial report to be published on 16 July.

OKEA will release its second quarter 2025 results on Wednesday 16 July at 07:00
CET. A presentation of the results will be held on the same day through a
webcast and audio conference starting 10:00 CET
(O (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1/)KEA
Webcast
Q (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1/)2 (https://c
hannel.royalcast.com/landingpage/hegnarmedia/20250716_1/)2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1
/). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim
(CFO).

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

Kilde

[TekBot]

OKEA ASA - Second quarter 2025 financial results

(Trondheim, 16 July 2025) - OKEA ASA (OSE: OKEA) delivered operating income of
USD 206 (271) million and EBITDA of USD 98 (183) million in the second quarter
of 2025. The net cash position was USD 42 (120) million. With new wells
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sanctioned, guidance has been updated.

(Amounts in parentheses refer to previous quarter)

“I am pleased to report that we completed another quarter with no serious
incidents. We continue to develop our assets, with several milestones achieved
during the last months. On Brage, we continue to drill new wells and production
from Sognefjord East commenced on 1 July. We also spudded the Talisker well
early in July. The Garn West South production well at Draugen has been
sanctioned with production expected already from medio 2026. With the new wells
in our plans, we expect production next year to increase by about 5,000 boepd
and we are lifting our guidance accordingly”, stated OKEA CEO, Svein J. Liknes.

Second quarter 2025 summary

Net production was 31.7 (34.2) kboepd. The lower production was mainly due to
delay in drilling of new wells to offset decline at Statfjord.

Sold volumes amounted to 33.0 (39.1) kboepd The average realised crude price
was USD 68.4 (77.7) per boe. Average realised NGL price was USD 41.2 (47.0)
resulting in an average realised liquids price of USD 63.1 (72.8) per boe. The
average realised price for gas was USD 71.4 (84.4) per boe, of which a gain of
USD 5.6 (loss of -0.6) per boe was attributable to hedging. Total income from
sale of petroleum products amounted to USD 196 (266) million.

Total operating expenses comprised of production expenses at USD 74 (62)
million, corresponding to USD 23.5 (18.6) per boe. The increased cost was mainly
due to maintenance work at Statfjord and Brage and well maintenance at Draugen.
Changes in over-/underlift positions and production inventory resulted in an
expense of USD 8 (13) million as sold volumes exceeded produced volumes.

Impairment of technical goodwill amounted to USD 32 (12) million mainly due to
lower forward prices. Impairment of technical goodwill is a non-cash expense and
is not tax deductible.

Tax expense was USD 26 (101) million and net loss after tax ended at USD 21 (net
profit of 21) million.

Following issuance of the OKEA06 bond in June, cash and cash equivalents
increased to USD 423 (343) million. In addition, USD 41 (24) million was placed
in money market funds. Interest-bearing bond loans amounted to USD 422 (247)
million, comprising the OKEA04, OKEA05 and OKEA06 bonds, which brings the net
cash position to USD 42 (120) million. Repayment of the OKEA04 bond, with
nominal value USD 125 million, was settled in early July.

Updated guidance

Based on the solid production during the first half of the year, and the plans
for the second half, production guidance for 2025 is narrowed towards the high
end of the range, up to 30-32 kboepd from 28-32 kboepd. Based on sanctioning of
new wells (Talisker at Brage and Garn West South at Draugen), production
guidance for 2026 is lifted by 5 kboepd, up to 31-35 kboepd from 26-30 kboepd.

Sanctioning of Garn West South, is a key driver for the increase in capex
guidance for 2025 by USD 30-40 million, to USD 350-380 million from USD 310-350
million. Capex guidance for 2026 remains unchanged at USD 300-360 million.

Webcast and audio conference

A presentation of the results will be held today through a webcast and audio
conference starting 10:00 CEST. The presentation will be held by Svein J. Liknes
(CEO) and Birte Norheim (CFO).

The webcast can be followed at www.okea.no

or OKEA Webcast
Q (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1/)2 (https://c
hannel.royalcast.com/landingpage/hegnarmedia/20250716_1/)2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1
/)

Dial in details for the audio conference:

NO: +47 2195 6342

DK: +45 7876 8490

SE: + 46 8 1241 0952

UK: +44 203 769 6819

US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

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