OKEA ASA

Earnings Release • Jul 10, 2024

OKEA second quarter 2024 trading update

OKEA second quarter 2024 trading update

(Trondheim, 10 July 2024) OKEA ASA (OSE: OKEA) will publish its financial report

for the second quarter of 2024 on Wednesday 17 July at 06:00 (CEST). This

trading update is provided to summarise production and sales volumes and related

topics and updates for the quarter.

Second quarter 2024 production and sales

Unit Q2 2024* Q1 2024

Total operating income MNOK 2,584 3,474

Realised liquids price USD/boe 79.7 82.0

Realised gas price USD/boe 65.7 55.1

Net production Boepd 38,357 42,107

Net production - liquids Boepd 29,160 31,286

Net production - gas Boepd 9,197 10,821

Third-party volumes available for sale Boepd -43 0

Over/underlift/inventory adjustments Boepd -5,063 4,477

Net sold volume* Boepd 33,294 46,583

Net sold volumes - liquids Boepd 24,711 36,219

Net sold volumes - gas* Boepd 8,583 10,365

Unit Q2 2024 Q1 2024

Cash and cash equivalents MNOK 3,182 2,130

Interest bearing bonds MNOK 2,614 1,327

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

Impairments

A technical goodwill impairment on the Statfjord assets in the range of NOK 100

- 140 million is expected to be recognised in the quarter. The technical

goodwill impairment is mainly a result of change in risking of future projects.

Technical goodwill arises as an offset to the deferred tax recognised in

business combinations and is not tax deductible.

In addition, an impairment in the range of NOK 130-160 million is expected to be

recognised on the Yme asset following reduced forward prices for crude oil.

Disclaimer

The information contained in this statement is based on a preliminary assessment

of the company's second quarter 2024 financial and operational results and may

be subject to change.

Second quarter 2024 financial report to be published on 17 July

OKEA will release its second quarter 2024 results on Wednesday 17 July at 06:00

CEST. A presentation of the results will be held on the same day through a

webcast and audioconference starting 10:00 CEST (OKEA Webcast Q2 2024

(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/2024071

7_1)). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim

(CFO).

For further information, please contact:

Birte Norheim, CFO

birte.norheim@okea.no

+47?952 93?321

About OKEA

OKEA ASA is a leading mid- to 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