OKEA ASA

Earnings Release • Apr 18, 2024

OKEA first quarter 2024 trading update

OKEA first quarter 2024 trading update

(Trondheim, 18 April 2024) OKEA ASA (OSE: OKEA) will publish its financial

report for the first quarter of 2024 on Thursday 25 April at 06:00 (CET). This

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

topics and updates for the quarter.

(Amounts in parentheses refer to previous quarter)

First quarter 2024 production and sales

Unit Q1 2024** Q4 2023***

Total operating income MNOK 3,422 2,118

Realised liquids price USD/boe* 82.0 83.4

Realised gas price USD/boe* 55.1 74.6

Net production Boepd 42,107 30,082

Net production - liquids Boepd 31,286 22,742

Net production - gas Boepd 10,821 7,340

Third-party volumes available for sale Boepd 0 292

Over/underlift/inventory adjustments Boepd 4,477 -4,739

Net sold volume** Boepd 46,583 25,635

Net sold volumes - liquids Boepd 36,219 17,656

Net sold volumes - gas** Boepd 10,365 7,979

Unit Q1 2024 Q4 2023

Cash and cash equivalents MNOK 2,130 2,301

Interest bearing bond MNOK 1,327 1,246

*            Boe - barrels of oil equivalents

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

Gjøa)

***        Volumes and key figures relating to the income statement do not

include contributions from Statfjord prior to closing on 29 December 2023

Goodwill impairment on Statfjord and reversal of previous impairment on the Yme

asset

A goodwill impairment on the Statfjord assets in the range of NOK 220 - 280

million was recognised in the quarter. The goodwill impairment was mainly a

result of lower expected production in 2024 due to dry wells drilled in late

2023. Goodwill impairments are not tax deductible.

Partly offsetting the goodwill impairment, was NOK 90-110 million in reversal of

previous impairments at the Yme asset following positive market price

developments of crude during the quarter combined with a decrease in expected

discount for Yme crude.

Disclaimer

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

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

subject to change.

First quarter 2024 financial report to be published on 25 April

OKEA will release its first quarter 2024 results on Thursday 25 April at 06:00

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

webcast and audioconference starting 10:00 CET (Link to

webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_11)).

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

For further information, please contact:

Anca Jalba, VP Investor Relations

anca.jalba@okea.no

+47 410 87 988

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