OKEA ASA

Earnings Release • Oct 19, 2023

OKEA third quarter 2023 trading update

OKEA third quarter 2023 trading update

(Trondheim, 19 October 2023) OKEA ASA (OSE: OKEA) will publish its financial

report for the third quarter of 2023 on Thursday 26 October 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)

Third quarter 2023 production and sales

Unit Q3 2023 Q2 2023

Total operating income MNOK 2,105 1,707

Realised liquids price USD/boe* 89.0 70.1

Realised gas price USD/boe* 61.9 81.2

Net production Boepd 23,710 22,263

Net production - liquids Boepd 18,012 16,620

Net production - gas Boepd 5,698 5,643

Third-party volumes available for sale Boepd 210 332

Over/underlift/inventory adjustments Boepd 2,769 187

Net sold volume** Boepd 26,689 22,782

Net sold volumes - liquids Boepd 20,465 16,718

Net sold volumes - gas** Boepd 6,224 6,064

Unit Q3 2023 Q2 2023

Cash and cash equivalents end of quarter MNOK 2,346 2,335

Interest bearing bond end of quarter MNOK 1,300 1,293

*             Boe - barrels of oil equivalents

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

Gjøa)

Impairment of the Yme asset

Following observation of production performance from the wells drilled at the

Yme field earlier this year, OKEA has performed a decline analysis of the field.

The preliminary results indicate a reduction in technical reserves net to OKEA

from 7.6 Mmboe to an expected range of 5.5 - 6.0 Mmboe. The effect of the

reduced reserves was partially offset by increased forward prices for oil. The

impairment charge on the Yme asset to be recognised in the financial statements

for the quarter is estimated to NOK 450 - 500 million (NOK 100 - 110 million

after tax).

Disclaimer

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

of the company's third quarter 2023 financial and operational results and may be

subject to change.

Third quarter 2023 financial report to be published on 26 October

OKEA will release its third quarter 2023 results on Thursday 26 October 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 (Link to

webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20231026_6)).

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

For further information, please contact:

Anca Jalba, VP Investor Relations and Communication

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