OKEA ASA

Earnings Release • Jul 6, 2023

OKEA second quarter 2023 trading update

OKEA second quarter 2023 trading update

(Trondheim, 6 July 2023) OKEA ASA (OSE: OKEA) will publish its financial report

for the second quarter of 2023 on Thursday 13 July 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)

Second quarter 2023 production and sales

Unit Q2 2023 Q1 2023

Total operating income MNOK 1,707 2,954

Realised liquids price USD/boe* 70.1 77.7

Realised gas price USD/boe* 81.2 116.3

Net production Boepd 22,263 22,210

Net production - liquids Boepd 16,620 16,592

Net production - gas Boepd 5,643 5,618

Third-party volumes available for sale Boepd 332 448

Over/underlift/inventory adjustments Boepd 518 15,283

Net sold volume** Boepd 22,782 37,941

Net sold volumes - liquids Boepd 16,718 32,139

Net sold volumes - gas** Boepd 6,064 5,802

Unit Q2 2023 Q1 2023

Cash and cash equivalents end of quarter MNOK 2,335 1,634

Interest bearing bond end of quarter *** MNOK 1,293 1,255

*             Boe - barrels of oil equivalents

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

Gjøa)

***        Outstanding interest-bearing bonds amounted to USD 120 million; the

difference in NOK amounts between quarters relates to currency exchange

translation

Financial position

In June, OKEA distributed cash dividends of NOK 104 million to its shareholders

(NOK 1.00 per share). Cash and cash equivalents at the end of the quarter

amounted to NOK 2,335 (1,634) million and interest-bearing bonds debt amounted

to NOK 1,293 (1,255) million.

Realised prices

The average realised liquids price was USD 70.1 per boe and the average realised

price for gas was USD 81.2 per boe. A value equivalent to USD 23.3 per boe of

the realised gas price in the quarter was attributable to gain on fixed price

contracts.

Impairment of the Yme asset

As Yme is carried at fair value, any adjustments to asset performance and/or

macro assumptions results in impairments or reversal of previous impairments.

Mainly due to adverse developments in expected realised prices during the

quarter, estimated impairment charge on the Yme asset amounted to NOK 250 - 350

million (NOK 55 - 75 million after tax).

2023 guiding

Production and capex guidance for 2023 remain unchanged with production at

22,000-25,000 boepd and capex at NOK 1,700-2,100 million. Capex guidance

excludes capitalised interest and exploration capex and both production and

capex guiding exclude effects relating to the Statfjord transaction.

Expected additional production to OKEA from Statfjord for 2023 has been adjusted

to 11,000 - 13,000 boepd from 13,000 - 15,000 boepd. The adjustment mainly

relates to reduced production efficiency and unforeseen events such as prolonged

turn-around at Statfjord C and unplanned shutdown at Statfjord A. The operator

continues efforts to improve the production efficiency and the production

forecast from Statfjord for 2024 remains unchanged at 16,000 - 20,000 boepd net

to OKEA.

Disclaimer

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

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

be subject to change.

Second quarter 2023 financial report to be published on 13 July

OKEA will release its second quarter 2023 results on Thursday 13 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 (Link to

webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230713_4)).

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