OKEA ASA

Earnings Release • Oct 19, 2022

OKEA third quarter 2022 trading update

OKEA third quarter 2022 trading update

(Trondheim, 19 October 2022) OKEA ASA (OSE: OKEA) will publish its financial

report for the third quarter of 2022 on Wednesday 26 October at 06:00 (CEST).

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 2022 production and sales

OKEA produced 16,064 (16,039) boepd in the quarter. Sold volumes in the quarter

amounted to 17,264 (15,957) boepd.

The average realised liquids price was USD 106.6 (100.3) per boe* and the

average realised price for gas was USD 194.8 (82.4) per boe*.

Unit Q3 2022 Q2 2022

Total operating income MNOK 2,143 1,332

Realised liquids price USD/boe* 106.6 100.3

Realised gas price USD/boe* 194.8 82.4

Net production Boepd 16,064 16,039

Net production - liquids Boepd 11,206 10,888

Net production - gas Boepd 4,859 5,151

Third-party volumes available for sale Boepd 431 849

Over/underlift/inventory adjustments Boepd 769 -931

Net sold volume** Boepd 17,264 15,957

Net sold volumes - liquids Boepd 11,978 9,917

Net sold volumes - gas** Boepd 5,286 6,040

Unit Q3 2022 Q2 2022

Cash and cash equivalents end of quarter MNOK 2,668 2,758

Financial investments MNOK 9 210

Net interest-bearing debt end of quarter MNOK -799 -49

*             Boe - barrels of oil equivalents

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

Gjøa)

Financial position

In July, OKEA bought back the remaining OKEA02 bonds for a nominal amount of USD

100 million at a price of 102.75 to par.

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

shareholders (NOK 1.00 per share). Cash and cash equivalents totalled NOK 2,668

(2,758) million and net interest-bearing debt ended at NOK -799 (-49) million at

the end of the quarter.

Updated production guiding for 2022

As previously communicated the ramp-up at Yme has progressed slower than

initially anticipated. In the third quarter, a damage to the process pipe system

resulted in an unplanned production outage lasting six weeks. The continued

challenges at Yme have resulted in a reduction in our production guiding for

2022 from 16-17,000 boepd to 15-16,000 boepd (excluding the additional volumes

from the Wintershall Dea transaction with effective date 1 January 2022).

Production outlook for 2023 is maintained at 25,000 - 27,000 boepd.

Impairment of the Yme asset

Non-cash impairment charges are estimated in the range of NOK 550 - 650 million

before tax (NOK 120 - 140 million after tax). The impairment charges relates to

a 15 - 20% downward revision of the Yme reserves compared to the Annual

Statement of Reserves published YE 2021.

Disclaimer

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

of the company's third quarter 2022 financial and operational results and may be

subject to change.

Third quarter 2022 financial report to be published on 26 October

OKEA ASA will release its third quarter 2022 results on Wednesday 26 October at

06:00 CEST. A presentation of the results will be held on the same day through a

webcast and audioconference starting 08:00 CEST (Link to

webcast (https://channel.royalcast.com/landingpage/hegnarmedia/20221026_3/)).

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

For further information, please contact:

CEO Svein J. Liknes, +47 917 67 704

CFO Birte Norheim, +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 okea.no