OKEA ASA

Investor Presentation • May 23, 2022

OKEA Finding value where others divest

23 May 2022 1

23 May 2022

Cautionary statement

• This presentation contains forward looking information
• Forward looking information is based on management assumptions and analysis
• Actual experience may differ, and those differences may be material
• Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
• This presentation must be read in conjunction with other reporting from the company and the disclosures therein
• A full disclaimer is included at the end of this presentation

Highlights

Finding value with complementary Wintershall Dea assets Delivering on growth strategy

Fixed consideration of USD 117.5 million with additional contingent payment structure subject to oil price and oil production during 2022-24²

35.2% operated working interest (WI) in Brage; Partner-operated

6.4615% WI in Ivar Aasen and 6.0% WI in Nova

80% of Brage decommissioning cost retained by Wintershall Dea

13.2 mmboe 2P reserves and 10.6 mmboe 2C resources1; 33% increase in OKEA's 2022E exit production

Annual cost synergies estimated to USD 4–7 million across OKEA's operated assets; Significant production upside potential at Brage to be realised through infill drilling

1) OKEA estimates

2) The contingent consideration will be paid if the average oil price for each of the six half year periods during 2022-24 exceeds USD 80/bbl and the aggregated net oil production volumes exceeds certain predefined production levels. The split on the price exceeding 80 USD/bbl is 70% net after tax to Wintershall Dea and 30% to OKEA in 2022 and a 50/50 net after tax split in 2023-24.

Attractive transaction characteristics

Delivering on growth strategy

assets and one asset expected to come into production in Q3 22 adding immediate cash flows

Significant increase in production, reserves and resources

Maintaining commodity diversification and entry into the mainland Europe gas market

capabilities and organisation, further strengthened by competent and experienced Wintershall Dea team

Identified annual cost synergies in the order of USD 4-7 million across OKEA's operated assets

Significant production upside potential at Brage to be realised through infill drilling

Strengthening position in Ivar Aasen and expanding position in Gjøa core area through Nova entry

Providing a more robust and diversified production portfolio

Attractive growth characteristics

Significant increase in production, reserves and resource base

Step change in asset base and cash flow

Fully financed by existing cash

New operatorship in Brage

Imminent production start ~Q3 22E on Nova

Significant increased opportunity set through material increase in 2C resources

OKEA pre-acquisition Acquisition

Transaction summary

Finding value with complementary Wintershall Dea assets

Unit costs remaining life of field from 1.1.2022 (2P+2C)

\$23/boe	\$8/boe	\$4/boe
Opex	Capex	2 Abex

• USD 117.5 million acquisition from Wintershall Dea
• 35.2% operated WI in Brage; Partner-operated 6.4615% WI in Ivar Aasen and 6% WI in Nova
• 1 January 2022 effective date expected closing in Q4 22
• Contingent consideration based on an upside sharing arrangement subject to oil price level and oil production performance during the period 2022-24³
• 80% of Brage decommissioning liability retained by Wintershall Dea
• The transaction is conditional upon Norwegian governmental approval

1) Post-acquisition 2) Net OKEA after carry

3) The contingent consideration will be paid if the average oil price for each of the six half year periods during 2022-24 exceeds USD 80/bbl and the aggregated net oil production volumes exceeds certain pre-defined production levels. The split on the price exceeding 80 USD/bbl is 70% net after tax to Wintershall Dea and 30% to OKEA in 2022 and a 50/50 net after tax split in 2023-24.

Delivering on strategy

Solid strategic fit OKEA - a leading mid- to late-life NCS operator

Near term value creation focus

Focus on shareholder value creation through right additions to the portfolio

An organisation fit for growth

Capitalising on existing capabilities and deliver where we have a competitive advantage

A larger and more robust portfolio

Strengthening resource base and increasing cost resilience and diversification

TRANSACTION CONTRIBUTIONS

Acquired Wintershall Dea assets

Brage – 35.2% operated WI

Mature oil producer with material remaining potential Facts

OKEA (Op, 35.2%)² Lime Petroleum (33.8434%) DNO Norge (14.2567%) Vår Energi (12.2575%) M Vest Energy (4.4424%)

Production start: 1993 Water depth: 140 m

Oil transport via Oseberg and OTS to Sture terminal Gas export to Statpipe

• Current production ~8,000 boepd gross
• Significant infill drilling potential
  • Infill drilling campaigns ongoing
  • Attractive exploration potential

Future potential / plans

• Continuously work on identifying further infill drilling opportunities
• Unlock synergies from Draugen/Brage operations
  • Cost and efficiency <=> Improve robustness and extend economic field life
• Address possibilities for reducing CO2 intensity
  • Combination of reducing emissions and increasing production
• Evaluate opportunity to increase/accelerate gas production

Ivar Aasen – 6.4615% WI (9.2385% total WI)

OKEA becomes material partner in Ivar Aasen

Equinor (41.473%) Aker BP (Op, 34.7862%) Lundin Energy Norway (Acquired by Aker BP, 1.385%) Spirit Energy Norway (Acquired by Sval Energi, 12.3173%) OKEA (9.2385%)² M Vest Energy (0.8%)

Production start: 2016 Water depth: 110 m

First stage processing is carried out on the Ivar Aasen platform. Partly processed fluids are transported to the Edvard Grieg platform for final processing and export

Facts

• Current production ~ 47,000 boepd¹ gross
• Significant infill drilling potential
• Infill drilling campaigns ongoing
• First manned platform on NCS to be operated from an onshore control center
• A range of digital solutions and new technology contribute to reduce cost and increase production efficiency

Future potential / plans

• Ivar Aasen receives power from the Edvard Grieg platform, and will from 2022 be electrified by power from shore from the Johan Sverdrup platform
• Increased production potential

Nova – 6% WI

Low-cost subsea tieback to Gjøa

Wintershall Dea Norge (Op, 39%) ¹ Sval Energi (25%) Spirit Energy Norway ( Acquired by Sval Energi, 20%) ONE-Dyas Norge (Acquired by Pandion Energy, 10%) OKEA (6%) ¹

Production start: ~Q3 22E Water depth: 370 m

Subsea tieback to Gjøa Oil transport via Troll Oil Pipeline II to Mongstad Gas export via FLAGS to St Fergus

Facts

• Subsea tieback to the Gjøa production hub (OKEA 12%)
• 3 oil producers and 3 water injectors
• Low opex and very attractive ESG metrics
• Gjøa electrified through power from shore
• Imminent production start ~Q3 22E

Future potential / plans

• Upside reserves potential from recompletions, infill drilling and potential gas blowdown towards the end of field life
• Potential opex savings from other future tiebacks into Gjøa

Process and summary

Operatorship transition process

OKEA to utilise experience and expertise with transition projects

Secure safe and efficient operations in accordance with regulatory expectations and requirements

Conduct a transparent and structured transition process

Ensure sufficient competence and capacity to continue safe operations

Inaugural dividend and capital allocation principles

Dividends to be maintained and determined on annual basis

Capital allocation principles

Maintain financial flexibility

Ensure robust portfolio

Healthy balance between growth and dividends

2022 dividend

• The board has approved a cash dividend of NOK 93.5 million (NOK 0.90 per share), payable in June 22
• The board has stated an intention to distribute a cash dividend of NOK 103.9 million (NOK 1.00 per share) in both Q3 22 and Q4 22
• In total NOK 301.2 million (NOK 2.90 per share) planned distributed in 2022, equivalent to the max capacity allowed under the bond loans (50% of net profit)

Summary

Finding value with complementary Wintershall Dea assets Delivering on growth strategy

Significant increase in reserves, resources and production - 80% of Brage decommissioning cost retained by Wintershall Dea

Leveraging OKEA's operator capabilities and organisation, strengthened by competent and experienced Wintershall Dea team

Providing a more robust and diverse production portfolio for OKEA

New operatorship of field with material remaining potential and opportunity for OKEA to add value

Dividend plan initiated with first payment in June 2022; Mid- to long-term distribution capacity further enhanced by transaction

Growth Value creation Capital discipline

General and disclaimer

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. The contents of this presentation have not been independently verified, and no reliance should be placed for any purposes on the information contained in this presentation or on its completeness, accuracy or fairness.

The presentation speaks as of the date sets out on its cover, and the information herein remains subject to change.

Certain statements and information included in this presentation constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates", "plans", "intends", "goals", objectives" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities. Forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments and activities. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

This presentation contains non-IFRS measures and ratios that are not required by or presented in accordance with IFRS. These non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures and ratios are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities.

The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

The presentation is subject to Norwegian law.