OKEA ASA

Investor Presentation • May 5, 2022

Presentation of first quarter 2022 OKEA ASA

5 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 the first quarter report and the disclosures therein
• •A full disclaimer is included at the end of this presentation

OKEA first quarter 2022 results

Highlights

Operations

• Production 14,908 boepd
• Gjøa planned shut-down at Gjøa for tie-ins/maintenance
• Yme production commissioning and start-up of new wells; production shut in during Easter with plan to resume this week

Financials

• Operating income of NOK 1,513 million
• EBITDA of NOK 1,143 million
• Net profit of NOK 213 million
• Cash increase of NOK 431 million + bond buyback of NOK 289 million

Well-positioned for value-accretive growth

• Strong cash position provides solid basis for pursuit of growth strategy
• 2022 production guiding of 18,500 20,000 boepd
• Ivar Aasen acquisition of 2.223% from Neptune Energy completed
• Discovery in the Hamlet exploration well
• Hasselmus gas project progressing as planned

Hasselmus - subsea rock installation by Nordnes

Oil and gas markets – still at high levels

Volatile prices at high levels

Production volumes and reliability

13 days of planned maintenance at Gjøa in the quarter; continued high reliability

Safety and emissions

Zero hydrocarbon leaks > 0.1 kg/second last 3 years

17.9

Draugen – WI 44.56%

Production 6,877 boepd

Reserves* 27.9 mmboe

• Net production 6,877 boepd and production reliability 97%; trip of power turbines resulted in lower production in March
• Scale squeeze campaign on platform wells successfully executed
• Hasselmus project progressing according to plan
• Subsea rock installation to support new gas pipeline
• Drilling of well summer 22
• Topside pre-fabrication to commence in Q2 22
• Production start is planned for Q4 23 with gross plateau gas production of more than 4 400 boepd
• Power from shore concept Draugen and Njord
  • Offshore area preparations at Draugen topside
  • Siem Pride used for geotechnical cable survey

• Net production 6,478 boepd and production reliability 99%; lower production in due to planned shutdown

• Planned shut-down executed 18 March to 8 April mainly relating to tie-in work for Nova, Duva and Vega for which Gjøa will be compensated for the deferred production
• Discovery confirmed in the Hamlet exploration well; studies to evaluate commerciality initiated

* OKEA reserves as of 31 December 2021

Yme New Development – WI 15%

Production 1,345 boepd

Reserves* 10.7 mmboe

• Net production 1,345 boepd
• Stable production from two/three wells
• Production interruptions due to commissioning
• Re-completion and start-up of new wells ongoing
• Minor oil leak led to production shut in during Easter holidays; plan to resume production this week
• Gamma and Beta North drilling campaigns planned to commence in Q2 22

Photo: Repsol

Ivar Aasen – WI 2.777%

• Net production for 0.554% working interest of 208 boepd and production availability of 96%
• Acquisition of 2.223% working interest in the Ivar Aasen field from Neptune Energy Norge AS completed on 31 March 2022
• Shut down on 21 March due to power supply disruption from Edvard Grieg
• In production at reduced rates from 20 April
• Expected to be in full production from mid-May

Photo: Aker BP

Financials

Oil and gas production, sales and revenues - per asset

Realised liquids prices

Volatile liquids prices at high levels

Realised gas prices and volumes

Gas prices at all -time high

Price data sources: Argus

Income statement

Figures in NOK million	Q1 22	Q4 21	Q1 21	2021
Total operating income	1 513	1 725	524	3 882
Production expenses	-287	-291	-176	-860
Changes in over/underlift positions and inventory	33	-41	17	23
Depreciation	-158	-177	-172	-672
Impairment (-) /reversal of impairment	363	-367	0	364
Exploration, general and adm. expenses	-115	-135	-125	-438
Profit / loss (-) from operating activities	1 348	715	68	2 298
Net financial items	-61	-61	-5	-192
Profit / loss (-) before income tax	1 287	654	63	2 106
Income taxes	-1 074	-370	-40	-1 503
Net profit / loss (-)	213	283	23	603
EBITDA	1 143	1 258	240	2 607

Q1 22 comments

Operating income:

• Lower sold volumes partly offset by higher realised prices

Production expenses:

• NOK/boe of 192 compared to 171 in Q4 21
  • First quarter with three month production expenses on Yme
• Higher cost per boe du to lower production at Gjøa following planned downtime and from Yme due to production still in start-up phase

Reversal of impairment:

• NOK 363 million reversal of previous asset impairment at Yme mainly due to significantly improved forward prices for oil

Exploration, general and administrative expenses:

• NOK 93 million exploration expense mainly relating to expensing of cost related to Ginny dry exploration well of NOK 66 million
• NOK 23 million SG&A expenses

Net financial items:

• Net cost of NOK 61 million mainly relating to expensed interest

Income taxes:

• Effective tax rate of 83%

Statement of financial position

Figures in NOK million

Assets	31.03.2022	31.12.2021	31.03.2021
Goodwill	805	769	769
Oil and gas properties	5 191	4 685	3 807
Asset retirement reimbursement right	2 833	3 108	3 049
Trade and other receivables	996	1 053	523
Financial investments	209	210	0
Tax refund, current	0	0	211
Cash and cash equivalents	2 470	2 039	978
Other assets	554	509	541
Total assets	13 057	12 373	9 878
Total equity	1 922	1 709	1 113
Liabilities
Asset retirement obligations	4 039	4 237	4 221
Deferred tax liabilities	2 091	1 736	999
Interest bearing loan, bonds	2 001	2 295	2 402
Other interest bearing liabilities	480	493	0
Trade and other payables	834	787	898
Income tax payable	1 364	773	14
Other liabilties	326	343	231
Total liabilities	11 135	10 664	8 765
Total equity and liabilties	13 057	12 373	9 878

Q1 22 comments

• Goodwill of NOK 805 million
• Increase of NOK 36 million due completion of acquisition of 2.223% in Ivar Aasen field

• Total liquidity of NOK 2 679 million • NOK 2 470 million in cash and cash equivalents • NOK 209 million in financial investments

• Tax payable NOK 1 364 million which relates to remaining tax payable for 2021 and accrued tax payable for Q1 22
• Interest-bearing bond loans of NOK 2 001 million consisting of remaining outstanding on OKEA02 and OKEA03
• Other interest-bearing liabilities of NOK 480 million relating to NPV of future lease obligations for the Inspirer rig at Yme
• Asset retirement obligation of NOK 4 039 million is partly offset by asset retirement reimbursement right of NOK 2 833 million

Cash development Q1 22

2022 production guiding 18,500-20,000 boepd

• Duva deferrals compensated by 8% p.a. interest element including short period after Duva production start
• Nova accelerated compensation volumes from tie-in to Gjøa include 8% interest p.a.; deferred volumes (excl. interest) to be redelivered to Nova over remaining production period at Gjøa

Summary and outlook

Summary and outlook

Growing production and reserves in strong oil and gas markets

Solid cash position

High-quality deliveries in operations and projects

Growth Value creation Capital discipline

21

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" 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.