OKEA ASA

Earnings Release • Oct 15, 2021

OKEA third quarter 2021 trading update

OKEA third quarter 2021 trading update

Oslo, 15 October 2021) OKEA ASA (OKEA: OSE: OKEA) today announces a trading

update for the third quarter of 2021 with a production of 16 315 barrels of oil

equivalents per day (boepd), compared to 13 210 boepd in the previous quarter,

and an operating income of NOK 1 026 (607) million.

"OKEA continues to deliver solid operational results and recorded a three-fold

growth in revenues in the third quarter compared to last year, backed by strong

oil and gas prices. We are on track to start production at Yme shortly, which

will further strengthen OKEA's production and cash flow, providing a growth

platform for further expansion", says OKEA CEO Svein J. Liknes.

(Numbers in brackets refers to previous quarter)

Petroleum production and sales

OKEA produced 16 315 (13 210) boepd in the third quarter. The increase from

previous quarter was mainly driven by high reliability at both Draugen and Gjøa

without any major planned maintenance work.

Sold volumes in the third quarter amounted to 16 979 (13 048) boepd. Market

prices have continued to improve during the quarter which resulted in an average

realised liquids price of USD 67.4 (63.8) per boe* and an average realised price

for gas of USD 0.57 (0.32) per scm**.

The full-year production guidance of 15 500 - 16 500 boepd remains unchanged.

+-----------------------------------------+-------+-------+-------+-------+

| |Unit |Q3 2021|Q2 2021|Q3 2020|

+-----------------------------------------+-------+-------+-------+-------+

|Total operating income |MNOK |1,026 |607 |321 |

+-----------------------------------------+-------+-------+-------+-------+

|Realised liquids price |USD/boe|67.4 |63.8 |32.3 |

+-----------------------------------------+-------+-------+-------+-------+

|Realised gas price |USD/scm|0.57 |0.32 |0.08 |

+-----------------------------------------+-------+-------+-------+-------+

|Net production |Boepd |16,315 |13,210 |13,303 |

+-----------------------------------------+-------+-------+-------+-------+

|Net production - liquids |boepd |11,365 |9,715 |9,372 |

+-----------------------------------------+-------+-------+-------+-------+

|Net production - gas |boepd |4,950 |3,495 |3,931 |

+-----------------------------------------+-------+-------+-------+-------+

|Third-party volumes available for sale***|boepd |165 |0 |0 |

+-----------------------------------------+-------+-------+-------+-------+

|Over/underlift/inventory adjustments |boepd |499 |-162 |929 |

+-----------------------------------------+-------+-------+-------+-------+

|Net sold volume |boepd |16,979 |13,048 |14,232 |

+-----------------------------------------+-------+-------+-------+-------+

|Net sold volumes - liquids |boepd |11,966 |9,284 |10,166 |

+-----------------------------------------+-------+-------+-------+-------+

|Net sold volumes - gas |boepd |5,013 |3,764 |4,066 |

+-----------------------------------------+-------+-------+-------+-------+

| | | | | |

+-----------------------------------------+-------+-------+-------+-------+

|Cash and cash equivalents end of quarter |MNOK |1,504 |1,346 |883 |

+-----------------------------------------+-------+-------+-------+-------+

|Net interest-bearing debt end of quarter |MNOK |874 |1,070 |1,805 |

+-----------------------------------------+-------+-------+-------+-------+

*Boe - barrels of oil equivalents

**Scm- standard cubic metres

***Compensation volumes from Duva received (tie-in to Gjøa) included in Net sold

volumes - gas

Financial position

At the end of the quarter, cash and cash equivalents amounted to NOK 1,504

million. Net interest-bearing debt amounted to NOK 874 million.

During the quarter, OKEA bought back OKEA02 bonds for NOK 108 million at an

average price of 102.5, and settled the NOK 159 million which was due to Shell

as outlined in the second quarter financial report.

Capital expenditure guiding for 2021 of NOK 600-700 million remains unchanged

and includes investments on Yme and Hasselmus.

Third quarter 2021 financial report and strategy update on 28 October 2021

OKEA ASA will publish its financial report for the third quarter and a company

strategy update on Thursday 28 October 2021 06:00 CEST. CEO Svein J. Liknes and

CFO Birte Norheim will host a presentation at Haakon VIIs gate 2 at 10:00 CEST.

The presentation will be streamed live on the company's websitewww.okea.com and

will be available on demand afterwards.

Disclaimer

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

of the company's third quarter 2021 operating and financial results and may be

subject to change.

For further information, please contact:

CEO Svein J. Liknes, +47 917 67704

CFO Birte Norheim, +47952 93321

VP IR Trond Omdal, +47 915 32578

About OKEA

OKEA ASA is an independent Exploration and Production (E&P) company and operator

on the Norwegian continental shelf with a current production of around

16,000boepd. OKEA targets profitable production growth within the current

portfolio combined with an opportunistic approach to M&A.

OKEA ASA is listed on the Oslo Stock Exchange under the ticker "OKEA".