OKEA ASA

Investor Presentation • Sep 15, 2021

CEO Svein J. Liknes

Pareto Securities' 28th Energy Conference 16 September 2021

Delivering value on the Norwegian Continental Shelf

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 Se curities 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.

OKEA – in a nutshell

• Established in 2015 with a vision to be a leader in safe and costeffective field developments and operation of smaller fields
• Acquired 15% in Yme in 2016
• Acquired Shell's share in Draugen and Gjøa for NOK 4.5 billion in 2018 and became operator for the Draugen field
• Listed on OSE in June 2019
• Largest owner Bangchak Corporation - 46.1% of shares
• Svein J. Liknes new CEO from 1 June 2021

216 employees

Operations office in Kristiansund and head office in Trondheim

NOK 1.80 billion market capitalisation*

OKEA portfolio

32 licences

All on the Norwegian Continental Shelf 2P Reserves 46 mmboe – 27/73% gas/liquids

3 producing fields

16 147 boepd avg. production 2020 – 31/69% gas/liquids

• Draugen (44.56%) (operator)
• Gjøa (12%)
• Ivar Aasen (0.554%)

Field development

Yme New Development expected production start H2-21 Hasselmus tie-back to Draugen with first gas EQ4-23

In assessment for development

Grevling, Vette and Aurora discoveries

Oil and gas production and production reliability

• Excellent production reliability on both Draugen and Gjøa
• Lower production in Q2-21 due to planned outage on Gjøa, partly due to Duva and Nova tie-ins
• Modifications on Gjøa related to tie-ins of Duva and Nova also in Q3-20
• Planned maintenance turnaround on Draugen in Q2/Q3-20

Safety and emissions

No leaks, no serious incidents

Oil and gas production, sales and revenues per asset

Liquids Gas

65%

Oil

I var A asen G jøa D raugen

Q2 21

29%

6%

Cash development H1 21

* E xpenditures relating to drilling of dry/non-commercial wells has in previous periods been classified under operating activities. From Q2-21 onwards, the c ompany will classify s uch expenditure under investment activities. Cash flow from

previous periods are reclassified to c onform to the current practice. NOK 88 million in drilling expense from Q1-21 has been reclassified from operating activities to investment activities in the YTD figures.

Brent oil prices above USD 70/bbl – Record high European gas prices

UK natural gas, electricity, Rotterdam coal and CO2-quota prices

Sold volumes and average gas market price – 2020/YTD-21

Record high seasonal European gas prices

Lifted volumes and realised liquids prices versus Dated Brent – 2020/YTD-21

Draugen WI 44.56% - Hasselmus first gas Q4-23

• H1-21 production 7 200 boepd 98 % production reliability
• FID on Hasselmus in Q2 21 a subsea tie-back to Draugen – first OKEA operated field development project
• Adds 4.8 mmboe natural gas reserves net to OKEA
• First gas Q4-23 2 000 boepd net production plateau rate – enable restart of NGL exports from Draugen
• Net capex estimated at NOK 1.1 billion break-even USD 28/boe

Gjøa WI 12% – P1 and Duva/Nova tie-ins

• H1-21 production 7 400 boepd 98 % production reliability
• Two new wells in the P1 segment onstream in Q1-21
• 31 days shut down in Q2 including tie-in of Duva and Nova
• o OKEA to be compensated for deferred production from Nova and Duva production in addition to ordinary tie-in tariffs
• o Duva started production 23 August
• Dry gas sold to Shell at prices linked to UK NBP prices

Yme WI 15% - Production start H2-21

• The jack-up Maersk Inspirer installed at location in Q4-20
• Project in final hook-up and commissioning phase progressing as planned
• Production start expected in H2-21
• Production 7 500 boepd net to OKEA at plateau the first-year average 5 600 boepd net to OKEA
• Significant cost reductions and cash flow benefits from reorganisation of operations and Maersk Inspirer ownership

OKEA guiding on production & capex

OKEA to receive compensation for deferred volumes on Gjøa for shut-downs related to Duva/Nova tie-ins

• 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

OKEA Q3-21 total operating income in the range of NOK 1 billion

Higher market prices and higher volumes sold

Key milestones and deliveries H2-21

• Start-up of Yme stepping-up OKEA production
• o Production 7 500 boepd net to OKEA at plateau the first-year average 5 600 boepd net to OKEA
• o Significant cost reductions and cash flow benefits from reorganisation of operations and ownership of Maersk Inspirer
• Production from Duva tied in to Gjøa Platform 23 August
• APA 2021 applications submitted
• Ginny exploration well operated by Equinor planned for Q4
• DG2 for Draugen Power from Shore planned
• Concept selection (DG2) for Vette and Grevling
• Inorganic growth opportunities and value accretive portfolio transactions always on the agenda
• Strategic review to position OKEA for the next growth phase

Thanks for the attention

Svein J. Liknes CEO