OKEA ASA

Earnings Release • May 4, 2021

Presentation of first quarter 2021 OKEA ASA

4 May 2021

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.

Q1 Highlights

Operations

• •No serious incidents at Draugen, Covid-19 situation managed
• •Production 16 557 boepd

Financials

• •Revenues from oil and gas NOK 536 million
• •EBITDA NOK 240 million
• •Net profit NOK 23 million
• •Cash position increased by NOK 107 million to NOK 978 million

Positioned for growth

• •Yme H2 21 production start-up
• •FID Hasselmus scheduled for Q2 first tie-in to Draugen
• •Ilder exploration well currently drilling Ginny planned for H2
• •Continuing to pursue inorganic growth opportunities

Oil and gas production, sales and revenues

Decrease in revenue mainly due to lower lifted volumes, but effect partly offset by higher market prices

Draugen - WI 44.56%

• Excellent operating performance 97% reliability
• Gas imports from Åsgard Transport System has improved the emissions from the field
• FID on Hasselmus in Q2, a gas field tie-back to Draugen with first gas planned for 2023
• Ambition to increase oil recovery to 70% and extend field lifetime to 2040; a doubling of remaining reserves
• High CO² tax incentivises power-from-shore energy solution; project cooperation with Equinor

Gjøa – WI 12%

• Two new wells in the P1 segment onstream in February
• 30 days shut down in Q2 and 15 days in Q3 including tie-in of Duva and Nova
• OKEA compensated for deferred production when tie-in projects come onstream in addition to tariff payments
• Potential tie-in of the OKEA-operated Aurora discovery

Yme New Development – WI 15%

• The production jack-up Maersk Inspirer installed at location last December
• Hook-up, commissioning and preparation for production start-up progressing as planned
• Production start expected in H2 21
• Production 7 500 boepd net to OKEA at plateau the first-year average 4 900 boepd net to OKEA

Ilder exploration well being drilled; non-commercial gas discovery made on Jerv

Serial production alternative for Grevling/Vette under maturation

Financials

Oil and gas production, sales and revenues per asset

Lifted volumes and realised liquids prices versus vs Dated Brent

I

Income statement

Figures in NOK million	Q1 21	Q4 20	Q1 20
Total operating income	524	584	551
Production expenses	-176	-189	-167
Changes in over/underlift positions and inventory	1 7	-74	-33
Depreciation	-172	-179	-182
Impairment	0	117	-634
Exploration, general and adm. expenses	-125	-91	-38
Profit / loss (-) from operating activities	6 8	167	-503
Net financial items	-5	243	-423
Profit / loss (-) before income tax	6 3	410	-926
Income taxes	-40	-227	142
Net profit / loss (-)	2 3	182	-785
EBITDA	240	229	312

Q1 21 comments

Operating income:

• Lower sold volumes partly offset by higher realised prices
• Net loss on hedging activities NOK 31 million

Production expenses:

• NOK/boe of 102 compared to 110 in Q4 20

Impairment:

• No impairment or reversal of impairment

Exploration, general and adm. expenses:

• Jerv non-commercial discovery expensed NOK 93 million
• Field evaluation activities mainly relating to Aurora and Grevling/Vette

Income taxes:

• Effective tax rate of 64%; deviation from 78% due to financial items and uplift

Statement of financial position

Figures in NOK million

Assets	31.03.2021	31.12.2020
Goodwill	769	769
Oil and gas properties	3 807	3 758
Other non-current assets	3 049	3 029
Trade and other receivables	523	514
Tax refund, current	211	296
Cash and cash equivalents	978	871
Other assets	541	540
Total assets	9 878	9 776
Total equity	1 113	1 083
Liabilities
Asset retirement obligations	4 221	4 200
Deferred tax liabilities	999	941
Interest-bearing loans and borrowings	2 402	2 400
Trade and other payables	898	890
Income tax payable	1 4	1 4
Other liabilties	231	248
Total liabilities	8 765	8 694
Total equity and liabilties	9 878	9 776

Q1 21 comments

• Cash and cash equivalents NOK 978 million
• Current tax refund NOK 211 million
• Interest-bearing debt of NOK 2 402 million
• Asset retirement obligation offset by non-current receivable from Shell

Cash development Q1 21

Outlook

Guiding on production & capex

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

• Gjøa accelerated compensation volumes from the Duva and Nova tie-ins include interest of 8% p.a. from the period volumes were deferred
• Deferred volumes excluding interest element to be redelivered to Duva and Nova over remaining production period at Gjøa

Key milestones and deliveries 2021

• Start-up Yme in H2 stepping-up OKEA production
• FID for Hasselmus development in Q2
• Ilder currently drilling, Ginny exploration well scheduled for H2
• Possible appraisal well at Aurora to determine size and commerciality
• Concept selection (DG2) for Vette and Grevling in H2
• Maturing a larger license portfolio following APA 2020 awards in Q1
  • 8 new discoveries added to portfolio
  • 15+ additional exploration prospects
• Inorganic growth opportunities always on the agenda

New OKEA CEO from 1 June - Svein J. Liknes

Founder and CEO Erik Haugane to step down but remain as advisor to OKEA Board of Directors

Svein J. Liknes new OKEA CEO from June 1

• •Svein J. Liknes (born 1972) is the new CEO from June 1
• He comes from Aker BP where he held the role as VP Special Projects & Due Diligence
• He previously served in Aker Energy both as acting CEO and Head of Operations
• Liknes also has experience as SVP Operations & Asset Development in Aker BP and Det norske
• Mr. Liknes has background from the Norwegian Armed Forces and studied Nautical Science at the University of Stavanger
• The founder and current CEO Erik Haugane will retire and remain as advisor to OKEA Board of Directors