OKEA ASA

Investor Presentation • Jan 30, 2025

Q4 2024 OKEA ASA

30 January 2025

Cautionary statement

• > This presentation contains forward looking information
• > Forward looking information is based on management assumptions and analysis
• > Actual outcomes 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 published financial reports of the company and the disclosures therein
• > A full disclaimer is included at the end of this presentation

Fourth quarter 2024 Highlights

Continued strong operational performance

• > High production efficiency and production on operated assets
• > Partner-operated assets delivering in line with expectations
• > Production of 37.8 (37.3) kboepd

Financial performance

• > Petroleum revenues of NOK 2,183 (2,944) million
• > EBITDA of NOK 1,645 (1,975) million
• > Net profit after tax of NOK 68 (277) million
• > Net cash position of NOK 735 (1,282) million

Portfolio development

• > Awarded eight licences in APA, of which two as operator
• > Development projects progressing according to plan
• > Sale of non-core Yme asset completed at favourable terms

Key operational figures - Q4 2024*

The leading mid- and late-life operator on the Norwegian continental shelf

Production volume and efficiency

Production (kboepd)*

Production efficiency (%) – Q4 2023 to Q4 2024

* Draugen production volumes in Q1 24 include a prior period adjustment of volumes from Hasselmus which increased production in Q1 24 by 1.1 kboepd; Yme production volumes in Q4 2024 include October and November volumes divided by 92 days

Operational update

Assets	Working interest	Operator	Key updates
Draugen	44.56%	OKEA	> Strong production performance supported by high production efficiency > Production optimisation initiatives resulting in a significant ramp-up of gas export; 1.3 kboped increase from early October and more than a doubling of the anticipated contribution
Brage	35.20%	OKEA	> Strong operational performance with high production efficiency > Successful start-up of the Fensfjord North well in November 24 > Drilling of the exploration and appraisal wells in Prince prospect expected completed in Q1 2025, producer well in Sognefjord East to be drilled in continuation of the appraisal well
Statfjord area	28.00%	Equinor	> Production efficiency above 90% in the quarter > Production decline due to challenges relating to delivery of new wells > New drilling strategy approved for Statfjord Unit to improve long-term production
Ivar Aasen	9.24%	Aker BP	> Stable production and high production efficiency > Maturation of IOR 2026 campaign ongoing
Gjøa/Nova	12.00% / 6.00%	Vår Energi/ Harbour Energy	> Increased production due to restart of the water injection system and high production efficiency > Drilling of the fourth water injector at Nova started in December; injection start in Q1 2025 > Several tie-in candidates approaching Gjøa as potential host
Yme	15.00%	Repsol	> Completion of sale to Lime Petroleum AS in November > Consideration of USD 15.65m and effective date 1 January 2024

Portfolio development

Recent portfolio adjustments positioning OKEA to increase value creation in core areas

Yme sale completed Licence swap APA round

• > Non-core Yme asset sold for a fixed consideration of USD 15.65 million to Lime Petroleum AS
• > All removal obligations and liabilities relating to the Inspirer rig transferred to Lime
• > In addition, Lime will pay a post-tax deposit of USD 9.2 million in 2027

November 2024 December 2024 January 2025

• > Diversifying exploration exposure
  • – 10% WI gained in PL1109, containing the Horatio prospect
  • – WI reduced from 30% to 20% in PL1119, containing the Mistral prospect
• > Potential tie-back to core asset (Horatio to Gjøa)

15% WI in Yme sold 10% WI attained in PL1109 Eight new licences awarded

• > Awarded all licences applied for
• > Two licences with firm wells in work program and two with OKEA as operator - expected spud dates in 2026/'27
• > Supporting long-term growth
• > Strengthens position in core areas

Development projects

• > Positioning Draugen for the future: low emissions and reduced cost extend economic lifetime
• > Robustness and visibility through fixed power price**
• > Reduced CO2 emissions and power need
• > Power cable installed in December according to plan

• > Tie-back to Brage with substantial volumes and attractive economics
• > Facilitating lifetime extension; enabling potential value from future projects
• > Reduced CO2 emissions and power need
• > PDO approved in November 2024

* Compared to emissions in reference year 2019

8

** Long-term contract for 75% of expected power usage at fixed price contract from 2028

Exploration activities

Long-term exploration ambition: Drill up to four exploration wells per year

Financials

Production and sales

11

Revenue by component (NOK million)

Realised prices (USD per boe)

Market prices for crude, realised liquids price and lifted volumes

Gas market price and sold volumes

Sold volumes and average NBP gas market prices – last five quarters

Income statement

Amounts in NOK million	Q4 2024	Q3 2024	Q4 2023	2024	2023
Total operating income		2,926	2,118	11,246	8,885
Production expenses	-805	-790	-606	-3,313	-2,084
Changes in over/underlift positions and production inventory	364	-86	208	49	-684
Depreciation, depletion and amortisation	-680	-707	-580	-2,879	-1,695
Impairment (-) / reversal of impairment	0	871	-1,876	446	-2,745
Exploration, general and administrative expenses	-178	-75	-58	-586	-360
Profit/ loss (-) from operating activities	964	2,138	-795	4,963	1,316
Net financial items	-262	28	-78	-401	-217
Profit/ loss (-) before income tax	702	2,167	-873	4,562	1,099
Taxes (-) / tax income (+)	-634	-1,889	-390	-4,179	-2,034
Net profit/ loss (-)	68	277	-1,263	383	-935
EBITDA	1,645	1,975	1,661	7,396	5,756

Q4 2024 figures Q4 2024 comments

• > Operating income of NOK 2,262 million; NOK 2,183 million from sale of petroleum products
• > Production expenses of NOK 805 million; corresponding to 217 NOK/boe
• > Exploration, general and administrative expenses of NOK 178 million
  • – NOK 146 million in exploration expenses, whereof NOK 112 million relating to purchase of seismic
  • – NOK 31 million in SG&A expenses
• > Net financial expense of NOK 262 million
  • – NOK 225 million in net FX loss
  • – NOK 35 million in net expensed interest
• > Income tax expense of NOK 634 million
• – Effective tax rate of 90%

Statement of financial position

Bytt ut regnskapstabell (hent fra

kvartalsrapporten)

Amounts in NOK million	31.12.2024	30.09.2024	31.12.2023
ASSETS
Goodwill	1,613	1,613	2,295
Oil and gas properties	6,778	6,795	7,199
Asset retirement reimbursement right	4,621	4,268	4,163
Trade and other receivables	2,074	1,821	1,211
Cash and cash equivalents	3,279	3,614	2,301
Other assets	1,423	1,174	1,331
Assets classified as held for sale	0	1,938	0
TOTAL ASSETS	19,787	21,223	18,500
Total equity	1,111	1,041	726
Liabilities
Asset retirement obligations	9,498	9,267	9,535
Deferred tax liabilities	1,258	1,022	888
Interest bearing bond loans	2,798	2,583	1,246
Other interest bearing liabilities	0	0	477
Trade and other payables	3,029	2,824	2,997
Income tax payable	1,628	1,929	2,141
Other liabilities	464	441	489
Liabilities directly associated with assets classified as held for sale	0	2,115	0
Total liabilities	18,676	20,182	17,774
TOTAL EQUITY AND LIABILITIES	19,787	21,223	18,500

Q4 2024 figures Q4 2024 comments

• > Goodwill of NOK 1,613 million; of which technical goodwill of NOK 1,450 million and ordinary goodwill of NOK 163 million
• > Oil and gas properties of NOK 6,778 million
• > Cash and cash equivalents of NOK 3,279 million, in addition NOK 254 million invested in money-market funds classified as other assets
• > Interest-bearing bond loans of NOK 2,798 million; comprising OKEA04 and OKEA05
• > Income tax payable of NOK 1,628 million
• > Asset retirement obligation of NOK 9,498 million; partly offset by the asset retirement reimbursement right of NOK 4,621 million

Cash development Q4 2024

Outlook / Guidance

Production	Production for 2024 ended at 39.1* kboepd (36.0 ex. Yme); slightly above the guidance of 37 – 39 kboepd > Production guidance for 2025 of 28 – 32 kboepd > Production guidance for 2026 of 26 – 30 kboepd
Capex	Capex for 2024 of NOK 3.1* billion (3.0 ex. Yme); slightly below guidance of NOK 3.2 – 3.5 billion > Capex guidance for 2025 of NOK 3.3 – 3.7 billion > Capex guidance for 2026 of NOK 3.2 – 3.8 billion Capex guidance does not include capitalised interest and exploration spending
Other	> Tax: Three installments due in the 1H 2025, each amounting to NOK 550 million > Presentation currency: From Q1 2025, OKEA will change presentation currency from NOK to USD. Functional currency will remain NOK

Summary

Summary

Continued strong production performance

Realising value from sale of non-core Yme asset

Net cash position of NOK 735 million

Development projects progressing well

Ambition to drill up to four exploration wells per year

Build and mature portfolio of investment opportunities

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 "forwardlooking 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.