OKEA ASA

Investor Presentation • Apr 29, 2025

Q1 2025 OKEA ASA

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

Highlights

First quarter 2025

Continued strong operational performance

• > High production efficiency and good production on operated assets
• > Partner-operated assets delivering in line with expectations
• > Production of 34.2 (35.9)* kboepd
• > Sold volumes of 39.1 (29.2) kboepd

Financial performance

• > Petroleum revenues of USD 266 (198) million
• > EBITDA of USD 183 (149) million
• > Net profit after tax of USD 21 (6) million
• > Net cash position of USD 120 (65) million

Portfolio development

• > Development projects progressing according to plan
• > Discovery made on the Mistral exploration well; prelim. est. resources of 19-44mmboe
• > Drilling at Prince completed in April; volume assessments expected completed in Q2 2025
• > Farm-in of 35% WI in the Tverrdal prospect located in the Brage area

* Production for Q4 2024 excludes volumes from Yme following closing of the sales transaction end of November 2024. Effective date of the transaction was 1 January 2024.

Key operational figures - Q1 2025

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

* Production for Q4 2024 excludes volumes from Yme following closing of the sales transaction end of November 2024. Effective date of the transaction was 1 January 2024. ** SIF is an abreviation for serious incident frequency per million hours

Production volume and efficiency

Production (kboepd)*

Production efficiency (%) – Q1 2024 to Q1 2025

5

* 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. In 2024, production from Yme is included. The sales transaction closed in end of November 2024 with effective date 1 January 2024

Operational update

Assets	WI	Operator	Key updates
Draugen	44.56%	OKEA	> Good production performance; somewhat lower volumes due to a well shut in as a result of scale build-up resulting in reduced production efficiency > Intervention campaign to mitigate the scaling issues completed in April and the well is expected back in production in the second quarter
Brage	35.20%	OKEA	> Strong operational performance with high production efficiency > Drilling of exploration wells in Prince completed, volume and commerciality assessments expected completed in second quarter > Drilling of Sognefjord East production well commenced in April
Statfjord area	28.00%	Equinor	> New drilling strategy approved for the Statfjord unit, targeting enhancing long-term production > Production efficiency somewhat down due to five days production stop in January
Ivar Aasen	9.24%	Aker BP	> High production efficiency; water injection continues to enhance production > Maturation of the IOR 2026 campaign ongoing
Gjøa/Nova	12.00% / 6.00%	Vår Energi / Harbour Energy	> Strong production and high production efficiency > The water injection system at Nova has reached design rates > Several tie-in candidates approaching Gjøa as potential host

Creating value through active operatorship

Track record of improved production regularity, increased production, and resource maturation

In charts, use this color for Assets, use this color for Gas, use this color for Oil and this color for Liquids

If the header boxes are unnecessary, remove them and extend the content boxes up to the same heigth position.

Short-term increase driven by in-fill drilling. Long-term contribution from e.g. Bestla (2027+)

Previous operator

Production effeciency

Expected cease of production

(PE%)*

2P + 2C (mmboe) OKEA

90%

3)

2027 >2040

56 89

Success in fighting decline - Hasselmus on-stream in Q4'23; Power from Shore facilitating longer-term value creation

1) Brage and Draugen production efficiency under previous operator calculated as average of last four years prior to transfer of operatorship. OKEA calculated as average from year of assumed operatorship through 2024

2) 2P/2C year-end 2024 (source: ASR 2024) + production in 2023-2024 for Brage, and 2019-2024 for Draugen

3) Expected lifetime based on reserves (2P) as assessed by the respective operators

Development projects

• > Positioning Draugen for the future: low CO2 emissions and reduced cost extend economic lifetime
• > Robustness and visibility through fixed power price**
• > Offshore construction currently ramping up to full capacity, expected ongoing into 2027
• > Construction of onshore facilities progressing according to plan

• > Tie-back to Brage with substantial volumes and attractive economics
• > Facilitating lifetime extension; enabling potential value from future projects
• > Progressing according to plan. Installation of subsea template and deck modules scheduled to commence in Q2 2025
• > Preparations for drilling in Q3 2025 on track

* Compared to emissions in reference year 2019

8

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

Financials

Production and sales

Revenue by component (USD million)

Production (kboepd) Sold volumes (kboepd)

Realised prices (USD per boe)

Market prices for crude, realized liquids price and lifted volumes

kbbl

Gas market price and sold volumes

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

Income statement

Amounts in USD million	Q1 2025	Q4 2024	Q1 2024	2024
Total operating income	271	205	330	1,050
Production expenses	-62	-73	-80	-309
Changes in over/underlift positions and production inventory	-13	33	-37	3
Depreciation, depletion and amortisation	-57	-62	-74	-268
Impairment (-) / reversal of impairment	-12	0	-15	41
Exploration, general and administrative expenses	-14	-16	-9	-54
Profit/ loss (-) from operating activities	114	88	116	463
Net financial items	8	-24	-14	-37
Profit/ loss (-) before income tax	122	64	103	426
Taxes (-) / tax income (+)	-101	-58	-107	-390
Net profit/ loss (-)	21	6	-5	36
EBITDA	183	149	205	690

Q1 2025 figures Q1 2025 comments

• > Operating income of USD 271 million; USD 266 million from sale of petroleum products
• > Production expenses of USD 62 million; corresponding to 18.6 USD/boe
• > Impairment expense of USD 12 million from impairment of technical goodwill due to a reduction in forward prices
• > Exploration, general and administrative expenses of USD 14 million
  • – USD 9 million in exploration expenses
  • – USD 5 million in SG&A expenses
• > Net financial income of USD 8 million
  • – USD 12 million in net FX gain
  • – USD 3 million in net expensed interest
• > Income tax expense of USD 101 million
  • – Effective tax rate of 83%

Statement of financial position

Bytt ut regnskapstabell (hent fra

kvartalsrapporten)

Amounts in USD million	31.03.2025	31.12.2024	31.12.2024
ASSETS
Goodwill	140	142	142
Oil and gas properties	659	597	597
Asset retirement reimbursement right	424	407	407
Trade and other receivables	166	183	183
Cash and cash equivalents	343	289	289
Other assets	142	125	125
TOTAL ASSETS	1,874	1,743	1,743
Total equity	128	98	98
Liabilities
Asset retirement obligations	890	837	837
Deferred tax liabilities	140	111	111
Interest bearing bond loans	247	246	246
Other interest bearing liabilities	0	0	0
Trade and other payables	245	267	267
Income tax payable	186	143	143
Other liabilities	40	41	41
Liabilities directly associated with assets classified as held for sale	0	0	0
Total liabilities	1,747	1,645	1,645
TOTAL EQUITY AND LIABILITIES	1,874	1,743	1,743

Q1 2025 figures Q1 2025 comments

• > Goodwill of USD 140 million; of which technical goodwill of USD 125 million and ordinary goodwill of USD 15 million
• > Oil and gas properties of USD 659 million
• > Cash and cash equivalents of USD 343 million, in addition USD 24 million invested in money-market funds classified as other assets
• > Interest-bearing bond loans of USD 247 million; comprising OKEA04 and OKEA05
• > Income tax payable of USD 186 million
• > Asset retirement obligation of USD 890 million; partly offset by the asset retirement reimbursement right of USD 424 million

Cash development Q1 2025

Outlook / Guidance

Production	Production guidance unchanged > Production guidance for 2025 of 28 – 32 kboepd > Production guidance for 2026 of 26 – 30 kboepd
Capex	Capex guidance unchanged > Capex guidance for 2025 of USD 310 - 350 million > Capex guidance for 2026 of USD 300 - 360 million Capex guidance does not include capitalised interest and exploration spending
Other	> Tax: Two installments due in Q2 2025, each amounting to ~USD 50 million > Dividend: The company is in a period of relatively high spending on organic investments near term which will add value over time. In line with the company's first capital allocation principle of maintaining a healthy balance sheet, dividend payments have been temporarily put on hold. The board will revert with a dividend plan when it considers to be in a position to distribute.

Summary

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.