OKEA ASA

Earnings Release • Oct 29, 2025

OKEA third quarter 2025 trading update

OKEA third quarter 2025 trading update

(Trondheim, 29 October 2025) OKEA ASA (OSE: OKEA) will publish its financial

report for the third quarter of 2025 on Tuesday 4 November at 06:00 (CET). This

trading update is provided to summarise production and sales volumes and related

updates for the quarter.

Third quarter 2025 production and sales:

Unit Q3 2025 Q2 2025

Total operating income MUSD 224 206

Realised crude oil price USD/boe 70.6 68.4

Realised NGL price USD/boe 40.6 41.2

Realised liquids price USD/boe 65.3 63.1

Realised gas price USD/boe 65.7 71.4

Net production Kboepd 31.7 31.7

Third-party volumes available for sale Kboepd -0.1 0.0

Over/underlift/Inventory adjustments Kboepd 4.7 1.3

Net sold volume* Kboepd 36.3 33.0

Net sold volumes - crude oil Kboepd 22.6 19.2

Net sold volumes - NGL Kboepd 4.8 4.7

Net sold volumes - gas* Kboepd 8.8 9.1

Unit 30.09.2025 30.06.2025

Total cash MUSD 418 464

Interest bearing bonds** MUSD 295 422

*  Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)

** Interest bearing bonds comprise the OKEA5 (USD 125 million) and OKEA06 (USD

175 million) bonds. OKEA04 (USD 125 million) was settled in July.

Expected impairments

Non-cash impairment charges in the range of USD 130-170 million are expected

recognised in the third quarter mainly as a result of reduction in estimated

reserves at Statfjord area and Draugen (Hasselmus). In addition, future cost

reductions at Statfjord area are considered less likely. Related post-tax impact

is expected at USD 40-50 million.

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

of the company's financial and operational results for the third quarter 2025

and may be subject to change.

Third quarter 2025 financial report to be published on 4 November.

OKEA will release its third quarter 2025 results on Tuesday 4 November at 06:00

CET. A presentation of the results will be held on the same day through a

webcast and audio conference starting 10:00 CET (OKEA Webcast Q3 2025

(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20251104_1

/). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim

(CFO).

For further information, please contact:

Stig Hognestad, VP Investor Relations

stig.hognestad@okea.no

+47 902 59 040

About OKEA

OKEA ASA is a leading mid- and late-life operator on the Norwegian continental

shelf (NCS). OKEA finds value where others divest and has an ambitious strategy

built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no