OKEA ASA

Earnings Release • Sep 16, 2020

OKEA ASA

Pareto Energy Conference September 2020

Building a sustainable business

Continue to develop project portfolio for organic growth

Continue the strong operational track record

Cost reduction and efficiency measures at existing assets

Increase volume basis in focus areas

Pursue inorganic growth possibilities

Organic production targets within existing financing

Net to OKEA

Draugen (OKEA operated asset) - Significantly improved performance

Demonstrated improvements in production efficiency under OKEA operatorship

OKEA operatorship

• •Excellent HSE performance
• •High production and high regularity
• •Stable production with few unplanned deferrals
• •Modification projects and turnaround (July 2020) executed below budget

Draugen - Improvement program for all parameters

Materially extended field life

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Draugen - Going forward

Energy supply

• •Substituting diesel used for power by gas import
• Starting October 2020
• •Long-term solution assessment ongoing
• CCS or Power from Shore

Reserves

• •IOR on Draugen
  • D2 recompletion on 2021 can yield 3 mmboe
  • New water injection can yield 12 mmboe
  • New infill wells can yield 9 mmboe
• •Tie in of additional reserves
• Hasselmus to give new gas in 2023
• Galtvort (3rd party tie-in) to give new gas in 2026

Draugen – New volumes from Hasselmus

The first tieback to the Draugen platform

•The first OKEA operated subsea development

•Fast track development

•16 mmboe with a break even below 30USD/boe

•First gas early 2023

•FEED started in July

Gjøa (partner operated) - Key asset and area hub

•Solid operations executed by Neptune

•High production, high regularity

•P1 project on track •Ongoing production drilling (2 wells) •Production start Q4 2020

•OKEA's Aurora acquisition •Strategic positioning in the Gjøa Area

Aurora - Fast track tie-in to Gjøa

Strengthening OKEAs position in the Gjøa area; strategic fit with low cost field development

• SPA signed with Equinor for their 40% WI in July
• OKEA's operator experience key enabler for the deal
• Partners are Petoro (35%) and Wintershall Dea (25%). Current operator is Equinor
• Good seismic mapping of the discovery
• Appraisal/producer well (keeper) in 2021
• PDO in 2022
• Startup planned for Q2 2024

Improved financial robustness and flexibility

Bond amendment successfully concluded

• •Projected breach of bond covenants during 2020 following market turmoil
• •Bond amendments accepted at bondholder meetings in June

Temporary tax changes significantly improves liquidity for OKEA

• •Negative instalments underpins equal treatment of E&P companies on NCS
• •Revised assessment of profitable projects
• •Significantly improved cash position 2020-2022

Development projects – Yme (Repsol operated)

•Work ongoing at Egersund yard with expected ready for sail away from Egersund in Q4 2020

• •Production start 2021
• •At plateau approx. 7 500 boepd net to OKEA

Development projects - Grevling/Storskrymten (OKEA operated)

Outlook

Current portfolio to yield substantial production growth

Aggressive organic development requires no new equity

Continue to seek inorganic growth opportunities

Demonstrated strong operator capabilities improves strategic position

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