OKEA ASA

Earnings Release • Apr 27, 2023

OKEA first quarter 2023 trading update

OKEA first quarter 2023 trading update

(Trondheim, 27 April 2023) OKEA ASA (OSE: OKEA) will publish its financial

report for the first quarter of 2023 on Thursday 4 May at 06:00 (CET). This

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

topics and updates for the quarter.

(Amounts in parentheses refer to previous quarter)

First quarter 2023 production and sales

Unit Q1 2023 Q4 2022

Total operating income MNOK 2,954 1,664

Realised liquids price USD/boe* 77.7 95.2

Realised gas price USD/boe* 116.3 112.6

Net production Boepd 22,210 19,887

Net production - liquids Boepd 16,592 14,420

Net production - gas Boepd 5,618 5,467

Third-party volumes available for sale Boepd 448 633

Over/underlift/inventory adjustments Boepd 15,283 -4,198

Net sold volume** Boepd 37,941 16,322

Net sold volumes - liquids Boepd 32,139 10,518

Net sold volumes - gas** Boepd 5,802 5,804

Unit Q1 2023 Q4 2022

Cash and cash equivalents end of quarter MNOK 1,634 1,104

Interest bearing bond end of quarter *** MNOK 1,225 1,178

*             Boe - barrels of oil equivalents

**          Includes compensation volumes from Duva and Nova received (tie-in to

Gjøa)

***        Interest bearing bond is USD 120 million; the difference in NOK

between quarters relates to currency exchange

Financial position

In March, OKEA distributed cash dividends of NOK 104 million to its shareholders

(NOK 1.00 per share). Cash and cash equivalents at the end of the quarter

amounted to NOK 1,634 (1,104) million and interest bearing bond debt amounted to

NOK 1,225 (1,178) million.

Realised prices

The average realised liquids price was USD 77.7 per boe and the average realised

price for gas was USD 116.3 per boe. The high realised gas price was largely

attributable to forward sales. USD 21.6 per boe of the realised gas price in the

quarter was attributable to gain on fixed price contracts.

Impairment of the Yme asset

Estimated impairment charge on the Yme asset was NOK 75 - 125 million (NOK 17 -

28 million after tax). The impairment charge was due to higher water-cut

development than expected in the wells already on production, somewhat reducing

expected recoverable oil reserves.

2023 guiding

Production and capex guidance for 2023 remain unchanged with production at

22,000-25,000 boepd and capex guidance at NOK 1,700-2,100 million. Capex

guidance excludes capitalized interest and exploration capex and both production

and capex guiding exclude effects relating to the Statfjord transaction.

Disclaimer

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

of the company's first quarter 2023 financial and operational results and may be

subject to change.

First quarter 2023 financial report to be published on 4 May

OKEA ASA will release its first quarter 2023 results on Thursday 4 May at 06:00

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

webcast and audioconference starting 10:00 CEST (Link to

webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230504_2)).

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

For further information, please contact:

VP Investor Relations and Communication, Anca Jalba

anca.jalba@okea.no

+47 410 87 988

About OKEA

OKEA ASA is a leading mid- to 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