OKEA ASA

Earnings Release • Feb 1, 2024

OKEA fourth quarter 2023 trading update

OKEA fourth quarter 2023 trading update

(Trondheim, 1 February 2024) OKEA ASA (OSE: OKEA) will publish its financial

report for the fourth quarter of 2023 on Thursday 8 February 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)

Fourth quarter 2023 production and sales

Unit Q4 2023*** Q3 2023*** FY 2023***

Total operating MNOK 2,118 2,105 8,885

income

Realised liquids USD/boe* 83.4 89.0 80.1

price

Realised gas price USD/boe* 74.6 61.9 82.2

Net production Boepd 30,082 23,710 24,586

Net production - Boepd 22,742 18,012 18,507

liquids

Net production - Boepd 7,340 5,698 6,078

gas

Third-party volumes Boepd 292 210 567

available for sale

Over/underlift/inven Boepd -4,739 2,769 3,070

tory adjustments

Net sold volume** Boepd 25,635 26,689 28,224

Net sold volumes - Boepd 17,656 20,465 21,701

liquids

Net sold volumes - Boepd 7,979 6,224 6,522

gas**

Unit Q4 2023 Q3 2023 FY 2023

Cash and cash MNOK 2,301 2,346 2,301

equivalents

Interest bearing MNOK 1,246 1,300 1,246

bond

*            Boe - barrels of oil equivalents

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

Gjøa)

***        Volumes and key figures relating to the income statement do not

include contributions from Statfjord prior to closing on 29 December 2023

Quarterly production highlights

Record high production of 30.1 (23.7) kboepd in the quarter largely due to

strong performance from operated assets. Production at Draugen increased by 50%

compared to previous quarter mainly driven by Hasselmus and high production

availability. Production at Brage increased by 41% due to continued good

performance from the Talisker East well and new wells brought on stream.

Production at Yme also increased following a successful recompletion of a

production well and production at Gjøa, Ivar Aasen and Nova were stable

throughout the quarter.

Production from Statfjord in 2023 was not included in OKEA's key figures or

income statement prior to closing on 29 December 2023. Statfjord produced 10.8

kboepd net to OKEA in 2023, resulting in a total production for OKEA's portfolio

of 35.4 kboepd.

Goodwill impairment relating to the Statfjord transaction

As detailed in the press release published on 29 December 2023, updated

projections from the Statfjord license indicated a downward revision of volumes

combined with an increase in cost. The reduction in volumes was mainly due to

production regularity and well performance and most significant in the near

term. An impairment charge for ordinary goodwill in the range of NOK 1,300-1,450

million will be recognised in the financial statements for the quarter. As a

goodwill impairment, the impact will be the same before and after tax.

Impairment of the Yme asset

As Yme is carried at fair value, any adjustments to asset performance and/or

macro assumptions result in impairments or reversal of previous impairments.

Mainly due to reduced forward prices for crude oil during the quarter, estimated

impairment charge on the Yme asset amounts to NOK 450 - 550 million (NOK 100 -

120 million after tax).

Disclaimer

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

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

be subject to change.

Fourth quarter 2023 financial report to be published on 8 February

OKEA will release its fourth quarter 2023 results on Thursday 8 February at

06:00 CET. A presentation of the results will be held on the same day through a

webcast and audioconference starting 11:00 CET (Link to

webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240208_6)).

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

For further information, please contact:

Anca Jalba, VP Investor Relations and Communication

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