OKEA ASA — Earnings Release 2025

Jan 27, 2026

OKEA fourth quarter 2025 trading update

OKEA fourth quarter 2025 trading update

(Trondheim, 27 January 2026) OKEA ASA (OSE: OKEA) will publish its financial

report for the fourth quarter of 2025 on Tuesday 3 February at 06:00 (CET). This

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

updates for the quarter.

Fourth quarter 2025 production and sales:

Unit Q4 2025 Q3 2025 2025

Total operating income MUSD 107 224 808

Realised crude oil price USD/boe 62.1 70.6 71.7

Realised NGL price USD/boe 40.9 40.6 42.3

Realised liquids price USD/boe 52.4 65.3 65.5

Realised gas price USD/boe 57.4 65.7 69.9

Net production Kboepd 30.8 31.7 32.1

Third-party volumes available for sale Kboepd -0.1 -0.1 -0.1

Over/underlift/Inventory adjustments Kboepd -10.4 4.7 0.1

Net sold volume* Kboepd 20.4 36.3 32.1

Net sold volumes - crude oil Kboepd 6.1 22.6 18.1

Net sold volumes - NGL Kboepd 5.0 4.8 4.8

Net sold volumes - gas* Kboepd 9.3 8.8 9.3

bearing debt:

Unit 31.12.2025 30.09.2025

Total cash** MUSD 308 418

Interest bearing bonds MUSD 295 295

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

** Total cash including money market funds

2025 production and capex

Production for 2025 ended at 32.1 kboepd, within the guidance of 32-33 kboepd.

Capex for 2025 ended at USD 362 million, within the guidance of USD 350-380

million.

Expected impairments

Non-cash impairment charges in the range of USD 50-70 million are expected

recognised in the fourth quarter mainly due to reduced forward prices. Related

post-tax impact is expected at USD 15-20 million.

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

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

and may be subject to change.

Fourth quarter 2025 financial report to be published on 3 February.

OKEA will release its fourth quarter 2025 results on Tuesday 3 February at 06:00

CET. A presentation of the results and a Q&A session will be held on the same

day through a webcast and audio conference starting 10:00 CET (OKEA Webcast Q4

2025 (royalcast.com) (https://qcnl.tv/p/aIe2IcGKAvt8eGvw42r8mg). 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