OKEA ASA

Investor Presentation • Mar 20, 2023

OKEA acquires 28% in PL037 (Statfjord Area) from Equinor

20 March 2023

Cautionary statement

• This presentation contains forward looking information
• Forward looking information is based on management assumptions and analysis
• Actual experience may differ, and those differences may be material
• Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
• This presentation must be read in conjunction with the published financial reports of the company and the disclosures therein
• A full disclaimer is included at the end of this presentation

Transformational deal in world-class assets

Advancing to league of producers with more than 40,000 barrels per day in 2024

• 28% WI in PL037 (Statfjord Area), world-class assets in 4 producing fields and a strong track record for IOR; enhancing OKEA's robustness and operational diversification
• Material increase in production volumes, reserves and resources with significant upside potential
  • 41/8 mmboe 2P/2C volumes from current projects
  • 14+ mmboe further upside potential identified by OKEA
• Further diversification of product mix as gas resource portion increases from 18% to 25%
• Initiation of cooperation between the two dedicated late-life operators on the NCS
• The transaction enhances OKEA's financial flexibility and requires no new financing

* Figures for acquired assets; production for 2023 represents a whole year production for acquired assets independent of completion date

Transaction deep dive

• 28% WI in PL037 which comprises:
  • 23.93123% WI in Statfjord Unit
  • 28% WI in Statfjord Nord
  • 14% WI in Statfjord Øst Unit
  • 15.4% WI in Sygna Unit
• Fixed cash consideration of USD 220 million including approx. NOK 300 million in tax balances
• Contingent consideration based on post-tax value of realised prices of crude oil and gas in 2023-2025*; NGL not subject to contingent consideration
• Equinor to retain all Statfjord A decommissioning liabilities. OKEA to take on decommissioning liabilities for Statfjord B and C**
• Effective date 1 January 2023; expected completion in Q4 23 subject to government approval

Statfjord B. Photo credits: Norwegian Petroleum museum

* The contingent consideration is based on an upside profit sharing on crude oil volumes sold at a realised price of 75–96 USD/bbl in 2023, 64–85 USD/bbl in 2024 and 53–72 USD/bbl in 2025, and on dry gas volumes sold at a realised price of 170-341 p/th in 2023, 125–248 p/th in 2024, and 37–75 p/th in 2025. The profit sharing within these limits is 90% after tax to Equinor and 10% to OKEA. For realised prices on crude oil above 96 USD/bbl in 2023 and 85 USD/bbl in 2024 and realised prices on dry gas above 341 p/th in 2023 and 248 p/th in 2024 the profit sharing is on 50/50 after tax basis. OKEA keeps 100% of realised oil prices above 72 USD/bbl and gas prices above 75 p/th in 2025. All numbers are stated in real 2023 and realised prices are based on annual averages.

4 ** OKEA to pay Equinor USD 48 million (real 2023) in 2028 as decommissioning security. The security will be repaid annually from Equinor to OKEA at 4% p.a. real interest until abandonment is completed. OKEA to take on decomissioning liabilities for Stafjord B and C, except for any potential costs relating to a full or partial removal of Statfjord B and C gravity-based structures should it be required.

Attractive transaction characteristics

5

reduce cost per boe

Transaction matches OKEA's strategy

Near term value creation focus

Focus on shareholder value creation through right additions to the portfolio

An organisation fit for growth

Capitalising on existing capabilities and delivering where we have a competitive advantage

A larger and more robust portfolio

Strengthening resource base and increasing cost resilience and diversification

TRANSACTION

Scale and diversification

Step change in asset base, production and reserves with significant upside

• Step change in production growth and diversification
  • Increasing 2023 production by 60%
  • Increasing 2P reserves by 68%
  • 4 new producing fields in portfolio
• Additional 14+ mmboe upside potential on top of 2P and 2C identified by OKEA based on drilling beyond 2028 and cost reduction initiatives
• Improved product diversification with resources mix from assets acquired comprising ~50% crude oil, ~34% gas, and ~16% NGL

Change

* The acquired assets comprise four producing fields (Statfjord Unit, Statfjord Nord, Statfjord Øst Unit and Sygna Unit)

** 2C resources updated by additional 3 mmboe in the ASR report compared to the 4Q 2022 report. The ASR will be published in full together with the Annual Report 2022

Partnership between the two dedicated mid- to late-life operators on the NCS

Statfjord Area is operated by Equinor's FLX unit with an ambition to enhance field production, costs and CO² emissions

• Equinor's FLX unit is committed to enhancing Statfjord Area operating metrics
• The ambition for FLX was set to increase remaining reserves by 200%, reduce costs by 25% and reduce CO² emissions by 50% by 2030
• Statfjord is the 3rd largest field on the NCS with more than 6 bn bbl initial oil in place volumes; each 1% increase in recovery factor will add 60 mmboe gross reserves
• OKEA's mid- to late-life operating expertise is directly applicable to Statfjord and the collaboration with FLX
• Partnership with Equinor provides potential for cooperation on further knowledge transfer and value creation on NCS mid- to late-life assets

FLX unit overview*

* Source: Equinor

The transaction enhances OKEA's financial flexibility

The transaction enhances financial flexibility for further growth, repayment of debt and/or increased dividends

• No new financing required
• The majority of the purchasing price, based on current forward prices, will be covered by cash flows generated by the assets prior to completion.
• Strong near and medium-term cash flow generation
• Downside protection with upside profit sharing
• No abandonment expense prior to 2030; Equinor retains 100% of Statfjord A decommissioning costs

~18 USD/boe OPEX* (2023-2026)

~19 USD/boe CAPEX* (2023-2026)

~1 year payback time from effective date

* Based on 2P and 2C profiles

Acquired assets

Statfjord Area PL037 – Key facts

	Platform A • Production start in 1979
Statfjord Unit	Platform B • Production start in 1982
	Platform C Production start in 1985 •
	• Late-life project completed in 2017 - platform modifications and infill drilling
	Statfjord field life extension approved early 2000, with aim to extend the • lifetime of the field towards 2040
Statfjord Nord	• Three subsea templates tied-back to Statfjord Unit Platform C Two four-slot templates for production wells and one for water injectors •	v
Statfjord Øst	• Three subsea templates tied-back to Statfjord Unit Platform C
	• Two four-slot templates for production wells and one for water injectors
	• Gas lift to subsea infrastructure currently being implemented as part of Statfjord Øst gas lift project
Sygna	• One subsea template tied-back to Statfjord Unit Platform C • Three template production wells and an extended reach water injection well from the Statfjord Nord water injection template

Statfjord A

Statfjord B

Statfjord C

Summary

Summary

Transformational transaction with 60% increase in production and 68% increase in reserves

dedicated and competent operator

Huge and prolific field with substantial upside potential and a

Start of an operational and strategic cooperation between the two dedicated late-life operators on the NCS

No new financing required based on current forward prices

Enhanced financial flexibility for further growth, repayment of debt and/or dividend capacity

General and disclaimer

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. The contents of this presentation have not been independently verified, and no reliance should be placed for any purposes on the information contained in this presentation or on its completeness, accuracy or fairness.

The presentation speaks as of the date sets out on its cover, and the information herein remains subject to change.

Certain statements and information included in this presentation constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities. Forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments and activities. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

This presentation contains non-IFRS measures and ratios that are not required by, or presented in accordance with IFRS. These non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures and ratios are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities.

The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

The presentation is subject to Norwegian law.