OKEA ASA

Investor Presentation • Jul 16, 2025

Q2 2025 OKEA ASA

16 July 2025

Cautionary statement

• > This presentation contains forward looking information
• > Forward looking information is based on management assumptions and analysis
• > Actual outcomes 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

Highlights

Second quarter 2025 (Figures in brackets refer to previous quarter)

Continued solid operational performance

• > High production efficiency
• > Production of 31.7 (34.2) kboepd
• > Lower production from Statfjord due to delays in drilling of new wells
• > Strong production performance from Brage, Draugen and Gjøa

Financial performance

• > Petroleum revenues of USD 196 (266) million
• > EBITDA of USD 98 (183) million
• > Technical goodwill Impairment of USD 32 (12) million due to reduced forward prices
• > Net loss after tax of USD 21 (profit of 21) million
• > Positive net cash position* of USD 42 (120) million
• > Refinancing successfully completed in June

Portfolio development

• > Sognefjord East at Brage started production in early July
• > Drilling of Talisker exploration and production well campaign at Brage commenced in early July
• > Garn West South production well sanctioned at Draugen; expected drilling late 2025 and production medio 2026
• > Bestla development remains on track; installation of subsea template completed
• > Protection of the installed power cable from shore to Draugen completed

Key operational figures - Q2 2025

The leading mid- and late-life operator on the Norwegian continental shelf

Production volume and efficiency

Production (kboepd)*

Production efficiency (%) – Q2 2024 to Q2 2025

5

*Production from Yme was included in the 2024 production volumes until the sales transaction closed in end of November 2024 (effective date 1 January 2024)

Operational update

Asset	WI	Operator	Key updates
Draugen	44.56%	OKEA	> Good production performance > Scale squeeze to get D2 back in production was unsuccessful; the well remains shut in and further investigation is ongoing > Drilling of Garn West South sanctioned; expected drilling late 2025 and production medio 2026
Brage	35.20%	OKEA	> Strong operational performance with high production efficiency > Drilling of Sognefjord East production well successfully completed; production commenced in early July > Talisker exploration and production well spud in early July; expected production in the first quarter of 2026
Statfjord area	28.00%	Equinor	> Lower production mainly due to delays in drilling of new wells to offset decline > Collaboration with operator to improve drilling performance ongoing
Ivar Aasen	9.24%	Aker BP	> High production efficiency > Lower volumes a result of adjustment of allocation of gas volumes relating to Hanz > IOR26 sanctioned; first oil expected in the fourth quarter of 2026
	12.00% / 6.00%	Vår Energi / Harbour Energy	> Continued high production efficiency > A three week maintenance shutdown planned in August; include adjustments of processing facility to enhance production

Gjøa/Nova

Development projects

• > Positioning Draugen for the future: low CO2 emissions and reduced cost extend economic lifetime
• > Offshore construction activities ramping up to full capacity, expected ongoing into 2027
• > Protection of the installed power cable from shore to Draugen completed
• > Construction of onshore facilities progressing according to plan

Bestla

> Tie-back to Brage with substantial volumes and attractive economics

~USD 40/boe breakeven

reserves (gross)

(gross)

~600 mUSD CAPEX

24 mmboe recoverable

• > Facilitating lifetime extension/potential value from future projects
• > Installation of subsea template completed
• > Installation of deck modules ongoing
• > Preparation for drilling in the third quarter on track

Financials

Production and sales

Revenue by component (USD million)

Production (kboepd) Sold volumes (kboepd)

Realised prices (USD per boe)

Market prices for crude, realized liquids price and lifted volumes

Gas market price and sold volumes

Sold volumes and average NBP gas market prices – last five quarters

Income statement

Amounts in USD million	Q2 2025	Q1 2025	Q2 2024	2024
Total operating income	206	271	241	1,050
Production expenses	-74	-62	-82	-309
Changes in over/underlift positions and production inventory	-8	-13	14	3
Depreciation, depletion and amortisation	-58	-57	-66	-268
Impairment (-) / reversal of impairment	-32	-12	-25	41
Exploration, general and administrative expenses	-27	-14	-23	-54
Profit/ loss (-) from operating activities	7	114	59	463
Net financial items	-3	8	-2	-37
Profit/ loss (-) before income tax	5	122	57	426
Taxes (-) / tax income (+)	-26	-101	-49	-390
Net profit/ loss (-)	-21	21	8	36
EBITDA	98	183	151	690

Q2 2025 figures Q2 2025 comments

• > Operating income of USD 206 million; USD 196 million from sale of petroleum products
• > Production expenses of USD 74 million; corresponding to 23.5 USD/boe
• > Impairment of technical goodwill of USD 32 million mainly due to lower forward prices
• > Exploration, general and administrative expenses of USD 27 million
  • – USD 21 million in exploration expenses, whereof USD 8 million due to dry well at Prince
  • – USD 6 million in SG&A expenses
• > Net financial expense of USD 3 million
  • – USD million in net expensed interest
  • – USD 7 million in refinancing costs
  • – USD 9 million in net FX gain
• > Income tax expense of USD 26 million

Statement of financial position

Bytt ut regnskapstabell (hent fra

kvartalsrapporten)

Amounts in USD million	30.06.2025	31.03.2025	31.12.2024
ASSETS
Goodwill	114	140	142
Oil and gas properties	721	659	597
Asset retirement reimbursement right	445	424	407
Trade and other receivables	155	166	183
Cash and cash equivalents	423	343	289
Other assets	150	142	125
TOTAL ASSETS	2,008	1,874	1,743
Total equity	112	128	98
Liabilities
Asset retirement obligations	935	890	837
Deferred tax liabilities	159	140	111
Interest bearing bond loans	422	247	246
Trade and other payables	249	245	267
Income tax payable	98	186	143
Other liabilities	33	40	41
Total liabilities	1,896	1,747	1,645
TOTAL EQUITY AND LIABILITIES	2,008	1,874	1,743

Q2 2025 figures Q2 2025 comments

• > Goodwill of USD 114 million; comprise technical goodwill of USD 98 million and ordinary goodwill of USD 16 million
• > Oil and gas properties of USD 721 million
• > Cash and cash equivalents of USD 423 million; in addition, USD 41 million invested in money-market funds classified as other assets
• > Interest-bearing bond loans of USD 422 million; comprising OKEA04, OKEA05 and OKEA06, whereof USD 125 million was settled in July (OKEA04)
• > Income tax payable of USD 98 million
• > Asset retirement obligation of USD 935 million; partly offset by the asset retirement reimbursement right of USD 445 million

Capital structure developments

Bytt ut regnskapstabell (hent fra

kvartalsrapporten)

Debt maturity profile (USD million)

Cash development Q2 2025

1) Excess liquidity of USD 15 million was transferred from cash to money market funds during second quarter; increasing the balance from USD 24 million to USD 41 million incl. accrued interest

Guidance

Production	> Based on solid production during first half of 2025 and plans for the second half of the year, guidance for 2025 is narrowed towards the high end of the range: – New production guidance for 2025: 30 - 32 kboepd (previously 28 – 32 kboepd) > Based on sanctioning of new wells (Talisker at Brage/Garn West South at Draugen), guidance for 2026 is lifted 5 kboepd: – New production guidance for 2026: 31 - 35 kboepd (previously 26 – 30 kboepd)
Capex	> Based on sanctioning of Garn West South, guidance for 2025 is lifted by USD 30 - 40 million: – New capex guidance for 2025: USD 350 - 380 million (previously USD 310 - 350 million) – Capex guidance for 2026 is kept unchanged at USD 300 - 360 million Capex guidance does not include capitalised interest and exploration spending
Other	> Repayment of the OKEA04 bond with nominal value USD 125 million was settled in early July > First five tax instalments for 2025, payable in the second half of 2025, was estimated to USD 5-6 millions each > Dividend: The company is in a period of relatively high spending on organic investments near term which will add value over time. In line with the company's first capital allocation principle of maintaining a healthy balance sheet, dividend payments have been temporarily put on hold. The board will revert with a dividend plan when it considers to be in a position to distribute

Summary

Continued strong production performance

Refinancing successfully completed; enhancing financial robustness

Sanctioning of new wells increases expected production volumes

Ambition to drill up to four exploration wells per year

Build and mature portfolio of investment opportunities

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 "forwardlooking 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.