OKEA ASA

Quarterly Report • Jul 16, 2025

Quarterly report Q2 2025

Second quarter 2025

Highlights and key figures

(Figures in brackets refer to previous quarter)

31.7 206 98

(34.2) (271) (183)

Cash from operations Capital expenditure Leverage ratio

Production Operating income EBITDA kboepd USD million USD million

USD million USD million Net debt / EBITDA

7 83 0.13

(135) (69) (0.10)

Operational performance

• No serious incidents during the quarter
• Solid operations; avg. production efficiency of 93%
• Total production of 31.7 (34.2) kboepd
• Continued strong production from Brage, Draugen and Gjøa assets
• Lower production due to delay in drilling of new wells to offset decline at Statfjord

Financial performance

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

Portfolio development

• Sognefjord East started production in early July
• Drilling of Talisker well commenced in early July
• Garn West South well sanctioned; expected drilling late 2025 and production medio 2026
• Bestla development project progressing according to plan; installation of subsea template completed
• Protection of the installed power cable from shore to Draugen completed

Message from the CEO

I am pleased to report continued solid operational performance with no serious incidents in the second quarter of 2025.

We continue to develop our assets, with several milestones achieved. On Brage, we continue to drill new production wells. Production from Sognefjord East commenced early July and we also spudded the Talisker well in early July. During the quarter, the Draugen licensees sanctioned the Garn West South production well with production expected already from medio 2026.

Statfjord operations remain challenging. Delays in drilling of new wells to offset decline reduces production. Collaboration with the operator, Equinor, to improve drilling performance and avoid further delays is ongoing.

Activity levels on our development projects remain high. The Bestla project is progressing well with the subsea template successfully installed and all key milestones on schedule. At the Power from Shore project at Draugen, protection of the installed power cable was completed and equipment installation offshore has commenced.

In June, we successfully completed a refinancing that secured a strengthened and longer dated capital base for the company. We will continue the work to combine strong operational results with disciplined investments for the purpose of maximising value creation for our shareholders, focusing on what we can control during these times with a very volatile market.

Svein J. Liknes

Chief Executive Officer

Financial review

Statement of comprehensive income

Amounts in USD million	Q2 2025	Q1 2025	Q2 2024	YTD 2025	2024
Total operating income	206	271	241	477	1,050
Total operating expenses	-199	-158	-181	-356	-587
Profit/loss (-) before income tax	5	122	57	127	426
Net profit / loss (-)	-21	21	8	0	36
EBITDA 1	98	183	151	280	690
EBITDAX	118	192	170	310	731
NOK/USD period average exchange rate	10.30	11.07	10.74	10.69	10.74

Total operating income of USD 206 (271) million comprises:

• Petroleum revenues of USD 196 (266) million. The decrease was mainly due to lower realised prices and lower sold volumes. Sold volumes decreased from 39,066 boepd to 32,979 boepd due to a large overlift of crude previous quarter. The realised crude price averaged USD 68.4 (77.7) per boe. 14% (12%) of sold volumes was NGLs with an average realised price of USD 41.2 (47.0) per boe, bringing the average realised liquids price to USD 63.1 (72.8) per boe. The average realised price for natural gas amounted to USD 71.4 (84.4) per boe, of which a gain of USD 5.6 (loss of -0.6) per boe was attributable to hedging.
• Other operating income of USD 10 (5) million mainly related to net tariff income at Gjøa and Statfjord of USD 5 (4) million and a change in fair value of contingent considerations of USD 3 (0) million. The change in contingent consideration was due to lower forward prices.

Total operating expenses of USD 199 (158) million comprises:

• Production expenses of USD 74 (62) million, corresponding to USD 23.5 (18.6) per boe. The increased cost was mainly due to maintenance work at Statfjord and Brage and well maintenance at Draugen.
• Changes in over-/underlift positions and production inventory resulted in an expense of USD 8 (13) million as sold volumes exceeded produced volumes.
• Depreciation of USD 58 (57) million relate to depreciation of oil and gas properties.
• Impairment of technical goodwill of USD 32 (12) million on Statfjord, Gjøa/Nova and Ivar Aasen mainly due to lower forward prices.
• Exploration and evaluation expenses of USD 21 (9) million. The increase was mainly due to purchase of seismic of USD 10 (1) million and dry-well write-off of USD 8 (2) million.
• General and administrative expenses of USD 6 (5) million.

Net profit/loss (-) of USD -21 (21) million comprises:

• Profit from operating activities of USD 7 (114) million.
• Financial expense of USD 3 (income of 8) million, of which USD 1 (1) million relate to net expensed interest, USD 9 (12) million to net foreign exchange gain, and USD 7 (0) million relate to refinancing expenses.
• Tax expenses of USD 26 (101) million.
• Profit/loss (-) per share amounted to USD -0.20 (0.21).

¹ Definitions of alternative performance measures are available on page 47 of this report

Statement of financial position

Amounts in USD million	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Goodwill	114	140	142	181
Oil and gas properties	721	659	597	673
Other non-current assets	462	459	424	411
Cash and cash equivalents	423	343	289	299
Other current assets	289	273	291	253
TOTAL ASSETS	2,008	1,874	1,743	1,816
Equity	112	128	98	72
Interest bearing bond loans	422	247	246	245
Other long-term liabilities	1,087	1,038	956	1,022
Income tax payable	98	186	143	148
Other current liabilities	289	276	299	329
TOTAL EQUITY AND LIABILITIES	2,008	1,874	1,743	1,816
NOK/USD exchange rate at the reporting date	10.09	10.55	11.35	10.65

Goodwill of USD 114 (140) million comprises USD 98 (125) million in technical goodwill and USD 16 (15) million in ordinary goodwill. The reduction in technical goodwill was due to impairments. Reference is made to note 11 for further information.

Oil and gas properties amounted to USD 721 (659) million. The increase was mainly due to investments in the Power from Shore project on Draugen, the Bestla project, and production drilling at Brage and Statfjord, partly offset by depreciation.

Other non-current assets of USD 462 (459) million mainly comprise asset retirement reimbursement rights of USD 418 (404) million relating to Equinor's, Shell's and Harbour Energy's obligations to cover decommissioning costs for Statfjord, Draugen and Gjøa, and Brage respectively. USD 27 (38) million relate to capitalised exploration and evaluation assets.

Cash and cash equivalents amounted to USD 423 (343) million.

Other current assets of USD 289 (273) million mainly comprise trade and other receivables of USD 155 (166) million, spare parts, equipment and inventory of USD 65 (63) million and USD 41 (24) million in excess liquidity invested in money-market funds.

Interest bearing bond loans of USD 422 (247) million comprise the OKEA04, OKEA05 and OKEA06 bonds. Following the refinancing completed in June, the OKEA04 bond, with a nominal value of USD 125 million, was reclassified to short term and settled in early July.

Other long-term liabilities of USD 1,087 (1,038) million mainly comprise asset retirement obligations of USD 908 (869) million which are partly offset by the asset retirement reimbursement rights outlined above.

Income tax payable amounted to USD 98 (186) million.

Other current liabilities of USD 417 (276) million mainly comprise trade and other payables of USD 249 (245) million.

Statement of cash flows

Amounts in USD million	Q2 2025	Q1 2025	Q2 2024	YTD 2025	2024
Cash and equivalents at the beginning of the period	343	289	197	289	226
Net cash flow from / used in (-) operations	7	135	64	143	397
Net cash flow from / used in (-) investments	-103	-96	-85	-199	-408
Net cash flow from / used in (-) financing activities	162	-7	120	156	93
Effect of exchange rate fluctuation on cash held	13	22	4	35	-21
Cash and cash equivalents at the end of the period	423	343	299	423	289

Net cash flows from operating activities of USD 7 (135) million account for taxes paid of USD 108 (50) million. The increase in tax payments was due to two (one) tax instalments paid for 2024. The reduction in cash flows from operating activities was mainly due to lower volumes sold, lower realised prices, and the two tax instalments paid.

Net cash flows from investment activities of USD -103 (-96) million mainly relate to investments in oil and gas properties of USD -83 (-69) million and a placement of excess liquidity in money market funds of -15 (0).

Net cash flows from financing activities of USD 162 (-7) million mainly relate to the issue of a new bond (OKEA06) with net proceeds of USD 170 million. Interest paid was USD 6 (6) million.

Cash and cash equivalents ended at USD 423 (343) million. Reference is made to note 18 for further details. In addition to the cash balance, USD 41 (24) million in excess liquidity was placed in money-market funds classified as other current assets. Following the issuance of OKEA06 in June, the OKEA04 bond, with a nominal value of USD 125 million, was settled in early July.

Financial risk management

OKEA addresses financial risk by use of derivatives and fixed price contracts to manage exposures to fluctuations in commodity prices and foreign exchange rates.

Financial hedging arrangements on foreign exchange exposure, CO2 quotas and oil and gas options are recognised at market value on each balance sheet date.

Hedging positions on crude oil and gas production as per the date of this report:

Crude oil	Q3 2025	Q4 2025	Q1 2026
Price [USD/bbl] (ceilings)	75 - 91	75 - 91	75
Price [USD/bbl] (floors)	60 - 65	60 - 65	60
Hedged share (net a/tax)	61%	61%	22%
Gas	Q3 2025	Q4 2025	Q1 2026
Physical deliveries at average fixed price [p/th]	113	N/A	N/A
Hedged share (net a/tax)	18%	N/A	N/A
Financial hedge - price [p/th] (floors)	70 - 100	80 - 90	80 - 90
Financial hedge - price [p/th] (ceilings)	146 - 170	192 - 197	192 - 197
Hedged share (net a/tax)	40%	24%	24%
Combined hedged share (net a/tax)	58%	24%	24%

Financing

Issuance of a USD 175 million senior secured bond (OKEA06) was successfully completed in June and provides for a strengthened and longer dated capital base. Net proceeds were for repayment of the USD 125 million OKEA04 bond in early July and general corporate purposes.

The OKEA06 bond carries a fixed coupon of 9.125% and matures in June 2029. A USD 75 million tap option replaces the tap option in OKEA05. General terms in the new bond are based on terms in OKEA05 with exception of the distribution clause tied to net profit after tax, which has been updated to exclude technical goodwill impairments.

As part of the financing process, the super senior revolving credit facility (RCF) was increased from USD 37.5 million to USD 45.0 million. The RCF steps-down to USD 26.25 million in November 2027, and has final maturity in December 2028. No drawdowns have been made under the RCF.

Report for the first half 2025

Amounts in USD million	H1 2025	H1 2024
Total operating income	477	571
Total operating expenses	-356	-395
Net profit/loss before income tax	127	160
Net profit/loss (-)	0	3
EBITDA	280	356
EBITDAX	310	380
Cash flow from operations	143	187
Cash flow from investments	-199	-221
Cash flow from financing activities	156	110
NOK/USD period average exchange rate	10.69	10.63

Total operating income of USD 477 (571) million comprise:

• Petroleum revenues of USD 463 (553) million. The decrease was mainly due to lower sold volumes, which decreased from 39,939 to 36,005 boepd mainly due to the sale of Yme in the fourth quarter of 2024. In addition, a lower realised crude price of USD 73.6 (85.3) per boe, was partly offset by a higher realised gas price of USD 78.1 (59.5) per boe.

Total operating expenses of USD 356 (395) million comprise:

• Production expenses amounting to USD 135 (162) million, equivalent to USD 21 (20) per boe.
• Changes in over-/underlift position resulting in an expense of USD 21 (22) million as sold volumes exceeded produced volumes.
• Depreciation of USD 116 (140) million. The reduction was mainly due to lower production partly as a result of the sale of Yme.
• Impairments of USD 44 (40) million relating to technical goodwill on Statfjord of USD 28 million, Gjøa/Nova of USD 12 million and Ivar Aasen of USD 4 million. Impairments in the

first half of 2024 mainly related to goodwill on Statfjord of USD 36 million and on the Yme asset of USD 4 million.

• Exploration expenses of USD 30 (24) mainly relating to dry well expenses on Horatio and the north well on the Prince prospect as well as seismic purchases. Expenses in the first half of 2024 mainly related to the Calypso dry well.

Net profit/ loss (-) of USD 0 (3) million comprises:

• Profit from operating activities of USD 121 (176) million.
• Net financial income of USD 6 (expense of -16) million, whereof net foreign exchange gain amounted to USD 21 (loss of -3) million. Net expensed interest amounted to USD 2 (6) million, and USD 6 (0) million related to refinancing expense. Net unwinding of discount from asset retirement obligation asset amounted to USD 7 (6) million.
• Tax expense amounted to USD 126 (156) million corresponding to an effective tax rate of 99.7% (97.9%). The high tax rate was mainly due to impairment of technical goodwill not being tax deductible.

Cash flow from operations of USD 143 (187) million account for taxes paid of USD 157 (199) million. The reduction was mainly due to lower operating profit, partly offset by lower taxes paid.

Cash flow from investment activities amounted to USD 199 (221) million. The decrease was mainly due to payment of a one-off deferred consideration for the Statfjord acquisition of USD 59 million in the first half of 2024, partly offset by increased investment in exploration and evaluation assets of USD 29 (1) million.

Cash flow received/used (-) in financing activities amounted to USD 156 (110) million. The increase was due to net proceeds from the OKEA06 issue of USD 170 million in June 2025 exceeding net proceeds from the OKEA05 issue of USD 123 million in May 2024.

Operational review

Operational summary

Produced volumes amounted to 31,705 (34,233) boepd. Operational performance was good with an average production efficiency of 93%. The lower production was mainly due to delay in drilling of new wells to offset decline at Statfjord. Production expenses amounted to USD 23.5 (18.6) per boe . The increase mainly related to cost for maintenance work at Statfjord and Brage and well maintenance at Draugen, combined with lower volumes.

	Unit	Q2 2025	Q1 2025	Q2 2024	2024
Total net production 2	Boepd	31,705	34,233	38,356	38,865
3rd party volumes available for sale 3	Boepd	-7	-183	-43	-67
Change in O/U lift	Boepd	1,281	5,016	-5,018	-1,344
Total net sold volume	Boepd	32,979	39,066	33,294	37,454
Production expense per boe4	USD	23.5	18.6	21.6	20.4
Realised crude oil price	USD/boe	68.4	77.7	83.4	82.5
Realised NGL price	USD/boe	41.2	47.0	44.2	46.0
Realised liquids price	USD/boe	63.1	72.8	79.7	77.2
Realised gas price	USD/boe	71.4	84.4	65.7	67.4

Production efficiency is calculated as actual production of main product divided by the total of actual production of main product, scheduled deferment and unscheduled deferment. Deferment is the reduction in production caused by a reduction in available production capacity.

² In 2024, activities from the 15% WI in Yme were included in the statement of comprehensive income and key figures until closing date at the end of November 2024. Effective date of the transaction was 1 January 2024. OKEA's share of volumes excluding Yme was 35,345 boepd in the second guarter of 2024 and 35,974 boepd in total for 2024.

³ Net compensation volumes from Duva and Nova received and sold (tie-in to Gjøa)

⁴ Definitions of alternative performance measures are available on page 48 of this report

OKEA operated assets

Draugen (operator, 44.56%)

	Unit	Q2 2025	Q1 2025	Q2 2024	2024
Production	Boepd	9,072	9,447	9,514	9,377
Change in O/U lift	Boepd	2,658	1,520	-1,152	-2,191
Total net sold volume	Boepd	11,729	10,967	8,362	7,185
Production efficiency	%	91%	87%	92%	90%

The good operational performance at Draugen continues. Production was somewhat reduced due to planned well maintenance during the quarter.

The D2 oil producer was shut down in December 2024 due to scaling. The scale squeeze campaign to get the well back in production was completed with unsuccessful results. The well is still shut in and further investigation is ongoing.

Drilling of an additional production well, Garn West South, was sanctioned in the quarter. A rig has been secured for the drilling program commencing upon completion of the Bestla drilling program, expected in late 2025. Expected start of production is medio 2026.

Brage (operator, 35.2%)

	Unit	Q2 2025	Q1 2025	Q2 2024	2024
Production	Boepd	5,850	5,800	6,630	6,694
Change in O/U lift	Boepd	-1,913	2,882	-1,779	618
Total net sold volume	Boepd	3,937	8,682	4,851	7,312
Production efficiency	%	93%	96%	89%	94%

Production at Brage remains solid with high production efficiency.

Drilling of a production well in Sognefjord East was completed and production commenced in early July.

Drilling of a production well and two exploration pilots into the Talisker area commenced in early July with expected production in the first quarter of 2026.

Drilling at Prince was completed in April. The northern well has been concluded dry, while hydrocarbons were encountered in the southern well. Assessments of the deposit is ongoing.

Partner operated assets

Statfjord area (partner, 28%)

	Unit	Q2 2025	Q1 2025	Q2 2024	2024
Production	Boepd	9,226	10,839	10,831	11,477
Change in O/U lift	Boepd	2,947	-2,330	433	710
Total net sold volume	Boepd	12,173	8,508	11,264	12,187
Production efficiency	%	91%	89%	85%	90%

Production efficiency at Statfjord improved to 91%. Production volumes was reduced due to delay in drilling of new wells to offset decline. The delay was a result of several unplanned maintenance requirements on the drilling rig.

Collaboration with operator Equinor to improve drilling performance and avoid further delays is ongoing.

As previously reported, OKEA has initiated legal actions against Equinor Energy AS in accordance with the SPA regulations. The case is progressing, however there are currently no material developments in the case to report.

Gjøa & Nova (partner, 12% & 6%)

	Unit	Q2 2025	Q1 2025	Q2 2024	2024
Production	Boepd	5,840	6,090	6,241	6,136
Change in O/U lift	Boepd	-1,075	22	-570	-422
Total net sold volume	Boepd	4,764	6,112	5,671	5,714
Production efficiency	%	97%	99%	94%	93%

Production volumes were somewhat reduced due to a power dip at Mongstad affecting the Gjøa platform.

The water injection system at Nova has reached optimal rates and stabilised the production. Increased water cut and reservoir complexity remain challenges at Nova where mitigating initiatives are continuously assessed and implemented.

A three week maintenance shutdown at Gjøa is scheduled for mid-August. The main objectives of the shutdown, is integrity and adjustments of the processing facility to enhance production.

Several tie-in candidates are approaching Gjøa as potential host.

Ivar Aasen (partner, 9.2385%)

	Unit	Q2 2025	Q1 2025	Q2 2024	2024
Production	Boepd	1,717	2,057	2,029	2,290
Change in O/U lift	Boepd	-1,342	2,740	-1,335	20
Total net sold volume	Boepd	375	4,797	694	2,310
Production efficiency	%	95%	96%	95%	94%

Production efficiency at Ivar Aasen remains high. An adjustment of allocation of gas volumes relating to the tie-back Hanz was recognised in the second quarter, resulting in a reduction of allocated volumes.

An IOR campaign in 2026 was sanctioned during the quarter. First oil is expected in the fourth quarter of 2026.

Development projects

Draugen – Power from Shore (operator, 44.56%)

Protection of the installed power cable from shore to Draugen was completed during the quarter. Offshore construction activities are currently ramping up towards full capacity and construction of onshore facilities is progressing according to plan.

The project will result in average annual reduction of CO² emissions of 200,000 tonnes from Draugen and 130,000 tonnes from Njord as well as an average annual reductions of NOx emissions of 1,250 tonnes from Draugen and 520 tonnes from Njord. The project will also result in reduced production expenses, increased gas export, and extend the economic life of the Draugen field.

Project completion is expected in 2028.

Bestla (operator, 39.2788%)

The Bestla project is progressing according to plan with all key milestones on schedule.

Installation of the subsea template was completed in May. All preparatory work for the drilling campaign planned for the third quarter are on schedule. The inlet platform has been installed on the Brage platform and topside preparations for riser pull-in activities scheduled for the first half of 2026 are ongoing.

The Bestla field will be developed as a two-well tieback to the Brage field and contains estimated gross recoverable reserves of 24 million boe. Plateau production is expected within the first year of production by about 10 kboepd net to OKEA.

First production is expected in the first half of 2027.

Exploration licences

OKEA continues to focus on further strengthening its position in core areas by building a portfolio of prospects in the Norwegian Sea and North Sea basins with a target to drill up to four exploration wells per year.

Current status on key exploration projects:

• Further maturation of the PL 1119 Mistral discovery (20% WI) is ongoing. Preliminary estimates of recoverable oil equivalents is 19-44 mmboe.
• The PL 1014 Arkenstone well (20% WI) is a high-risk/high-reward opportunity operated by Equinor and located in the Northern Norwegian Sea. The Arkenstone well was spudded in December 2024. Shallow gas was encountered in the upper layers of the formation and the drilling operation was temporarily suspended. Work to ensure a new and robust well design is ongoing, and a rig-slot is being assessed for drilling, expectedly in 2026 or 2027.
• The PL 055 Prince exploration wells (35.2% WI, operator), located at the Brage field, was completed in April. Hydrocarbons were encountered in well 31/4-A-23 G in the southern part of the prospect . Well 31/4-A-23 F, drilled in the northern part of the prospect was concluded dry. Preliminary estimates place the size of the discovery to 1.9–17.5 mmboe with recoverable oil equivalents estimated to 0.3–2.8 mmboe. The licensees are assessing the deposit as part of the further development of the Brage field.
• In March, OKEA entered into an agreement with Aker BP to acquire a 35% WI in the southern part of PL 1102/PL 1102B, containing the Tverrdal prospect. Tverrdal is located approximately 13 km north of the Brage platform and the farm-in further strengthens OKEA' position in the greater Brage area. PL 1102/PL 1102 B licenses are applying for a carve-out dividing the licence into a northern and southern part. The agreement with Aker BP is to acquire a 35% WI in the southern part, subject to governmental approval of the carve-out.
• In the second quarter, OKEA took over Harbour Energy's working interest in PL 1113 AiSuma and increased the working interest to 70% and assumed operatorship. DNO ASA holds the remaining 30% working interest. The prospect is located South-West of the Draugen field and is a potential tie-back candidate to Draugen.
• Preparatory work for the annual APA round is ongoing.

QHSSE and ESG

Preventing harm to people's health and the environment is a key priority, and work to ensure safe working conditions is a continuous focus in OKEA.

No serious incidents were recorded in the first half of 2025. SIF remained unchanged compared to previous quarter. TRIF decreased following no recordable incidents in the quarter.

There were no serious acute spills or hydrocarbon leakages from OKEA-operated assets during the quarter. GHG emissions intensity was 29 (28) kg CO2e per boe produced and the locally committed spend remains high at 98%.

Key QHSSE indicators	Unit	Q2 2025 Q1 2025		2024
Total recordable injury frequency 12 M rolling avg	Per mill. work hours	1.6	2.2	1.1
Serious incident frequency 12 M rolling avg	Per mill. work hours	1.1	1.1	1.1
Serious acute spills to to sea (A-B)	Count	0	0	0
Hydrocarbon leakages (>0.1 kg/s)	Count	0	0	0
Equity share GHG emissions intensity	Kg CO2 / boe	29	28	25
Share of female recruitment YTD	Percent	18	8	30
Share of locally committed spend	Percent	98	98	97

Guidance Outlook

Production guidance updates

Based on the solid production during the first half of the year and the plans for the second half of the year, production guidance for 2025 is narrowed towards the high end of the range:

• Previous: 28 32 kboepd
• New: 30 32 kboepd

Based on sanctioning of new wells (Talisker at Brage and Garn West South at Draugen), production guidance for 2026 is lifted by 5 kboped:

• Previous: 26 30 kboepd
• New: 31 35 kboepd

Capex guidance updates

Based on sanctioning of Garn West South, capex guidance for 2025 is lifted by USD 30-40 million:

• Previous: USD 310 350 million
• New: USD 350 380 million

Capex guidance for 2026 is kept unchanged at USD 300 - 360 million.

Capex guidance does not include capitalised interest and exploration spending.

Other

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.

OKEA has a clear ambition to deliver competitive shareholder returns through disciplined value-accretive growth, and the strategy continues to focus on three growth levers:

• actively pursuing upside potential in the company's current portfolio,
• pursuing mergers and acquisitions to add new legs to the portfolio, and
• considering organic projects either adjacent to existing hubs or pursuing new hubs, dependent on financial headroom and attractive risk-reward

The board of directors considers that the company is well positioned to continue to execute on the strategy and deliver value to shareholders going forward.

Subsequent events

Following issue of the new bond loan (OKEA06) in June, a notice of redemption of the OKEA04 bond was issued. The OKEA04 bond, with a nominal value of USD 125 million, was repaid in full in early July.

Financial statements with notes Q2 2025

Statement of comprehensive income

Amounts in USD '000, unaudited	Note	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Revenues from crude oil and gas sales	6	196,111	266,395	227,376	462,506	552,755	1,025,873
Other operating income / loss (-)	6, 25	9,777	5,051	13,204	14,828	18,281	23,775
Total operating income		205,888	271,446	240,580	477,334	571,035	1,049,648
Production expenses	7	-73,618	-61,754	-81,844	-135,372	-161,697	-308,538
Changes in over / underlift positions and production inventory	7	-7,866	-12,851	14,472	-20,717	-22,120	2,956
Exploration and evaluation expenses	8	-20,540	-9,393	-19,568	-29,933	-24,299	-41,528
Depreciation, depletion and amortisation	10	-58,292	-57,263	-66,437	-115,555	-140,408	-268,213
Impairment (-) / reversal of impairment	10, 11, 12	-32,084	-11,941	-24,839	-44,025	-39,883	41,440
General and administrative expenses	13	-6,246	-4,589	-3,085	-10,835	-6,984	-12,862
Total operating expenses		-198,646	-157,791	-181,301	-356,437	-395,391	-586,746
Profit / loss (-) from operating activities		7,242	113,655	59,279	120,897	175,645	462,902
Finance income	14	8,400	7,155	6,879	15,555	12,140	27,781
Finance costs	14	-19,919	-10,921	-13,614	-30,840	-25,267	-49,660
Net exchange rate gain / loss (-)	14	8,960	12,239	4,558	21,199	-2,704	-15,109
Net financial items		-2,558	8,472	-2,178	5,914	-15,831	-36,988
Profit / loss (-) before income tax		4,684	122,127	57,101	126,811	159,814	425,915
Taxes (-) / tax income (+)	9	-25,673	-100,799	-48,963	-126,473	-156,378	-390,406
Net profit / loss (-)		-20,989	21,327	8,138	338	3,436	35,508

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Statement of comprehensive income - continues

Amounts in USD '000, unaudited	Note	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Other comprehensive income, net of tax:
Items that may be reclassified to profit or loss in subsequent periods - foreign currency translation differences		5,339	8,465	984	13,804	-3,043	-9,175
Items that will not be reclassified to profit or loss in subsequent periods - remeasurements pensions, actuarial		0	0	0	0	0	190
gain / loss (-) Total other comprehensive income, net of tax		5,339	8,465	984	13,804	-3,043	-8,985
Total comprehensive income / loss (-)		-15,651	29,793	9,122	14,142	393	26,524
Weighted average no. of shares outstanding basic		103,910,350	103,910,350	103,910,350	103,910,350	103,910,350	103,910,350
Weighted average no. of shares outstanding diluted		103,910,350	103,910,350	103,910,350	103,910,350	103,910,350	103,910,350
Earnings per share (USD per share) - Basic		-0.20	0.21	0.08	0.00	0.03	0.34
Earnings per share (USD per share) - Diluted		-0.20	0.21	0.08	0.00	0.03	0.34

Statement of financial position

Amounts in USD '000, unaudited	Note	30.06.2025	31.03.2025	31.12.2024	30.06.2024
ASSETS
Non-current assets
Goodwill	11,12	113,933	140,327	142,074	181,051
Exploration and evaluation assets	11	27,076	38,070	16,519	4,471
Oil and gas properties	10	720,512	658,808	596,959	673,099
Furniture, fixtures and office equipment	10	1,838	1,750	3,350	4,149
Right-of-use assets	10	14,916	15,021	14,657	17,192
Asset retirement reimbursement right	15	418,112	404,486	389,409	384,805
Total non-current assets		1,296,387	1,258,461	1,162,967	1,264,768
Current assets
Trade and other receivables	17,25	155,298	166,026	182,679	174,547
Financial investments	27	40,735	24,366	22,374	0
Spare parts, equipment and inventory	20	65,468	63,117	68,400	70,321
Asset retirement reimbursement right, current	15	27,047	19,945	17,601	7,722
Cash and cash equivalents	18	423,098	342,553	288,807	298,938
Total current assets		711,645	616,007	579,861	551,529
TOTAL ASSETS		2,008,033	1,874,469	1,742,828	1,816,297

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Statement of financial position - continues

Amounts in USD '000, unaudited	Note	30.06.2025	31.03.2025	31.12.2024	30.06.2024
EQUITY AND LIABILITIES
Equity
Share capital	16	1,229	1,229	1,229	1,229
Share premium		180,615	180,615	180,615	180,615
Other paid in capital		2,166	2,166	2,166	2,166
Retained earnings / loss (-)		-21,561	-571	-21,899	-54,162
Foreign currency translation differences		-50,450	-55,789	-64,254	-58,122
Total equity		112,000	127,651	97,858	71,727
Non-current liabilities
Asset retirement obligations	19	907,503	869,102	818,435	871,654
Pension liabilities		6,798	6,169	5,423	6,154
Lease liability	24	13,661	13,501	12,948	15,199
Deferred tax liabilities	9	158,993	139,977	110,809	84,044
Other provisions	26	0	9,567	8,854	5,468
Interest bearing bond loans	22	294,560	246,512	246,426	245,500
Other interest bearing liabilities	23	0	0	0	39,340
Total non-current liabilities		1,381,515	1,284,829	1,202,895	1,267,359
Current liabilities
Trade and other payables	21,25,26	248,896	244,552	266,823	301,271
Interest bearing bond loans, current	22	127,380	0	0	0
Other interest bearing liabilities, current		0	0	0	5,014
Income tax payable	9	97,882	185,802	143,436	148,441
Lease liability, current	24	4,096	4,247	4,252	4,714
Asset retirement obligations, current	19	27,508	21,082	18,162	9,739
Public dues payable		8,755	6,306	9,401	8,032
Total current liabilities		514,517	461,989	442,075	477,210
Total liabilities		1,896,033	1,746,818	1,644,969	1,744,569
TOTAL EQUITY AND LIABILITIES		2,008,033	1,874,469	1,742,828	1,816,297

Statement of changes in equity

Amounts in USD `000	Share capital	Share premium Other paid in capital		Retained earnings/ loss (-)	Translation adjustments	Total equity
Equity at 1 January 2024	1,229	180,615	2,166	-57,597	-55,079	71,334
Net profit / loss (-) for the period	0	0	0	3,436	0	3,436
Total other comprehensive income / loss (-) for the period	0	0	0	0	-3,043	-3,043
Equity at 30 June 2024	1,229	180,615	2,166	-54,162	-58,122	71,727
Equity at 1 July 2024	1,229	180,615	2,166	-54,162	-58,122	71,727
Net profit / loss (-) for the period	0	0	0	32,073	0	32,073
Total other comprehensive income / loss (-) for the period	0	0	0	190	-6,132	-5,942
Equity at 31 December 2024	1,229	180,615	2,166	-21,899	-64,254	97,858
Equity at 1 January 2025	1,229	180,615	2,166	-21,899	-64,254	97,858
Net profit / loss (-) for the period	0	0	0	21,328	0	21,328
Total other comprehensive income / loss (-) for the period	0	0	0	0	8,465	8,465
Equity at 31 March 2025	1,229	180,615	2,166	-571	-55,789	127,651
Equity at 1 April 2025	1,229	180,615	2,166	-571	-55,789	127,651
Net profit / loss (-) for the period	0	0	0	-20,989	0	-20,989
Total other comprehensive income / loss (-) for the period	0	0	0	0	5,339	5,339
Equity at 30 June 2025	1,229	180,615	2,166	-21,560	-50,450	112,001

Statement of cash flows

Amounts in USD `000, unaudited	Note	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Cash flow from operating activities
Profit / loss (-) before income tax		4,684	122,127	57,101	126,811	159,814	425,915
Income tax paid/received	9	-107,526	-49,690	-132,031	-157,216	-199,472	-293,226
Depreciation, depletion and amortization	10	58,292	57,263	66,437	115,555	140,408	268,213
Impairment / reversal of impairment	10, 11, 12	32,084	11,941	24,839	44,025	39,883	-41,440
Expensed exploration expenditures temporary capitalised	8, 11	7,678	5,169	15,672	12,848	15,678	15,682
Accretion asset retirement obligations/reimbursement right - net	14, 15, 19	3,872	2,975	3,151	6,847	6,137	12,160
Asset retirement costs from billing (net after reimbursement)	15, 19	-530	-72	-481	-601	-931	-2,235
Gain from sales of licences	6	28	-110	0	-82	0	-4,435
Interest expense	14	3,537	2,699	4,065	6,236	7,170	15,752
Gain / loss on financial investments	14	0	-54	0	-54	0	-368
Change in fair value contingent consideration	6, 26	-2,799	207	-5,605	-2,592	-4,741	-2,767
Change in trade and other receivables, and inventory		18,859	38,123	14,571	56,982	-50,982	-79,967
Change in trade and other payables		-6,585	-40,009	19,016	-46,595	71,487	64,197
Change in foreign exchange interest bearing debt and other non-current items		-4,152	-15,331	-3,025	-19,483	2,670	19,914
Net cash flow from / used in (-) operating activities		7,443	135,238	63,711	142,680	187,120	397,395

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Statement of cash flows - continues

Amounts in USD `000, unaudited	Note	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Cash flow from investment activities
Investment in exploration and evaluation assets	11	3,051	-31,581	-302	-28,531	-516	-13,229
Business combinations, cash paid	26	-6,944	0	-3,113	-6,944	-62,735	-64,754
Investment in oil and gas properties	10, 14	-83,319	-68,766	-81,850	-152,085	-157,945	-287,891
Investment in furniture, fixtures and office machines	10	-761	0	0	-761	-23	-590
Cash used on (-) / received from financial investments	29	-14,566	0	0	-14,566	0	-23,349
Proceeds from sales of licences		0	4,037	0	4,037	0	-17,860
Net cash flow from / used in (-) investment activities		-102,540	-96,311	-85,266	-198,850	-221,220	-407,672
Cash flow from financing activities
Net proceeds from borrowings	22	169,528	0	122,636	169,528	122,636	122,636
Repayment of other interest bearing liabilities	23	0	0	-1,226	0	-2,821	-5,260
Interest paid		-6,300	-5,999	-1,066	-12,299	-7,870	-20,840
Payments of lease debt	24	-775	-721	-779	-1,495	-1,574	-3,115
Net cash flow from / used in (-) financing activities		162,453	-6,720	119,565	155,733	110,371	93,421
Net increase/ decrease (-) in cash and cash equivalents		67,356	32,206	98,010	99,562	76,271	83,144
Cash and cash equivalents at the beginning of the period		342,553	288,807	197,219	288,807	226,218	226,218
Effect of exchange rate fluctuation on cash held		13,189	21,540	3,709	34,729	-3,550	-20,555
Cash and cash equivalents at the end of the period		423,098	342,553	298,938	423,098	298,938	288,807

Notes to the interim financial statement

1 General and corporate information

These financial statements are the unaudited interim condensed financial statements of OKEA ASA for the second quarter of 2025.

OKEA ASA ("OKEA" or the "company") is a public limited liability company incorporated and domiciled in Norway, with its main office located in Trondheim. The company's shares are listed on the Oslo Stock Exchange under the ticker "OKEA".

OKEA is a leading mid- and late-life operator on the Norwegian continental shelf (NCS).

2 Basis of preparation

The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for 2024. The annual financial statements for 2024 were prepared in accordance with IFRS® Accounting Standards (IFRS) as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act.

All figures in the financial statements are presented in USD. OKEA's functional currency is NOK, but has from Q1 2025 presented its financial statements in USD. Comparative information for previous periods previously presented in NOK have been restated to USD to conform the current years presentation.

For presentation purposes, balance sheet items are translated from functional currency to presentation currency using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to presentation currency using average exchange rates for the periods presented, or rates at the dates of the transactions if significantly different. For share capital and share premium historical exchange rates are used.

The interim financial statements were authorised for issue by the company's board of directors on 15 July 2025.

3 Accounting policies

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the annual financial statements for 2024. New standards, amendments and interpretations to existing standards effective from 1 January 2025 did not have significant impact on the financial statements.

4 Critical accounting estimates and judgements

The preparation of the interim financial statements entails the use of judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised as assets and liabilities, income and expenses. The estimates, and associated assumptions, are based on historical experience and other factors that are considered as reasonable under the circumstances. The actual results may deviate from these estimates. The material assessments underlying the application of the company's accounting policies, and the main sources of uncertainty, are the same for the interim financial statements as for the annual accounts for 2024.

5 Business segments

The company's only business segment is development and production of oil and gas on the Norwegian continental shelf.

6 Income

Breakdown of petroleum revenues

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Sale of liquids	137,042	191,175	176,433	328,217	449,323	793,572
Sale of gas	59,069	75,220	50,943	134,289	103,432	232,300
Total petroleum revenues	196,111	266,395	227,376	462,506	552,755	1,025,873
Sale of liquids (boe)	2,173,350	2,624,367	2,248,678	4,797,716	5,544,562	10,271,410
Sale of gas (boe)	827,699	891,559	781,085	1,719,258	1,724,276	3,436,712
Total sale of petroleum in boe5	3,001,049	3,515,925	3,029,763	6,516,974	7,268,838	13,708,122

Other operating income

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Gain / loss (-) from put/call options, oil	431	-269	-54	162	-1,531	-1,923
Gain / loss (-) from put/call options, gas	814	992	138	1,806	138	-360
Gain / loss (-) from forward contracts, CO2 quotas	-16	-119	149	-135	43	201
Change in fair value contingent consideration (see note 26)	2,799	-207	5,605	2,592	4,741	2,767
Tariff income	5,376	4,477	7,115	9,854	14,543	17,438
Sale of licences	-28	110	0	82	0	4,435
Joint utilisation of logistics resources	401	66	251	466	347	1,216
Total other operating income/loss (-)	9,777	5,051	13,204	14,828	18,280	23,776

⁵ Barrels of oil equivalents

7 Production expenses & changes in over/underlift positions and production inventory

Production expenses

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
From licence billings - producing assets	62,428	50,261	69,621	112,689	136,939	258,015
Other production expenses (insurance, transport)	9,899	9,978	10,603	19,877	21,434	44,602
G&A expenses allocated to production expenses	1,291	1,516	1,620	2,806	3,324	5,921
Total production expenses	73,618	61,754	81,844	135,372	161,697	308,538

Changes in over-/underlift positions and production inventory

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Changes in over-/underlift positions	-5,846	-2,020	23,227	-7,866	-8,407	10,295
Changes in production inventory	-2,020	-10,831	-8,755	-12,851	-13,713	-7,339
Changes in over-/underlift positions and production inventory	-7,866	-12,851	14,472	-20,717	-22,120	2,956

8 Exploration and evaluation expenses

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Share of exploration and evaluation expenses from participation in licences excluding dry well impairment, from billing	2,864	2,861	2,845	5,725	4,931	9,828
Share of exploration expenses from participation in licences, dry well write off, from billing	7,678	5,169	15,672	12,848	15,678	15,682
Seismic and other exploration and evaluation expenses, outside billing	9,733	1,164	844	10,897	3,288	15,234
G&A expenses allocated to exploration expenses	265	199	207	463	402	784
Total exploration and evaluation expenses	20,540	9,393	19,568	29,933	24,299	41,528

9 Taxes

Income taxes recognised in the income statement

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Change in deferred taxes current year	-11,368	-21,114	11,037	-32,482	-861	-112,413
Taxes payable current year	-14,869	-79,598	-59,717	-94,466	-155,234	-277,710
Tax payable adjustment previous year	1,655	-111	-283	1,543	-283	-283
Change in deferred taxes previous year	-1,092	24	0	-1,068	0	0
Total taxes (-) / tax income (+) recognised in the income statement	-25,673	-100,799	-48,963	-126,473	-156,378	-390,406

Reconciliation of income taxes

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Profit / loss (-) before income taxes	4,684	122,127	57,101	126,811	159,814	425,915
Expected income tax at tax rate 78.004%	-3,654	-95,264	-44,541	-98,917	-124,661	-332,230
Permanent differences, including impairment of goodwill	-22,701	-12,369	-4,235	-35,070	-25,905	-42,931
Effect of uplift	1,487	1,351	1,405	2,838	2,994	5,821
Financial and onshore items	-1,058	5,280	-704	4,222	-7,894	-20,156
Change valuation allowance	-555	517	-60	-39	-84	-106
Adjustments previous year and other	807	-314	-828	493	-828	-804
Total income taxes recognised in the income statement	-25,673	-100,799	-48,963	-126,473	-156,378	-390,406
Effective income tax rate	548%	83%	86%	100%	98%	92%

Specification of tax effects on temporary differences, tax losses and uplift carried forward

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Tangible and intangible non-current assets	-533,904	-497,687	-436,805	-459,725
Provisions (net ARO), lease liability, pensions and gain/loss account	413,260	392,890	365,489	412,964
Interest bearing loans	-4,941	-1,763	-824	-1,047
Current items (spareparts and inventory)	-33,409	-33,418	-38,668	-36,235
Tax losses carried forward, onshore 22%	596	28	543	544
Valuation allowance (uncapitalised deferred tax asset)	-596	-28	-543	-544
Total deferred tax assets / liabilities (-) recognised	-158,993	-139,977	-110,809	-84,044

Specification of tax payable

Amounts in USD `000	Total
Tax payable at 1 January 2025	143,436
Tax paid	-157,216
Tax payable adjustment previous year	-1,658
Tax payable current year recognised in the income statement	94,466
Foreign currency translation effects	18,854
Tax payable at 30 June 2025	97,882

Total deferred tax assets / liabilities (-)

Amounts in USD `000	Total
Deferred tax assets / liabilities (-) at 1 January 2025	-110,809
Deferred tax current year recognised in the income statement	-32,482
Change in deferred taxes previous year	-1,068
Foreign currency translation effects	-14,634
Total deferred tax assets / liabilities (-) 30 June 2025	-158,993

10 Tangible assets and right-of-use assets

	Oil and gas properties		Furniture,
	Assets under	Assets in	fixtures and office	Right of use
Amounts in USD `000	development	production	machines	assets	Total
Cost at 1 January 2025	131,925	1,055,622	7,957	31,594	1,227,098
Additions	31,371	40,351	0	0	71,722
Reclassification from inventory	0	128	0	0	128
Removal and decommissioning asset	0	508	0	0	508
Disposals	0	0	-5,356	0	-5,356
Foreign currency translation effects	11,540	82,078	342	2,397	96,357
Cost at 31 March 2025	174,836	1,178,686	2,942	33,991	1,390,456
Accumulated depreciation and impairment at 1 January 2025	0	-590,588	-4,607	-16,938	-612,133
Depreciation	0	-56,563	-193	-508	-57,263
Disposals	0	0	3,781	0	3,781
Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator	0	0	0	-205	-205
Foreign currency translation effects	0	-47,564	-174	-1,320	-49,057
Accumulated depreciation and impairment at 31 March 2025	0	-694,714	-1,192	-18,970	-714,877
Carrying amount at 31 March 2025	174,836	483,972	1,750	15,021	675,579
Cost at 1 April 2025	174,836	1,178,686	2,942	33,991	1,390,456
Additions	44,962	42,535	761	0	88,258
Reclassification from inventory	0	-3	0	0	-3
Reclassification from exploration		1,734
Removal and decommissioning asset	0	-299	0	0	-299
Disposals	0	0	-551	0	-551
Foreign currency translation effects	8,769	54,008	137	1,532	64,446
Cost at 30 June 2025	228,567	1,276,660	3,289	35,523	1,544,039
Accumulated depreciation and impairment at 1 April 2025	0	-694,714	-1,192	-18,970	-714,877
Depreciation	0	-57,544	-201	-546	-58,292
Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator	0	0	0	-220	-220
Foreign currency translation effects	0	-32,457	-58	-870	-33,385
Accumulated depreciation and impairment at 30 June 2025	0	-784,716	-1,451	-20,607	-806,774
Carrying amount at 30 June 2025	228,567	491,945	1,838	14,916	737,266

11 Goodwill, exploration and evaluation assets

	Exploration and evaluation	Technical	Ordinary
Amounts in USD `000	assets	goodwill		goodwill Total goodwill
Cost at 1 January 2025	16,519	232,624	157,996	390,620
Additions	31,581	0	0	0
Additions through business combination (see note 26)	0	0	0	0
Disposals	-7,060	0	0	0
Expensed exploration expenditures temporarily capitalised	-5,169	0	0	0
Foreign currency translation effects	2,199	17,646	11,985	29,631
Cost at 31 March 2025	38,070	250,270	169,981	420,251
Accumulated impairment at 1 January 2025	0	-104,926	-143,620	-248,546
Impairment	0	-11,941	0	-11,941
Foreign currency translation effects	0	-8,543	-10,894	-19,437
Accumulated impairment at 31 March 2025	0	-125,409	-154,515	-279,924
Carrying amount at 31 March 2025	38,070	124,860	15,467	140,327
Cost at 1 April 2025	38,070	250,270	169,981	420,251
Additions	-3,051	0	0	0
Reclassification to oil and gas properties under development	-1,734	0	0	0
Expensed exploration expenditures temporarily capitalised	-7,678	0	0	0
Foreign currency translation effects	1,469	11,282	7,663	18,945
Cost at 30 June 2025	27,076	261,552	177,644	439,196
Accumulated impairment at beginning of period	0	-125,409	-154,515	-279,924
Impairment	0	-32,084	0	-32,084
Foreign currency translation effects	0	-6,289	-6,965	-13,254
Accumulated impairment at 30 June 2025	0	-163,782	-161,480	-325,263
Carrying amount at 30 June 2025	27,076	97,769	16,164	113,933

12 Impairment / reversal of impairment

Tangible and intangible assets are tested for impairment / reversal of impairment whenever indicators are identified and at least on an annual basis. Impairment is recognised when the book value of an asset or cash generating unit exceeds the estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use and is estimated based on discounted future cash flows. The discount rate applied represents the weighted average cost of capital (WACC).

Technical goodwill arises as an offsetting account to the deferred tax recognised in business combinations and is allocated to each Cash Generating Unit (CGU). Technical goodwill will be impaired during the life-time of the CGU and is a non-cash expense. As reserves are produced, depreciation of the oil and gas properties (CGU) reduces deferred tax and exposes technical goodwill for impairment.

Fair value assessments of the company's right-of-use (ROU) asset-portfolio are included in the impairment test.

Valuation of oil and gas properties and goodwill are inherently uncertain due to the judgemental nature of the underlying estimates.

Key assumptions applied in the impairment test at 30 June 2025 stated in real terms:

Year	Oil USD/BOE	Gas GBP/ therm	Currency rates USD/NOK
2025	66.3	0.8	10.1
2026	63.5	0.8	10.1
2026	64.1	0.7	10.1
2027	73.9	0.7	10.0
From 2028	75.0	0.7	10.0

Other assumptions

For oil and gas reserves, future cash flows are calculated on the basis of expected production profiles and estimated proven and probable remaining reserves limited by economic cut-off.

Future capex, opex and abandonment cost are calculated based on expected production profiles and the best estimate of related cost. The nominal discount rate applied for estimating fair values is 10% post tax.

The long-term inflation rate is assumed to be 2%.

Total cost for CO2 comprises Norwegian CO2 tax and cost of the EU Emission Trading System and is estimated to gradually increase from NOK 1,806 per tonne in 2025 towards a long term price of NOK 2,000 (real 2020) per tonne from 2030 in line with price estimates presented by the Norwegian authorities in late 2021. NOx prices are estimated to increase from approximately NOK 18 per kg in 2025 to a level of approximately 27 NOK per kg from 2030.

Impairment testing of technical goodwill, ordinary goodwill, fixed assets and ROU assets

Based on the company's impairment assessments, impairments of technical goodwill on Statfjord CGU of USD 22,984 (4,920) thousand, on Ivar Aasen CGU of USD 1,499 (2,559) thousand, and on Gjøa/ Nova CGU of USD 7,602 (4,462) thousand were recognised in the quarter. No impairments on ordinary goodwill, fixed assets or ROU assets were required in the three month period ending at 30 June 2025.

Amounts in USD `000		Alternative calculations of pre tax impairment/reversal (-)			Increase / decrease (-) of pre tax impairment
	Change	Increase in assumption	Decrease in assumption	Increase in assumption	Decrease in assumption
Oil and gas price	+/- 10%	1,231	184,677	-30,854	152,592
Currency rate USD/NOK	+/- 1.0 NOK	4,205	172,590	-27,879	140,505
Discount rate	+/- 1% point	34,159	29,925	2,075	-2,160
Environmental cost (CO2 and NOx)	+/- 20%	57,331	21,895	25,246	-10,190

13 General and administrative expenses

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Salary and other employee benefits expenses	31,469	27,059	26,414	58,528	52,409	106,724
Consultants and other operating expenses	18,430	14,480	14,490	32,910	29,968	58,878
Allocated to operated licences	-42,098	-35,235	-35,992	-77,333	-71,667	-146,036
Allocated to exploration and production expenses	-1,555	-1,714	-1,827	-3,270	-3,727	-6,705
Total general and administrative expenses	6,246	4,589	3,085	10,835	6,984	12,862

14 Financial items

Amounts in USD `000	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Interest income	3,054	2,179	2,160	5,233	2,850	9,066
Unwinding of discount asset retirement reimbursement right (indemnification asset)	5,346	4,922	4,718	10,269	9,289	18,347
Gain on financial investments	0	54	0	54	0	368
Finance income	8,400	7,155	6,879	15,555	12,140	27,781
Interest expense and fees from loans and borrowings	-7,714	-5,655	-5,237	-13,369	-9,141	-22,379
Capitalised borrowing cost, development projects	4,177	2,956	1,172	7,133	1,971	6,627
Other interest expense	-1,064	-1	-1,186	-1,064	-1,755	-1,758
Unwinding of discount asset retirement obligations	-9,219	-7,897	-7,870	-17,116	-15,426	-30,507
Loss on buy-back/early redemption bond loan	-5,589	0	0	-5,589	0	0
Other financial expense	-510	-324	-494	-835	-916	-1,642
Finance costs	-19,919	-10,921	-13,614	-30,840	-25,267	-49,660
Exchange rate gain / loss (-), interest-bearing loans and borrowings	11,906	18,080	3,829	29,986	-6,371	-24,017
Net exchange rate gain / loss (-), other	-2,945	-5,842	729	-8,787	3,667	8,908
Net exchange rate gain / loss (-)	8,960	12,239	4,558	21,199	-2,704	-15,109
Net financial items	-2,558	8,472	-2,178	5,914	-15,831	-36,988

15 Asset retirement reimbursement right

Amounts in USD `000	Total
Asset retirement reimbursement right at 1 January 2025 (indemnification asset)	407,010
Changes in estimates	6,240
Effect of change in the discount rate	-15,334
Asset retirement costs from billing, reimbursement from Shell and Harbour Energy	-2,395
Asset retirement costs from billing, paid by Equinor	-9,922
Unwinding of discount	10,269
Foreign currency translation effects	49,290
Asset retirement reimbursement right at 30 June 2025 (indemnification asset)	445,159
Of this:
Asset retirement reimbursement right, non-current	418,112
Asset retirement reimbursement right, current	27,047
Asset retirement reimbursement right at 30 June 2025 (indemnification asset)	445,159

Asset retirement reimbursement right consists of a receivable from the seller Shell from OKEA's acquisition of Draugen and Gjøa assets in 2018, a receivable from the seller Harbour Energy (previously Wintershall Dea) from OKEA's acquisition of the Brage asset in 2022, and a receivable from the seller Equinor from OKEA's acquisition of the Statfjord asset in 2023.

Receivable from the seller Shell from OKEA's acquisition of Draugen and Gjøa assets:

The parties have agreed that the seller Shell will cover 80% of OKEA's share of total decommissioning costs for the Draugen and Gjøa fields up to a predefined after-tax cap amount of USD 78 million (2025 value) subject to Consumer Price Index (CPI) adjustment. The present value of the expected payments is recognised as a pre-tax receivable from the seller.

In addition, the seller has agreed to pay OKEA a fixed amount of USD 46 million (2025 value) subject to a CPI adjustment according to a schedule based on the percentage of completion of the decommissioning of the Draugen and Gjøa fields.

The net present value of the receivable is calculated using a discount rate of 5.1% (5.2%).

Receivable from the seller Harbour Energy from OKEA's acquisition of the Brage asset:

The parties have agreed that Harbour Energy will retain responsibility for 80% of OKEA's share of total decommissioning costs related to the Brage Unit, limited to an agreed pre-tax cap of USD 167 (2025 value) million subject to index regulation.

The net present value of the receivable is calculated using a discount rate of 5.0% (5.0%).

Receivable from the seller Equinor from OKEA's acquisition of the Statfjord assets:

The parties have agreed that Equinor will retain responsibility for 100% of OKEA's share of total decommissioning costs related to Statfjord A.

The net present value of the receivable is calculated using a discount rate of 4.5% (4.4%).

16 Share capital

	Ordinary shares
Outstanding shares at 1 January 2025	103,910,350
New shares issued during 2025	0
Number of outstanding shares at 30 June 2025	103,910,350
Nominal value NOK per share at 31 March 2025	0.10
Share capital NOK at 31 March 2025	10,391,035
Nominal value USD per share at 30 June 2025	0.01
Share capital USD at 30 June 2025	1,229,272

17 Trade and other receivables

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Accounts receivable and receivables from operated licences	22,312	16,120	13,730	18,981
Accrued revenue	40,639	59,990	67,788	53,499
Prepayments	14,120	8,500	8,757	14,367
Working capital and overcall, joint operations/licences	50,515	58,069	56,456	60,917
Underlift of petroleum products	20,255	16,754	30,696	23,659
VAT	229	1,380	3,567	847
Accrued interest income	3,720	1,716	909	1,552
Other receivables	332	318	295	315
Fair value put/call options, gas	1,165	650	0	140
Fair value put/call options, oil	129	0	73	0
Fair value forward contracts, foreign exchange	1,572	2,215	0	0
Fair value forward contracts, CO2 quotas	311	313	408	270
Total trade and other receivables	155,298	166,026	182,679	174,547

No provisions have been recognised for bad debt on receivables.

18 Cash and cash equivalents

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Bank deposits, unrestricted	159,068	263,380	195,667	193,813
Bank deposit, time deposit	79,773	66,856	79,758	93,932
Bank deposit, restricted, net proceeds from bond issue OKEA06 on escrow account	169,619	0	0	0
Bank deposit, restricted, employee taxes	3,908	2,462	4,304	3,338
Bank deposit, restricted, deposit office leases	2,043	1,632	1,517	1,598
Bank deposit, restricted, other	8,687	8,222	7,561	6,257
Total cash and cash equivalents	423,098	342,553	288,807	298,938

In addition to the cash and cash equivalents, USD 40.7 (24.4) million was placed in money-market funds. Reference is made to note 27.

19 Asset retirement obligations

Provisions for asset retirement obligations represent the future expected costs for close-down and removal of oil equipment and production facilities. The provision is based on the company's best estimate. The net present value of the estimated obligation is calculated using a discount rate of 4.1% (year end 2024: 3.7%). The assumptions are based on the economic environment at balance sheet date. Actual asset retirement costs will ultimately depend upon future market prices for the necessary works which will reflect market conditions at the relevant time. Furthermore, the timing of the close-down is likely to depend on when the field ceases to produce at economically viable rates. This in turn will depend upon future oil and gas prices, which are inherently uncertain.

For recovery of costs of decommissioning related to assets acquired from Shell, Harbour Energy (previously Wintershall Dea) and Equinor, reference is made to note 15.

Amounts in USD `000	Total
Provisions at 1 January 2025	836,598
Changes in estimates	6,240
Effects of change in the discount rate	-15,125
Asset retirement costs from billing	-12,918
Unwinding of discount	17,116
Foreign currency translation effects	103,100
Asset retirement obligations at 30 June 2025	935,011
Of this:
Asset retirement obligations, non-current	907,503
Asset retirement obligations, current	27,508
Asset retirement obligations at 30 June 2025	935,011

20 Spare parts, equipment and inventory

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Inventory of petroleum products	18,157	19,344	28,540	24,266
Spare parts and equipment	47,312	43,773	39,860	46,055
Total spare parts, equipment and inventory	65,468	63,117	68,400	70,321

21 Trade and other payables

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Trade creditors	28,455	32,053	40,481	45,536
Accrued holiday pay and other employee benefits	17,868	17,037	20,626	14,188
Working capital, joint operations/licences	134,775	134,762	121,483	138,216
Overlift of petroleum products	16,676	7,626	20,242	29,610
Accrued interest bond loans	5,038	4,816	4,816	4,816
Other provisions, current (see note 26)	7,766	7,370	6,687	11,181
Prepayments from customers	9,334	8,578	18,768	23,184
Fair value put/call options, gas	0	0	363	0
Fair value put/call options, oil	0	176	0	81
Fair value forward contracts, foreign exchange	0	0	667	0
Accrued consideration from acquisitions of interests in licences	142	70	446	0
Other accrued expenses	28,843	32,065	32,244	34,458
Total trade and other payables	248,896	244,552	266,823	301,271

22 Interest bearing bond loans

In June 2025, the company issued a USD 175 million secured bond loan (OKEA06). Maturity date for OKEA06 is June 2029, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA 06 was issued at par value.

In May 2024, the company issued a USD 125 million secured bond loan (OKEA05). Maturity date for OKEA05 is May 2028, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA05 was issued at par value.

In September 2023, the company completed a refinancing of the OKEA03 bond loan, with original maturity in December 2024, by issuing a USD 125 million secured bond loan (OKEA04). Maturity date for OKEA04 was September 2026, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA04 was issued at par value. Following issue of the OKEA06 bond loan in June, a notice of redemption of the OKEA04 bond was issued and the bond was repaid in full on 1 July 2025 at a redemption price of 104.563%.

During 2025, the company has been in full compliance with the covenants under the bond agreements. The financial covenants of OKEA04, OKEA05 and OKEA06 comprise:

• Leverage Ratio (Total Debt Liquid Assets) / 12-mth rolling EBITDA of max 1.75x
• Minimum Liquidity of USD 45 million

Amounts in USD `000	Bond loan OKEA06	Bond loan OKEA05	Bond loan OKEA04	Total
Interest bearing bond loans at 1 January 2025	0	122,923	123,502	246,426
Bond issue	175,000	0 0		175,000
Capitalized transaction cost	-3,338	0	0	-3,338
Amortisation of transaction costs	0	283	1,636	1,919
Bond buy-back/early redemption	0	0	2,109	2,109
Foreign exchange movement	-1,035	-14,566	-14,385	-29,986
Foreign currency translation effects	969	14,323	14,518	29,811
Interest bearing bond loans at 30 June 2025	171,596	122,964	127,380	421,940
Specification of interest bearing loans:
Interest bearing bond loans, non-current	171,596	122,964 0		294,560
Interest bearing bond loans, current	0	0	127,380	127,380
Interest bearing bond loans at 30 June 2025	171,596	122,964	127,380	421,940
Interest bearing bond loans at 1 January 2025	0	122,923	123,502	246,426
Cash flows:
Gross proceeds from borrowings	175,000	0	0	175,000
Transaction costs	-2,172	0	0	-2,172
Bond buy-back/early redemption	0	0	-3,300
Total cash flows:	172,828	0	-3,300	169,528
Non-cash changes:
Amortisation of transaction costs	0	283	1,636	1,919
Transaction costs accrued	-1,166	0	0	-1,166
Loss / gain (-) on buy-back/early redemption	0	0	5,589	5,589
Foreign exchange movement	-1,035	-14,566	-14,566	-30,167
Foreign currency translation effects	969	14,323	14,518	29,811
Interest bearing bond loans at 30 June 2025	171,596	122,964	127,380	421,940

23 Other interest bearing liabilities

To enhance the financial flexibility, OKEA has a Revolving Credit Facility (RCF) which is available for working capital purposes. In connection with the bond issue OKEA06, the size of the super senior revolving credit facility (the "SSRCF") was increased from USD 37.5 million to USD 45.0 million. The RCF has a limit of USD 45.0 million until November 2027, and thereafter reduces to USD 26.25 million until final maturity in December 2028. No draw downs have been made on the RCF.

24 Leasing

Amounts in USD `000	Total
Lease liability at 1 January 2025	17,199
Accretion lease liability	776
Payments of lease debt and interest	-2,271
Foreign currency translation effects	2,054
Total lease debt at 30 June 2025	17,758
Break down of lease liability
Short-term (within 1 year)	4,096
Long-term	13,661
Total lease liability	17,758
Undiscounted lease liabilities and maturity of cash outflows
Within 1 year	4,230
1 to 5 years	12,525
After 5 years	9,988
Total	26,743

The company has entered into operating leases for office facilities. In addition, as operator of the Draugen field, the company has on behalf of the licence entered into operating leases for logistic resources such as supply vessel with associated remote operated vehicle (ROV), base and warehouse for spare parts and hence these lease debts are recognised on a gross basis.

Lease payments related to leasing contracts entered into as an operator of the Draugen field are presented on a gross basis.

25 Commodity contracts

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Premium commodity contracts	0	0	46	295
Accumulated unrealised gain/loss (-) commodity contracts included in other operating income / loss(-)	1,294	473	-337	-237
Short-term net derivatives included in assets/liabilities (-)	1,294	473	-291	58

OKEA uses derivative financial instruments (put and call options) to manage exposures to fluctuations in commodity prices. Put options are purchased to establish a price floor for a portion of future production of petroleum products. In some cases, a price ceiling is established by selling call options, to reduce the net hedging premium. The contracts are recognised at fair value.

In addition, OKEA has entered into non-financial contracts with physical delivery of gas in 2025 at fixed prices. As of 30 June 2025, the outstanding contracts are 11.04 million therms of gas with delivery in Q3 2025 at fixed prices in the range of 91.5 - 123.8 GBp/therm. These contracts are not recognised in the balance sheet, but recognised as revenue at the agreed price at the time of delivery of the gas.

26 Other provisions

Amounts in USD `000	Total
Provision at 1 January 2025	15,542
Settlements/payments to Harbour Energy and Equinor	-6,944
Changes in fair value	-2,592
Foreign currency translation effects	1,761
Other provisions at 30 June 2025	7,766
Specification of other provisions:
Other provisions, non-current	0
Other provisions, current (classified within trade and other payables)	7,766
Other provisions at 30 June 2025	7,766

Other provisions consists of provisions for additional contingent consideration from OKEA's acquisition of the Statfjord asset in 2023. The provisions for contingent consideration is measured at fair value with changes in fair value recognised in the income statement. The fair value is estimated using an option pricing methodology, where the expected option payoff is calculated at each future payment date and discounted back to the balance date.

Additional contingent consideration for the acquisition of the Brage, Ivar Aasen and Nova assets in 2022:

The final payment to Harbour Energy was made in June 2025.

Additional contingent consideration for the acquisition of the Statfjord asset in 2023:

OKEA shall pay to Equinor an additional contingent consideration with contingent payment terms applicable for 2023-2025 for certain thresholds of realised oil and gas prices.

27 Financial investments

Amounts in USD `000	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Investments in money-market funds	40,735	24,366	22,374	0
Total financial investments	40,735	24,366	22,374	0

28 Fair value of financial instruments

It is assessed that the carrying amounts of financial assets and liabilities, except for interest bearing bond loans, are approximately equal to their respective fair values.

For the interest bearing bond loans OKEA04, OKEA05 and OKEA06, with a total issue amount of USD 425 million, total fair value is estimated to USD 435 million at 30 June 2025. OKEA04, OKEA05 and OKEA06 are listed on the Oslo Stock Exchange. The fair value is based on the latest quoted market prices (level 2 in the fair value hierarchy according to IFRS 13) as per balance sheet date.

Put/call options oil, put/call options gas, forward contracts CO² quotas and forward contracts foreign exchange are carried in the statement of financial position at fair value. The fair values are based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy).

29 Events after the balance sheet date

Following the issue of the OKEA06 bond loan in June, a notice of redemption of the OKEA04 bond was issued. The OKEA04 bond, with a nominal value of USD 125 million, was repaid in full on 1 July 2025.

Alternative performance measures

Reconciliations

EBITDA	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Amounts in USD million	3 months	3 months	3 months	6 months	6 months	12 months
Profit / loss (-) from operating activities	7	114	59	121	176	463
Add: depreciation, depletion and amortisation	58	57	66	116	140	268
Add: impairment	32	12	25	44	40	-41
EBITDA	98	183	151	280	356	690

EBITDAX	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Amounts in USD million	3 months	3 months	3 months	6 months	6 months	12 months
Profit / loss (-) from operating activities	7	114	59	121	176	463
Add: depreciation, depletion and amortisation	58	57	66	116	140	268
Add: impairment / reversal of impairment	32	12	25	44	40	-41
Add: exploration and evaluation expenses	21	9	20	30	24	42
EBITDAX	118	192	170	310	380	731

Production expense per boe	Q2 2025	Q1 2025	Q2 2024	YTD 2025	YTD 2024	2024
Amounts in USD million	3 months	3 months	3 months	6 months	6 months	12 months
Productions expense	74	62	82	135	162	309
Less: processing tariff income	-5	-4	-7	-10	-15	-17
Less: joint utilisation of resources	0	0	0	0	0	-1
Divided by: produced volumes (boe)	2,885	3,081	3,490	5,966	7,322	14,225
Production expense USD per boe	23.5	18.6	21.3	21.0	20.0	20.4

Leverage ratio
Amounts in USD million	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Net debt
Interest bearing bond loans	422	247	246	245
Other interest bearing liabilities (pre reclass)	0	0	0	44
Income tax payable (pre reclass)	98	186	143	148
Less:Cash and cash equivalents	-423	-343	-289	-299
Less:Investments in money-market funds	-41	-24	-22	0
Net debt	56	65	79	139
12 months rolling EBITDA	431	667	690	725
Leverage ratio	0.13	0.10	0.11	0.19

Net interest-bearing debt
Amounts in USD million	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Interest bearing bond loans	422	247	246	245
Other interest bearing liabilities	0	0	0	39
Other interest bearing liabilities, current	0	0	0	5
Less:Cash and cash equivalents	-423	-343	-289	-299
Less:Investments in money-market funds	-41	-24	-22	0
Net interest-bearing debt / (cash) position	-42	-120	-65	-9

Net interest-bearing debt excl. other interest bearing debt
Amounts in USD million	30.06.2025	31.03.2025	31.12.2024	30.06.2024
Interest bearing bond loans	422	247	246	245
Less:Cash and cash equivalents	-423	-343	-289	-299
Less:Investments in money-market funds	-41	-24	-22	0
Net interest-bearing debt / (cash) position excl. other interest bearing liabilities	-42	-120	-65	-53

Definitions

EBITDA

EBITDA is defined as earnings before interest and other financial items, taxes, depreciation, depletion, amortisation and impairments.

EBITDAX

EBITDAX is defined as earnings before interest and other financial items, taxes, depreciation, depletion, amortisation, impairments and exploration and evaluation expenses.

Production expense per boe

Production expense per boe is defined as production expense less processing tariff income and joint utilisation of resources income for assets in production divided by produced volumes. Expenses classified as production expenses related to various preparation for operations on assets under development are excluded.

Capital expenditure

Capital expenditure (Capex) is defined as investment in oil and gas properties as shown in investment activities in the statement of cash flows.

Leverage ratio

Leverage ratio means the ratio of net debt to EBITDA. Net debt includes tax payable.

Net interest-bearing debt (cash)

Net interest-bearing debt is book value of interest-bearing loans, bonds and other interest-bearing liabilities excluding lease liability (IFRS 16) less cash and cash equivalents and investments in money-market funds.

Net interest-bearing debt excl. other interest bearing liabilities

Net interest-bearing debt excl. other interest bearing liabilities is book value of interest-bearing bond loans less cash and cash equivalents.

Statement from the board of directors and CEO

We hereby confirm, to the best of our knowledge, that the unaudited interim financial statement for the period 1 January to 30 June 2025 of OKEA ASA have been prepared in accordance with IAS 34 Interim Financial Reporting and that the information presented gives a true and fair view of the company's assets, liabilities, financial position and results for the period viewed in their entirety and that the half year report gives a fair view of the information as described in the Securities Trading Act §5-6 fourth paragraph.

Trondheim, 15 July 2025

Chaiwat Kovavisarach	Mike Fischer	Rune Olav Pedersen
chairman of the board	deputy chair of the board	member of the board
Nicola Gordon	Jon Arnt Jacobsen	Phatpuree Chinkulkitnivat
member of the board	member of the board	member of the board
Elizabeth (Liz) Williamson	Pairoj Kaweeyanun	Per Magne Bjellvåg
member of the board	member of the board	member of the board
Sverre Nes	Ragnhild Aas	Svein Jakob Liknes
member of the board	member of the board	CEO

Contact OKEA:

okea@okea.no +47 73 52 52 22

IR contacts:

Stig Hognestad, VP Investor Relations

stig.hognestad@okea.no +47 902 59 040

Birte Norheim, CFO

birte.norheim@okea.no +47 952 93 321

Kongens gate 8 Tordenskioldsgate 8-10 Kongsgårdbakken 1-3 Råket 2 Espehaugen 32 7011 Trondheim 0160 Oslo 4005 Stavanger 6516 Kristiansund 5258 Bergen

Trondheim Oslo Stavanger Kristiansund Bergen