Slide 1: OKEA ASA Q3 2025
OKEA ASA Q3 2025 4 November 2025
Slide 2: Cautionary statement
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 ri
Slide 3: Highlights
Highlights Third quarter 2025 (Figures in brackets refer to previous quarter) Continued solid operational performance > Production efficiency of 91% (93%) > Continued strong production of 31.7 (31.7) kboepd > Sognefjord East production well on stream at Brage; offsetting planned maintenance Financia
Slide 4: Key operational figures - Q3 2025
Key operational figures - Q3 2025 The leading mid- and late-life operator on the Norwegian continental shelf Safety Production 1.6 31.7 (1.1) (31.7) SIF* kboepd Production efficiency Production expense 91 24.5 (93) (23.5) % USD/boe * SIF: serious incident frequency per million hours
Slide 5: Production volume and efficiency
Production volume and efficiency Production (kboepd)* 37.3 37.8 34.2 31.7 31.7 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Draugen Brage Statfjord area Gjøa/Nova Ivar Aasen Yme Production efficiency (%) – Q3 2024 to Q3 2025 97 94 96 97 99 99 97 93 94 93 95 96 95 93 91 92 91 88 89 91 86 87 80 76 65 Draug
Slide 6: Operational update
Operational update Asset WI Operator Key updates > Strong production performance with production efficiency at 94% > Reserve estimate at Hasselmus reduced due to higher than expected reservoir pressure development increasing risk of 44.56% OKEA earlier water ingress; not expected to reduce productio
Slide 7: Development projects
Development projects Draugen Power from Shore Bestla Key figures Key figures ~95% CO2e reduction* 24 mmboe recoverable Njord Draugen reserves (gross) ~200,000 Sm3/day available ~USD 40/boe for gas exports (gross) breakeven Improved production ~600 mUSD CAPEX efficiency (gross) > Positioning Draugen
Slide 8: Talisker exploration success spurring further growth at Brage
Talisker exploration success spurring further growth at Brage Substantial volumes of low-cost barrels with attractive economics and short lead-time Fast and low cost development possible > Maturation of development concept ongoing > Robust economics with minimal investments beyond the well cost > Pr
Slide 9: Financials
Financials Oc =)
Slide 10: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Q3 2025 Q3 2025 40.8 37.3 37.8 39.1 34.2 36.3 31.7 31.7 33.0 26% 29.2 24% 61% 13% 62% 13% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Oil Oil Statfjord area Yme Gjøa / Nova NGL Statfjord area Yme Gjøa
Slide 11: Market prices for crude, realized liquids price and lifted volumes
Market prices for crude, realized liquids price and lifted volumes Lifted volumes and average Dated Brent market price - last five quarters + Q4 2025E Lifted volumes vs Dated Brent 90.00 3,500 100 80.00 2,800 80 70.00 2,522 0.4 1.1 70.6 69.1 65.3 60.00 2,206 -0.1 2,083 -5.3 2,100 60 50.00 USD/boe US
Slide 12: Gas market price and sold volumes
Gas market price and sold volumes Sold volumes and average NBP gas market prices – last five quarters 100 1,200 1,000 80 935 892 828 810 777 800 60 USD/boe kboe 600 40 400 20 200 0 0 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Draugen Brage Gjøa / Nova Ivar Aasen Statfjord area Avg. Q price - USD/boe 12
Slide 13: Financial results impacted by impairment
Financial results impacted by impairment Total impairments of USD 151 million; USD 47 million post-tax effect Statfjord impairments of USD 138 million; post-tax USD 34 million > USD 5 million in TGW and USD 133 million in asset impairment About technical goodwill (TGW) – Economically recoverable res
Slide 14: Income statement
Income statement Q3 2025 figures Q3 2025 comments Amounts in USD million Q3 2025 Q2 2025 Q3 2024 2024 > Operating income of USD 224 million; USD 218 Total operating income 224 206 273 1,050 million from sale of petroleum products > Production expenses of USD 77 million; Production expenses -77 -74 -
Slide 15: Statement of financial position
Statement of financial position Q3 2025 figures Q3 2025 comments Amounts in USD million 30.09.2025 30.06.2025 31.12.2024 ASSETS > Goodwill of USD 97 million; comprise technical goodwill of USD 81 million and ordinary goodwill of Goodwill 97 114 142 USD 16 million Oil and gas properties 643 721 597 A
Slide 16: Cash development Q3 2025
Cash development Q3 2025 700 197 -11 600 500 -127 464 2 418 USD million 400 -103 -4 377 -42 300 200 100 0 Total cash 01.07. Operating activities Taxes Bond repayment 1) Capital Interest Other Total cash 30.09. Placement in Cash and cash expenditures & money-market equivalents 30.09. exploration fund
Slide 17: Guidance
Guidance > Based on continued solid production, guidance for 2025 is increased: – New production guidance for 2025: 32 - 33 kboepd (previously 30 – 32 kboepd) Production > Production guidance for 2026 remain unchanged at 31 - 35 kboepd > Capex guidance for 2025 and 2026 remain unchanged at USD 350 -
Slide 18: Summary
Summary
Slide 19: Summary
Summary Continued strong Net cash positive; no Drilling and developing production performance; debt maturities until new production wells net result impacted by mid-2028 impairments Successful exploration Build and mature results with significant portfolio of investment discovery at Brage opportunit
Slide 20: Q&A
Q&A Growth Value Capital creation discipline
Slide 21: General and disclaimer
General and disclaimer This presentation is prepared solely for information purposes, and does not constitute or Such risks include but are not limited to operational risks (including exploration and form part of, and is not prepared or made in connection with, an offer or invitation to sell, or dev