Slide 1: OKEA ASA Q2 2025
OKEA ASA Q2 2025 16 July 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 Second quarter 2025
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,
Slide 4: Key operational figures - Q2 2025
Key operational figures - Q2 2025 The leading mid- and late-life operator on the Norwegian continental shelf Safety Production 1.1 31.7 (1.1) (34.2) SIF* kboepd Production efficiency Production expense 93 23.5 (91) (18.6) % USD/boe * SIF: serious incident frequency per million hours
Slide 5: Production volume and efficiency
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)
Slide 6: Operational update
Operational update Asset WI Operator Key updates > Good production performance 44.56% OKEA > 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
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: Financials
Financials Or “A
Slide 9: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Q2 2025 Q2 2025 Revenue by component (USD million) Realised prices (USD per boe) Q2 2025 9
Slide 10: 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 + Q3 2025E Lifted volumes vs Dated Brent 10
Slide 11: Gas market price and sold volumes
Gas market price and sold volumes Sold volumes and average NBP gas market prices – last five quarters 11
Slide 12: Income statement
Income statement Q2 2025 figures Q2 2025 comments Amounts in USD million Q2 2025 Q1 2025 Q2 2024 2024 > Operating income of USD 206 million; USD 196 Total operating income 206 271 241 1,050 million from sale of petroleum products > Production expenses of USD 74 million; Production expenses -74 -62 -
Slide 13: Statement of financial position
Statement of financial position Q2 2025 figures Q2 2025 comments Amounts in USD million 30.06.2025 31.03.2025 31.12.2024 > Goodwill of USD 114 million; comprise technical ASSETS goodwill of USD 98 million and ordinary goodwill of Goodwill 114 140 142 USD 16 million Oil and gas properties 721 659 597
Slide 14: Capital structure developments
Capital structure developments Debt maturity profile (USD million) New USD 175 million senior secured bond (OKEA06) > Four-year tenor with maturity in June 2029 > 9.125% fixed interest rate > Proceeds used to repay OKEA04 in July and for 26 general corporate purposes > Same general terms as OKEA05;
Slide 15: Cash development Q2 2025
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 15 2) Repayment of OKEA04, with nominal value of USD 125 million, was settled in e
Slide 16: Guidance
Guidance > 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: Production – New production guidance for 2025: 30 - 32 kboepd (previously 28 – 32 kboepd) > Based on sanctioning of new wells (Ta
Slide 17: Summary
Summary
Slide 18: Summary
Summary Continued strong Refinancing successfully Sanctioning of new wells production performance completed; enhancing increases expected financial robustness production volumes Ambition to drill up to Build and mature four exploration wells portfolio of investment per year opportunities
Slide 19: Q&A
Q&A Growth Value Capital creation discipline
Slide 20: 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