Slide 1: OKEA ASA Q4 2025
OKEA ASA Q4 2025 3 February 2026
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: Key takeaways
Key takeaways Fourth quarter 2025 (figures in brackets refer to previous quarter) > Solid execution Drilling operations and development projects on plan > Continued strong production performance Net loss of USD 18 million impacted by underlift and impairments > 2027 guiding Increasing production and
Slide 4: Production volume and efficiency
Production volume and efficiency Production (kboepd)* 37.8 34.2 31.7 31.7 30.8 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Draugen Brage Statfjord Gjøa & Nova Yme Ivar Aasen Sold volumes Production efficiency (%) 99 99 97 93 94 94 96 93 97 97 95 96 95 91 89 89 91 89 91 92 91 92 87 76 65 Draugen Brage St
Slide 5: Operational update
Operational update > Drilling of Talisker East well completed Production on stream in January, compensating natural decline at Brage > Draugen Power from Shore and Bestla tie-back on track Bestla drilling campaign completed; expected production pushed forward to early 2027 > Drilling of Garn West So
Slide 6: Creating value the OKEA way: The Brage story
Creating value the OKEA way The Brage story Unlocking value through a disciplined, opportunity-led field strategy 24 > Extending field life through drilling 22 Disciplined well planning and rapid execution supporting production growth 20 > Challenging status quo Pushing technical boundaries to expan
Slide 7: Creating value the OKEA way: The Draugen story
Creating value the OKEA way The Draugen story Repositioning Draugen for long-term, low-emission value creation 30 28 > Investing in maturation of opportunities 26 Mapping and maturing new reserves and identifying profitable targets to grow 24 production 22 > Commercially driven resource maturation 2
Slide 8: High-value barrels added through exploration
OKEA prod.assets 2025 discovery High-value barrels added through exploration 2026+ well Arkenstone Substantial discoveries made in 2025 Mistral N Optimising portfolio for exploration success Mistral S > Exploration success in 2025 Draugen Discoveries from three out of four exploration wells drilled
Slide 9: Financials
Financials Oc =)
Slide 10: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Q4 2025 Q4 2025 39.1 37.8 36.3 34.2 33.0 31.7 31.7 30.8 29.2 30% 30% 20.4 46% 58% 12% 25% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 est. Oil Oil Statfjord area Yme Gjøa / Nova NGL Statfjord a
Slide 11: Income statement
Income statement Fourth quarter 2025 Amounts in USD million Q4 2025 Q3 2025 Q4 2024 2025 2024 > Total operating income of USD 107 million Total operating income 107 224 205 808 1,050 Sale of petroleum products of USD 103 million Production expenses -87 -77 -73 -300 -309 > Production expenses of USD
Slide 12: Statement of financial position
Statement of financial position Fourth quarter 2025 Amounts in USD million 31.12.2025 30.09.2025 31.12.2024 > Goodwill of USD 91 million Technical goodwill of USD 75 million Assets Ordinary goodwill of USD 16 million Goodwill 91 97 142 Oil and gas properties 677 643 597 > Oil and gas properties of U
Slide 13: Cash development
Cash development Reduced cash balance resulting from planned investments and underlift (figures in USD million) > USD 418 million in starting cash balance 31 Including USD 42 million placed in money market funds 418 -12 > USD 31 million from operating activities 42 Reflecting underlift of crude in t
Slide 14: Guidance
Guidance 2025 2026 2027 Production Actual 32.1 (kboepd) Guidance 32 - 33 Unchanged 31 - 35 New 37 - 41 Capex* Actual 362 (USD million) Guidance 350 - 380 Unchanged 300 - 360 New 230 - 290 Tax instalments due in the first half of 2026: Tax payments > First quarter; USD 16 million > Second quarter; US
Slide 15: Summary
Summary > Continued strong production performance Financial results impacted by underlift and impairment > Solid execution of drilling and key development projects Drilling of Bestla, Brage and Draugen production wells completed > Successful exploration activity; 2C resources up by 21 mmboe Brage Ta
Slide 16: Q&A
Q&A Growth Value Capital creation discipline
Slide 17: 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