Slide 1: OKEA ASA Q2 2026
OKEA ASA Q2 2026 16 July 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 Second quarter 2026 (figures in brackets refer to previous quarter) > Concept selection completed for Talisker West at Brage; first production expected in 2027 > PDO for Gjøa Nord development submitted > Production from Garn West South expected in third quarter > Net profit after tax o
Slide 4: Production volume and efficiency
Production volume and efficiency Production (kboepd) 34.9 31.7 31.7 30.8 27.0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Draugen Brage Statfjord Gjøa & Nova Ivar Aasen Sold volumes Production efficiency (%) - Q1 2025 to Q1 2026 97 95 97 98 97 97 98 94 97 94 93 95 91 89 89 91 92 91 92 92 87 76 65 67 56
Slide 5: Operational update
Operational update > Maintenance at Brage, Statfjord B, and Ivar Aasen completed Duration of shutdowns somewhat longer than planned > Work ongoing to get GWS well into production to Draugen X-mas tree commissioning and production in third quarter > Draugen Power from Shore on track Power transmissio
Slide 6: Creating value the OKEA way: The Brage story
Creating value the OKEA way The Brage story 30.0 Unlocking value through a disciplined, opportunity-led field strategy 28.0 Extending field life through drilling 26.0 > Disciplined well planning and rapid execution supporting production growth 24.0 New production wells brought on stream during OKEA
Slide 7: Creating value the OKEA way: The Draugen story
Creating value the OKEA way The Draugen story 30.0 Repositioning Draugen for long-term, low-emission value creation 28.0 > Investing in maturation of opportunities 26.0 Maturing new reserves and identifying profitable targets to grow production; Garn West South 24.0 production expected in the third
Slide 8: Talisker West development progressing
Talisker West development progressing Low-cost barrels with production already from 2027 Concept selection completed; first production expected in 2027 > Fast-track development with first production to Brage expected in the second half of 2027 > Final investment decision (FID) planned this fall > Dr
Slide 9: Several exploration wells scheduled
OKEA prod. assets 2026+ expl. wells Several exploration wells scheduled Arkenstone Long-term exploration ambition; drilling up to four exploration wells each year > Alpehumle Spud in July by Scaraebo 8 Draugen > Kyllinglår Planned spud in the first quarter of 2027 by COSL Promoter > Tverrdal Brought
Slide 10: Financials
Financials Oc =)
Slide 11: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) 34.9 Q2 2026 Q2 2026 31.7 31.7 30.8 39.1 36.3 34.4 27.0 33.0 26% 32% 20.4 54% 59% 15% 13% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 est. Oil Oil Statfjord area Gjøa / Nova Ivar Aasen NGL Stat
Slide 12: Income statement
Income statement Second quarter 2026 Amounts in USD million Q2 2026 Q1 2026 Q2 2025 2025 > Total operating income of USD 334 million; Total operating income 334 239 206 808 including a net hedging gain of USD 15 million > Production expenses of USD 89 million or USD Production expenses -89 -91 -74 -
Slide 13: Statement of financial position
Statement of financial position Second quarter 2026 Amounts in USD million 30.06.2026 31.03.2026 30.06.2025 > Goodwill of USD 85 million; comprising technical goodwill of USD 68 million and ordinary goodwill Assets Goodwill 85 94 114 of USD 16 million Oil and gas properties 812 886 721 Asset retirem
Slide 14: Cash development
Cash development Second quarter 2026 205 -26 355 -74 -14 -5 59* 269 59* Total cash Operating activities Taxes Investments in oil and Interest Other Total cash 31.03.2026 before tax gas assets 30.06.2026 14 *Investments in money-market funds (classified as other assets)
Slide 15: Guidance
Guidance 2026 2027 Production Updated 29 - 32 (31 - 35) Updated 39 - 43 (37 - 41) (kboepd) Capex* Unchanged 300 - 360 Unchanged 230 - 290 (USD million) Tax instalments due in the second half of 2026: Tax payments USD 42 million in the third quarter; USD 62 million in the fourth quarter The company i
Slide 16: Summary
Summary > Talisker West progressing with first production to Brage expected in the second half of 2027 > Production from Garn West South to Draugen expected in the third quarter > Bestla and Draugen Power from Shore development projects on plan > Solid balance sheet with a net cash positive position
Slide 17: Q&A
Q&A Growth Value Capital creation discipline
Slide 18: 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
Slide 19: Contact
Contact OKEA: okea@okea.no 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 Trondheim Oslo Stavanger Kristiansund Bergen Kongens gate 8 Tordenskioldsgate 8-10 Kongsgårdbakken 1-3 Råket 2 Espehaugen 32 701