Slide 1: OKEA ASA Q1 2026
OKEA ASA Q1 2026 29 April 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 First quarter 2026 (figures in brackets refer to previous quarter) > Strong production performance High production efficiency at 96 (91)% > New well in production on Brage in January Talisker East well lifting Brage production by ~60% > Increased resources at Talisker West discoveries
Slide 4: Production volume and efficiency
Production volume and efficiency Production (kboepd) 34.2 34.9 31.7 31.7 30.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Draugen Brage Statfjord Gjøa & Nova Ivar Aasen Sold volumes Quarterly production efficiency (%) - Q1 2025 to Q1 2026 97 96 97 98 99 97 97 98 96 95 97 94 93 92 91 92 92 91 89 89 89 91
Slide 5: Operational update
Operational update > High production efficiency of 96 (91)% > Talisker East well in production Production on stream in January, bringing Brage production to the highest level since 2012 > Drilling of Garn West South well at Draugen completed Well completed and rig released; commissioning challenges
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 30.0 28.0 > Extending field life through drilling 26.0 Disciplined well planning and rapid execution, supporting production growth Talisker East production well on stream in January 2026
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 30.0 28.0 > Investing in maturation of opportunities 26.0 Maturing new reserves and identifying profitable targets to grow production Garn West South production expected in the third quarte
Slide 8: Material upgrade to Talisker West estimate: 23-44 mmboe
Material upgrade to Talisker West estimate: 23-44 mmboe Low-cost barrels with production already from 2027 Increased resource base at unchanged development cost > P50 resource estimate up 47% to 28 (19) mmboe in Statfjord formation • Total discovery estimate increased to 23-44 mmboe > Fast-track dev
Slide 9: Realising value from the Mistral discovery
Realising value from the Mistral discovery Strengthening balance sheet and maintaining focus on core assets > Fixed consideration of USD 30 million > In addition, a contingent consideration that assures upside given a commercial Mistral Nord discovery > Strengthening the company's balance sheet and
Slide 10: Financials
Financials Oc =)
Slide 11: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Q1 2026 Q1 2026 34.2 34.9 31 .7 31 .7 30.8 39.1 39.1 36.3 33.0 29% 28% 20.4 59% 61% 12% 11% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 est. Oil Oil Statfjord area Gjøa / Nova Ivar Aasen NGL St
Slide 12: Unrealised hedging loss on increased forward prices
Unrealised hedging loss on increased forward prices Mark-to-market effect of all existing hedging positions recognised in first quarter results % 80 Unrealised hedging loss > USD 29 million unrealised loss recognised in first quarter 70 > Reflects mark-to-market valuation of all existing hedging pos
Slide 13: Income statement
Income statement First quarter 2026 Amounts in USD million Q1 2026 Q4 2025 Q1 2025 2025 > Total operating income of USD 239 million; Total operating income 239 107 271 808 including unrealised hedging loss of USD 29 million Production expenses -91 -87 -62 -300 > Production expenses of USD 91 million
Slide 14: Statement of financial position
Statement of financial position First quarter 2026 Amounts in USD million 31.03.2026 31.12.2025 31.03.2025 > Goodwill of USD 94 million; technical goodwill of USD 78 million and Assets ordinary goodwill of USD 17 million Goodwill 94 91 140 Oil and gas properties 886 677 659 > Oil and gas properties
Slide 15: Cash development
Cash development First quarter 2026 86 -17 308 57* 9 269 -117 0 59* Total cash Operating activities Taxes Investments in oil and Interest Other Total cash 31.12.2025 before tax gas assets 31.03.2026 15 *Investments in money-market funds (classified as other assets)
Slide 16: Guidance
Guidance 2026 2027 Production (kboepd) Unchanged 31 - 35 Unchanged 37 - 41 Capex* (USD million) Unchanged 300 - 360 Unchanged 230 - 290 Tax instalments due in the second quarter of 2026: Tax payments > USD 25 million The company is still in a period of relatively high spending on value accretive org
Slide 17: Summary
Summary > High production efficiency and new well in production Production increase of 13% > Further growth in 2C resources at Talisker West 9 mmboe increase; breakeven < 10 USD/boe; production in 2027 > Realising value from the Mistral discovery Strengthening balance sheet and maintaining focus on
Slide 18: Q&A
Q&A Growth Value Capital creation discipline
Slide 19: 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 20: Contact OKEA
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