Slide 1: OKEA ASA Q1 2025
OK =A OKEA ASA Q1 2025 29 April 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 First quarter 2025 Continued strong operational performance > High production efficiency and good production on operated assets > Partner-operated assets delivering in line with expectations > Production of 34.2 (35.9)* kboepd > Sold volumes of 39.1 (29.2) kboepd Financial performance > P
Slide 4: Key operational figures - Q1 2025
Key operational figures - Q1 2025 The leading mid- and late-life operator on the Norwegian continental shelf Safety Production 1.1 (1.1) 34.2 (35.9)* SIF** kboepd Production efficiency Production expense 91 18.6 (93) (19.7) % USD/boe * Production for Q4 2024 excludes volumes from Yme following closi
Slide 5: Production volume and efficiency
Production volume and efficiency Production (kboepd)* 42.1 38.4 37.3 37.8 34.2 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Draugen Brage Gjøa/Nova Ivar Aasen Yme Statfjord area Production efficiency (%) – Q1 2024 to Q1 2025 96 97 94 96 99 99 99 93 94 95 95 96 93 91 90 92 89 91 88 89 89 86 87 85 80 Draug
Slide 6: Operational update
Operational update Assets WI Operator Key updates > Good production performance; somewhat lower volumes due to a well shut in as a result of scale build-up resulting in reduced production efficiency Draugen 44.56% OKEA > Intervention campaign to mitigate the scaling issues completed in April and the
Slide 7: Creating value through active operatorship
Creating value through active operatorship Track record of improved production regularity, increased production, and resource maturation Brage Draugen Short-term increase driven by in-fill drilling. Success in fighting decline - Hasselmus on-stream in Q4‘23; Long-term contribution from e.g. Bestla (
Slide 8: Development projects
Development projects Draugen Power from Shore Bestla Key figures Key figures Brage platform ~95% CO2e reduction* 24 mmboe recoverable Njord Draugen reserves (gross) ~200,000 Sm3/day available cal bili ~USD 40/boe Um for gas exports (gross) breakeven Improved production Subsea ~600 mUSD CAPEX efficie
Slide 9: Financials
Financials Oc =)
Slide 10: Production and sales
Production and sales Production (kboepd) Sold volumes (kboepd) Q1 2025 46.6 Q1 2025 42.1 40.8 38.4 37.3 37.8 39.1 34.2 33.3 31% 29.2 25% 57% 12% 63% 12% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 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 last five quarters + Q2 2025E Lifted volumes vs Dated Brent 100 3,500 100 3,007 80 2,800 80 0.9 1.0 77.7 75.7 0.2 2,522 72.8 -4.9 2,206 60 1,985 2,100 60 USD/boe USD/boe kbbl 40 1,279 1,400 40 20 700 20 0 0 0 Q1 2024 Q
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 1,000 943 935 80 892 781 777 800 60 USD/boe kboe 600 40 400 20 200 0 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Draugen Brage Gjøa / Nova Ivar Aasen Statfjord area Avg. Q price - USD/boe 12
Slide 13: Income statement
Income statement Q1 2025 figures Q1 2025 comments Amounts in USD million Q1 2025 Q4 2024 Q1 2024 2024 > Operating income of USD 271 million; USD 266 million Total operating income 271 205 330 1,050 from sale of petroleum products > Production expenses of USD 62 million; corresponding to 18.6 USD/boe
Slide 14: Statement of financial position
Statement of financial position Q1 2025 figures Q1 2025 comments Amounts in USD million 31.03.2025 31.12.2024 31.12.2024 ASSETS > Goodwill of USD 140 million; of which technical goodwill of USD 125 million and ordinary goodwill of Goodwill 140 142 142 USD 15 million Oil and gas properties 659 597 59
Slide 15: Cash development Q1 2025
Cash development Q1 2025 600 185 500 -50 400 23 367 4 343 311 -100 -6 -24 MUSD 300 200 100 0 Total cash 01.01. Operating Taxes Capital Business Interest Other Total cash 31.03. Placement in Cash and cash activities expenditures & development money-market equivalents 31.03. exploration funds 15
Slide 16: Outlook / Guidance
Outlook / Guidance Production guidance unchanged Production > Production guidance for 2025 of 28 – 32 kboepd > Production guidance for 2026 of 26 – 30 kboepd Capex guidance unchanged > Capex guidance for 2025 of USD 310 - 350 million Capex > Capex guidance for 2026 of USD 300 - 360 million Capex gui
Slide 17: Summary
Summary
Slide 18: Summary
Summary Continued strong Net cash position of USD Development projects production performance 120 million progressing well 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