Q2 2026 Presentation

OKEA ASA

Q2 2026

16 July 2026

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 of USD 14 million; net cash* of USD 59 million Lower forward prices at balance sheet date resulted in impairments; net income reduced by USD 27 million

  * Net cash position equals total cash including money-market funds, less interest-bearing debt

  Production	Sold volumes	Net income/ loss (-)	Cash from operations	Capex
  kboepd	kboepd	USD million	USD million	USD million
  27.0	34.4	14	179	81
  (34.9)	(39.1)	(36)	(70)	(84)

  3

  
  
  

  Production volume and efficiency

  Production (kboepd)

  31.7 31.7 30.8

  34.9

  27.0

  Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

  Draugen Brage Statfjord Gjøa G Nova Ivar Aasen Sold volumes

  Production efficiency (%) - Q1 2025 to Q1 2026

  91

  94 97 95

  89

  93 97 98

  89

  91 92 91 92 87

  97 97 98 94

  76

  95 92 97

  56

  Draugen Brage Statfjord Gjøa/Nova Ivar Aasen

  4

  65

  67

  
  
  

  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 transmission from shore expected ready for testing in the third quarter

• Bestla tie-back to Brage on track for start up early 2027

  All pull-ins to Brage topside and installation of the subsea production and gas-lift flow-lines completed

  5

  
  
  

  Creating value the OKEA way

  The Brage story

  Unlocfiing value through a disciplined, opportunity-led field strategy

• Extending field life through drilling

  Disciplined well planning and rapid execution supporting production growth

  New production wells brought on stream during OKEA operatorship have increased production nearly four times

• Challenging status quo

  Increasing oil export capacity on Brage to handle expected production increase

  Pushing boundaries to expand catchment area and access to new resources; drilling of longest wells on the NCS directly from Brage platform

• Maturing profitable volumes

  Systematic evaluation of the Brage catchment area, focusing on low break-even boe

  Unlocking Bestla and Talisker West resources for first oil in 2027 (e.g. Talisker West < 10 USD/boe)

• Empowered and competent organisation

  Delivering strong drilling execution and high production efficiency over time

  30.0

  28.0

  26.0

  24.0

  22.0

  Gross production (kboepd)

  20.0

  18.0

  16.0

  14.0

  12.0

  10.0

  8.0

  6.0

  4.0

  2.0

  Metric	Previous operator	OKEA	Improvement
  2P + 2C (mmboe)1)	54	112	+58 mmboe
  Est. economical life	20252)	2035	+10 years
  Production efficiency3)	88%	94%	+6 pp

  1. Gross 2P/2C year-end 2025 (source: ASR 2025) + increase from Talisker West as reported in Q1 + gross actual production from Brage in 2023-2025

  2. Expected lifetime based on reserves (2P) as assessed by the previous operator

  3. Production efficiency under previous operator calculated as average of last four years prior to transfer of operatorship. OKEA calculated as average from year of assumed operatorship through 2025

  6

  0.0

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26

  Previous operator OKEA

  
  
  

  Creating value the OKEA way

  The Draugen story

  Repositioning Draugen for long-term, low-emission value creation

• Investing in maturation of opportunities

  Maturing new reserves and identifying profitable targets to grow production; Garn West South production expected in the third quarter of 2026

• Commercially driven resource maturation

  Learning from Brage; Garn West South is the longest well drilled on Draugen

• Building long-term resilience through electrification

  Power from Shore enabling extended economic life, lower emissions, and higher production efficiency

• Empowered and competent organisation

  Delivering high production efficiency over time and accelerated project execution

  30.0

  28.0

  26.0

  24.0

  22.0

  Gross production (kboepd)

  20.0

  18.0

  16.0

  14.0

  12.0

  10.0

  8.0

  6.0

  Metric	Previous operator	OKEA	Improvement
  2P + 2C (mmboe)1)	91	153	+62 mmboe
  Est. economical life	20272)	2040	+13 years
  Production efficiency3)	83%	90%	+7 pp

  1. Gross 2P/2C year-end 2025 (source: ASR 2025) + gross production in 2019-2025 for Draugen

  2. Expected lifetime based on reserves (2P) as assessed by the previous operator

  3. Production efficiency under previous operator calculated as average of last six years prior to transfer of operatorship. OKEA calculated as average from year of assumed operatorship through 2025

  4.0

  2.0

  0.0

  2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26

  Previous operator OKEA

  7

  
  
  

  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
• Drilling of first well expected in the first quarter of 2027
• Robust economics driven by Brage infrastructure, with minimal investments beyond well cost

Discovery size*

23-44

mmboe

First oil

2027

expected

Breakeven

<10

USD/boe

8 '* Combined volume estimates for discoveries in the Statfjord and Cook formations

Several exploration wells scheduled

Long-term exploration ambition; drilling up to four exploration wells each year

• Alpehumle

  Spud in July by Scaraebo 8

• Kyllinglår

  Planned spud in the first quarter of 2027 by COSL Promoter

• Tverrdal

  Brought forward to planned spud medio 2027

• Arkenstone

Planned spud medio 2027 by Transocean Spitsbergen

* P90-P10 volume range

9

Arkenstone

Draugen

Kyllinglår

Alpehumle

Statfjord

Tverrdal

Gjøa

N

ova

Brage

Ivar Aasen

OKEA prod. assets 2026+ expl. wells

Financials

Production and sales

Production (kboepd) Sold volumes (kboepd)

31.7 31.7 30.8

34.9

27.0

Q2 2026

32%

54%

13%

33.0

36.3

20.4

39.1

34.4

Q2 2026

26%

59%

15%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Statfjord area Gjøa / Nova Ivar Aasen Brage Draugen

Oil NGL

Gas

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

est.

Statfjord area Gjøa / Nova Ivar Aasen Brage Draugen

Oil NGL

Gas

Realised prices (USD per boe)

74.4

74.2

76.5

104.2

88.1

Revenue by component (USD million)

264

219

196

313

Q2 2026

23%

57.5

63.1 65.3 65.7

52.6

103

8%

69%

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Liquids Gas

Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

Oil NGL Gas

Oil NGL

Gas

11

Income statement

Second quarter 2026

• Total operating income of USD 334 million; including a net hedging gain of USD 15 million

• Production expenses of USD 89 million or USD

  34.0 per boe; driven by planned maintenance shutdowns at several assets

• Changes in over/underlift positions resulted in an expense of USD 28 million as sold volumes exceeded produced volumes.

• Impairments of USD 94 million driven by lower forward prices at balance sheet date

• Net financial expense of USD 2 million

• Tax expense of USD 51 million

  12

  
  
  

  Statement of financial position

  Second quarter 2026

  Amounts in USD million	30.06.2026	31.03.2026	30.06.2025
  Assets Goodwill Oil and gas properties Asset retirement reimbursement right Trade and other receivables Cash and cash equivalents Other assets Assets classified as held for sale	85 812 481 136 296 156 19	94 886 477 202 210 190 0	114 721 445 155 423 150 0
  Total assets	1,984	2,059	2,008
  Equity
  Total equity	107	95	112
  Liabilities Asset retirement obligations	1,009	1,026	935
  Deferred tax liabilities	175	240	159
  Interest bearing bond loans	296	295	422
  Trade and other payables	216	303	249
  Income tax payable	138	70	98
  Other liabilities	29	29	33
  Liabilities directly associated with assets classified as held for sale	15	0	0
  Total liabilities	1,877	1,963	1,896
  Total equity and liabilities	1,984	2,059	2,008

• Goodwill of USD 85 million; comprising technical goodwill of USD 68 million and ordinary goodwill of USD 16 million

• Cash and cash equivalents of USD 296 million. In addition, USD 59 million invested in money-market funds classified as other assets

• Assets held for sale of USD 19 million and liabilities held for sale of USD 15 million relating to Mistral divestment

• Interest-bearing bond loans of USD 296 million comprising OKEA05 and OKEA06

• Asset retirement obligation of USD 1,009 million; partly offset by asset retirement reimbursement right of USD 481 million

13

Cash development

Second quarter 2026

205

-26

-74

355

59*

269

59*

Total cash 3l.03.2026

Operating activities before tax

Taxes

Investments in oil and gas assets

Interest Other

Total cash 30.06.2026

OC

1. *Investments in money-market funds (classified as other assets)

   Guidance

   	2026	2027
   Updated	29 - 32 (31 - 35)	Updated 39 - 43 (37 - 41)
   Unchanged	300 - 360	Unchanged 230 - 290

   Tax payments

Tax instalments due in the second half of 2026:

USD 42 million in the third quarter; USD 62 million in the fourth quarter

The company is still in a period of relatively high spending on value accretive organic investments. In line with the company's first capital allocation principle of maintaining a healthy balance sheet, dividend payments have been temporarily put on hold during this period. High prices realised in the second quarter combined with good progress on the Bestla project and closing of the Mistral divestment, are positives in the company's dividend assessments. The company will revert with a dividend plan when it considers to be in a position to distribute.

1. *Capex guidance excludes capitalised interest and exploration spending

   
   
   

   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 of USD 59 million

16

Q&A

Growth Value creation Capital discipline

General and disclaimer

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. The contents of this presentation have not been independently verified, and no reliance should be placed for any purposes on the information contained in this presentation or on its completeness, accuracy or fairness.

The presentation speaks as of the date sets out on its cover, and the information herein remains subject to change.

Certain statements and information included in this presentation constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities. Forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments and activities. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

This presentation contains non-IFRS measures and ratios that are not required by, or presented in accordance with IFRS. These non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures and ratios are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities.

The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

The presentation is subject to Norwegian law.

18

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