Slides
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Q3 2026 OKEA ASA 3 November 2026
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2 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 risks as they relate to events and/or circumstances in the future > This presentation must be read in conjunction with the published financial reports of the company and the disclosures therein > A full disclaimer is included at the end of this presentation
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3 Key takeaways Production kboepd 29.1 (27.0) Sold volumes kboepd 33.4 (34.4) Net income/ loss (-) USD million 29 (14) Cash from operations USD million 182 (179) Capex USD million 80 (81) Third quarter 2026 (figures in brackets refer to previous quarter) * Net cash position equals total cash including money-market funds, less interest-bearing debt 3 > 2026 production tracking at the high end of guidance Garn West South well at Draugen commenced production > Bestla ahead of plan and below previous cost estimate Production expected before year-end 2026 > Organic growth progressing towards 2027 production Springmus East at Draugen sanctioned and Talisker West at Brage progressing according to plan > Quarterly dividends to resume in Q4 2026 Supported by a strong net cash* position of USD 180 million
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4 Production (kboepd) Production efficiency (%) - Q3 2025 to Q3 2026 94 97 92 76 65 89 89 91 97 9297 98 92 98 9795 56 87 94 6765 99 90 97 97 Draugen Brage Statfjord Gjøa/Nova Ivar Aasen Production volume and efficiency 31.7 30.8 34.9 27.0 29.1 Draugen Brage Statfjord Gjøa & Nova Ivar Aasen Sold volumes Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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5 Operational update > Bestla progressing towards production start by year-end 2026 > Garn West South well commenced production at Draugen > Springmus East (SME) production well at Draugen sanctioned > Draugen maintenance shutdown successfully executed
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6 1) Expected lifetime based on reserves (2P) as assessed by the previous operator 2) 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 3) Gross 2P/2C year-end 2025 (source: ASR 2025) + increase from Talisker West as reported in Q1 2026 + gross actual production from Brage in 2023-2025 The Brage story – Extending field life and unlocking more value from a mature asset Creating value the OKEA way > Extending field life through continued drilling > Taking an opportunity-led approach to a mature asset > Maturing profitable opportunities including Bestla and Talisker West > Empowering the organisation to drive operational performance Gross production (kboepd) Previous operator OKEA 2015 2016 2017 2018 201920202021 2022202320242025YTD'26 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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7 1) Expected lifetime based on reserves (2P) as assessed by the previous operator 2) 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 3) Gross 2P/2C year-end 2025 (source: ASR 2025) + gross production in 2019-2025 for Draugen The Draugen story - Extending field life through investment, resource growth and lower emissions Creating value the OKEA way Gross production (kboepd) Previous operator OKEA 2015 2016 2017 2018 201920202021 2022202320242025YTD'26 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 > Investing in new opportunities > Commercially driven resource maturation, including Garn West South > Building long-term resilience through electrification > Accelerating project execution
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8 * P90-P10 volume range Building a high-quality exploration pipeline OKEA prod. assets 2026+ expl. wells Draugen Tverrdal Ivar Aasen Brage Statfjord Gjøa Arkenstone Nova Kyllinglår > Planned exploration wells – Kyllinglår: Production-led opportunity in the Statfjord area planned spud in December 2026 – Arkenstone: Frontier high impact exploration opportunity, planned spud in Q1 2027 – Trust: Production-led opportunity in the Gjøa field targeting drilling in H1 2027 – Tverrdal: OKEA-operated infrastructure-led opportunity near Brage, planned spud in H2 2027 > Increasing exploration capacity and capability – Maturing and high-grading the exploration portfolio; targeting up to 6 wells per year by 2030 > Alpehumle exploration well (20% WI) – Non-commercial gas discovery; further prospectivity being assessed > Sale of Mistral discovery to Japex Norge completed – Fixed consideration of USD 30 million; in addition, a contingent consideration assures upside given a commercial Mistral Nord discovery Trust
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Financials
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10 Production and sales Realised prices (USD per boe) Production (kboepd) Sold volumes (kboepd) Revenue by component (USD million) 31.7 30.8 34.9 27.0 29.1 Statfjord area Gjøa / Nova Ivar Aasen Brage Draugen Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 36.3 20.4 39.1 34.4 33.4 Statfjord area Gjøa / Nova Ivar Aasen Brage Draugen Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 est 218 103 266 313 316 Oil NGL Gas Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 63.1 65.3 75.6 104.2 94.6 74.4 65.7 75.7 88.1 121.3 Liquids Gas Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2026 57% 10% 32% Oil NGL Gas Q3 2026 67%4% 30% Oil NGL Gas Q3 2026 63% 2% 35% Oil NGL Gas
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11 Income statement > Total operating income of USD 332 million; including USD 28 million gain from the Mistral sale and USD 20 million net hedging loss > Production expenses of USD 87 million, or USD 29.5 per boe, reflecting planned maintenance at Draugen > Exploration expenses of USD 28 million, including previously capitalised expenses on Alpehumle and Prince > USD 33 million asset impairment at Statfjord, reflecting lower reserves and increased capex Amounts in USD million Q3 2026 Q2 2026 Q3 2025 2025 Total operating income 332 334 224 808 Production expenses -87 -89 -77 -300 Changes in over/underlift positions and production inventory -20 -28 -19 -1 Exploration and evaluation expenses -28 -5 -7 -43 Depreciation, depletion and amortisation -56 -47 -64 -225 Impairment (-) / reversal of impairment -33 -94 -151 -256 General and administrative expenses -4 -4 -3 -17 Profit/ loss (-) from operating activities 103 67 -98 -35 Net financial items 3 -2 -2 2 Profit/ loss (-) before income tax 106 65 -100 -33 Taxes (-) / tax income (+) -77 -51 62 -22 Net profit/ loss (-) 29 14 -37 -55 EBITDA 192 207 117 447 Third quarter 2026
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12 Statement of financial position Amounts in USD million 30.09.2026 30.06.2026 30.09.2025 Assets Goodwill 88 85 97 Oil and gas properties 838 812 643 Asset retirement reimbursement right 464 481 465 Trade and other receivables 192 136 160 Cash and cash equivalents 414 296 377 Other assets 224 156 167 Assets classified as held for sale 0 19 0 Total assets 2,220 1,984 1,909 Equity Total equity 140 107 75 Liabilities Asset retirement obligations 1,011 1,009 969 Deferred tax liabilities 177 175 94 Interest bearing bond loans 296 296 295 Trade and other payables 324 216 352 Income tax payable 179 138 92 Other liabilities 93 29 31 Liabilities classified as held for sale 0 15 0 Total liabilities 2,081 1,877 1,833 Total equity and liabilities 2,220 1,984 1,909 Third quarter 2026 > Cash and cash equivalents of USD 414 million. In addition, USD 62 million invested in money- market funds classified as other assets > Interest-bearing bond loans of USD 296 million comprising OKEA05 and OKEA06 > Asset retirement obligation of USD 1,011 million; partly offset by asset retirement reimbursement right of USD 464 million
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13 355 225 -43 -81 -1 22 476 Total cash 30.06.2026 Operating activities before tax Taxes Investments in oil and gas assets Interest Other Total cash 30.09.2026 Cash generation 62* *Investments in money-market funds (classified as other assets) Third quarter 2026 59*
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14 308 516 -86 -273 -16 25 476 Total cash 01.01.2026 Operating activities before tax Taxes Investments in oil and gas assets Interest Other Total cash 30.09.2026 Cash generation 62* *Investments in money-market funds (classified as other assets) Year to date 2026 57*
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15 Resuming quarterly dividend payments from Q4 2026 > Strong financial position supports shareholder distributions Solid cash position and robust outlook supports sustainable distributions Higher initial distribution supported by current market conditions > NOK 2.00 per share to be paid in December Ex-dividend date 2 December; payment expected around 15 December Distribution to be made as repayment of paid-in capital > Intention to distribute at least NOK 1.00 per share quarterly in 2027 Subject to shareholder authorisation and quarterly assessment of market conditions, company outlook and value-accretive opportunities
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16 Guidance 16 2026 2027 Production (kboepd) Updated 31 - 32 (29 - 32) Unchanged 39 - 43 Capex* (USD million) Updated 320 - 340 (300-360) Updated 260 - 320 (230 - 290) Tax payments Tax instalments due in fourth quarter of 2026 totals USD 64 million Dividends The company will resume quarterly dividend payments with the first payment of NOK 2.00 per share in December 2026. The company also intends to maintain quarterly distributions of at least NOK 1.00 per share throughout 2027. *Capex guidance excludes capitalised interest and exploration spending
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17 Summary > Strong operational execution 2026 production tracking at the high end of guidance > Bestla drives the next phase of production growth Organic growth pipeline extending into 2028 and beyond > Strengthened cash flow outlook Higher production and lower investments levels strengthen cash generation > Quarterly dividends to resume in Q4 2026 Supported by a solid balance sheet
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Growth Value creation Capital discipline Q&A
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19 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. General and disclaimer 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.
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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 7011 Trondheim 0160 Oslo 4005 Stavanger 6516 Kristiansund 5258 Bergen