Interim report
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Quarterly report Q3 2026
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Highlights and key figures Highlights and key figures Financial review Operational review Financial statements Notes 2 OKEA ASA Q3 2026 Third quarter 2026 (Figures in brackets refer to previous quarter) Production Sold volumes Operating income kboepd kboepd USD million 29.1 33.4 332 (27.0) (34.4) (334) EBITDA Cash from operations Capital expenditure USD million USD million USD million 192 182 80 (207) (179) (81)
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x Highlights and key figures Financial review Operational review Financial statements Notes 3 OKEA ASA Q3 2026 Operational performance Financial performance Portfolio development • Strong production despite Draugen maintenance • Production of 29.1 (27.0) and production efficiency of 89% (83%) • Garn West South at Draugen on stream and performing according to plan • Preventive actions ongoing following two serious incidents • Strong cash generation and strengthened financial position • Petroleum revenues of USD 316 (313) million and EBITDA of USD 192 (207) million • Impairment of USD 33 (94) million at Statfjord due to reduced volume estimates and increased capex • Net profit of USD 29 (14) million • Total cash balance of USD 476 (355) million • Quarterly dividend to resume with a payment of NOK 2.00 per share in December 2026 • Continued portfolio delivery and near-term production growth • Mistral divestment completed with a USD 28 million gain • Bestla ahead of plan; first production expected before year-end • Springmus East sanctioned; expected production in H2 2027 • Alpehumle classified as non-commercial 1
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Message from the CEO Highlights and key figures Financial review Operational review Financial statements Notes I am very pleased with the strong operational execution during the third quarter. With Garn West South now on stream and the planned maintenance campaign at Draugen successfully completed, we are well positioned to deliver 2026 production towards the high end of our guidance range. We also expect Bestla to come on stream before year- end, ahead of schedule and at lower expected cost than previously estimated. These achievements bring OKEA closer to an important inflection point. Investments made over the past years are translating into higher production, while our investment profile is reducing and becoming increasingly focused on flexible, shorter-cycle opportunities. As we enter 2027, this combination strengthens our cash flow outlook and increases our flexibility to balance shareholder distributions with value-accretive investments. Reflecting this outlook and a strong current market, the company has decided to resume quarterly dividends with the first payment of NOK 2.00 per share already in December 2026. The intention is also to distribute at least NOK 1.00 per share quarterly in 2027, underlining our commitment to sustainable shareholder distributions. At the same time, we are progressing the next phase of OKEA's growth. Springmus East at Draugen was sanctioned during the quarter and is expected on stream in the second half of 2027. Talisker West at Brage is also progressing towards drilling and production in 2027, while we continue to mature and high-grade our exploration portfolio, with an ambition to increase activity from up to four wells per year currently to up to six wells per year by 2030. Our priorities remain clear: safe, reliable and cost efficient operations, disciplined capital allocation and a strong balance sheet, while delivering attractive shareholder returns and investing selectively in future growth. This remains at the core of OKEA's strategy. Svein J. Liknes Chief Executive Officer
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Financial review Highlights and key figures Financial review Operational review Financial statements Notes
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Statement of comprehensive income Amounts in USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 2025 Total operating income 332 334 224 904 808 Total operating expenses -228 -267 -321 -511 -843 Profit/loss (-) before income tax 106 65 -100 401 -33 Net profit / loss (-) 29 14 -37 80 -55 EBITDA 1 192 207 117 528 447 EBITDAX 220 212 124 568 491 NOK/USD period average exchange rate 9.41 9.41 10.10 9.55 10.39 Total operating income of USD 332 (334) million comprises: • Revenues from sales of petroleum products of USD 316 (313) million. The increase was due to higher realised gas and NGL prices, partly offset by lower volumes sold and lower realised crude prices. Sold volumes amounted to 33,449 (34,413) boepd. The realised liquids price was USD 94.6 (104.2) per boe, comprising USD 96.6 (116.9) per boe for crude and USD 58.4 (55.3) per boe for NGL. The average realised price for natural gas amounted to USD 121.3 (88.1) per boe. • Other operating income of USD 16 (21) million was mainly due to a gain of USD 28 million relating to the sale of Mistral. This was partly offset by a hedging loss of USD 20 (gain of 15) million following an increase (reduction) in forward prices. Tariff income at Gjøa and Statfjord amounted to USD 7 (6) million. Total operating expenses of USD 228 (267) million comprises: • Production expenses of USD 87 (89) million, corresponding to USD 29.5 (34.0) per boe. The decrease in cost per boe was due to less maintenance shutdowns compared to previous quarter. However, the cost remains higher than average due to the planned maintenance at Draugen. • Changes in over-/underlift positions and production inventory resulting in an expense of USD 20 (28) million as sold volumes exceeded produced volumes. • Depreciation of oil and gas properties amounting to USD 56 (47) million. The increase was mainly due to higher production. • Impairments of USD 33 (94) million relate to a fixed asset impairment on Statfjord as a result of reduced volume estimates and increased capex, partly offset by increased forward prices. The related post-tax expense amounted to USD 7 ( 27) million. • Exploration and evaluation expenses of USD 28 (5) million. The increase was due to expensing of previously capitalised cost on Alpehumle and Prince of USD 23 million. • General and administrative expenses of USD 4 (4) million. Net profit of USD 29 (14) million comprises: • Profit from operating activities of USD 103 (67) million. • Net financial income of USD 3 (loss of 2) million. • Tax expense of USD 77 (51) million, which translates into an effective tax rate of 73% (78%). The effective tax rate was below the marginal tax rate mainly due to the gain on the Mistral sale which is not taxable. Earnings per share amounted to USD 0.28 (0.14). Highlights and key figures Financial review Operational review Financial statements Notes 6 OKEA ASA Q3 2026 1 Definitions of alternative performance measures are available on page 42 of this report
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Statement of financial position Amounts in USD million 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Goodwill 88 85 91 97 Oil and gas properties 838 812 677 643 Other non-current assets 523 485 487 490 Cash and cash equivalents 414 296 252 377 Other current assets 357 287 309 302 Assets classified as held for sale 0 19 0 0 TOTAL ASSETS 2,220 1,984 1,816 1,909 Equity 140 107 57 75 Interest bearing bond loans 296 296 295 295 Other long-term liabilities 1,223 1,172 1,086 1,058 Income tax payable 179 138 26 92 Other current liabilities 383 256 352 388 Liabilities directly associated with assets classified as held for sale 0 15 0 0 TOTAL EQUITY AND LIABILITIES 2,220 1,984 1,816 1,909 NOK/USD exchange rate at the reporting date 9.38 9.93 10.08 9.99 Goodwill of USD 88 (85) million comprises USD 71 (68) million of technical goodwill and USD 17 (16) million of ordinary goodwill. Oil and gas properties amounted to USD 838 (812) million. The increase was largely driven by investments of USD 80 (81) million relating to production drilling at Draugen and Statfjord as well as progress on the Bestla and Power from Shore development projects. This was partly offset by impairment of the Statfjord asset of USD 33 (86) million and depreciation of USD 55 (47) million. Other non-current assets of USD 523 (485) million mainly comprise asset retirement reimbursement rights of USD 428 (450) million relating to the obligation of Equinor, Shell and Harbour Energy to cover future decommissioning costs for Statfjord, Draugen, Gjøa and Brage respectively. Capitalised exploration and evaluation assets amounted to USD 12 (17) million, and right-of-use assets amounted to USD 78 (13) million. The increase in right-of-use assets was due to a new vessel lease replacing an expired contract. Cash and cash equivalents amounted to USD 414 (296) million. Other current assets of USD 357 (287) million mainly comprise trade and other receivables of USD 192 (136) million, spare parts, equipment and inventory of USD 67 (61) million, placements in money-market funds of USD 62 (59) million, and current portion of asset retirement reimbursement rights of USD 36 (31) million. Interest bearing bond loans of USD 296 (296) million comprise the OKEA05 and OKEA06 bonds. Other long-term liabilities of USD 1,223 (1,172) million mainly comprise asset retirement obligations of USD 974 (977) million which are partly offset by the asset retirement reimbursement rights outlined above. In addition, deferred tax liabilities amounted to USD 177 (175) million. Income tax payable amounted to USD 179 (138) million. Other current liabilities of USD 383 (256) million comprise trade and other payables of USD 324 (216) million and current asset retirement obligations of USD 38 (31) million. Asset classified as held for sale of USD 0 (19) million and liabilities directly associated with assets classified as held for sale of USD 0 (15) million relate to the Mistral transaction which closed in September. Reference is made to note 29 for further details. Highlights and key figures Financial review Operational review Financial statements Notes 7 OKEA ASA Q3 2026
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Statement of cash flows Amounts in USD million Q3 2026 Q2 2026 Q3 2025 2025 (restated)2 Cash and equivalents at the start of the period 296 210 423 289 Net cash flow from / used in (-) operations 182 179 169 325 Net cash flow from / used in (-) investments -67 -77 -89 -409 Net cash flow from / used in (-) financing activities -2 -15 -132 9 Effect of exchange rate fluctuation on cash held 5 -2 5 37 Cash and equivalents at the end of the period 414 296 377 252 Net cash flows from operating activities amounted to USD 182 (179) million. Net cash flows from investment activities amounted to USD -67 (-77) million. The decrease was mainly due to USD 32 (0) million in proceeds received from sale of the Mistral licence. This was partly offset by increased investments in oil and gas properties of USD 81 (74) million mainly comprising of production drilling at Draugen and Statfjord as well as progress in the Bestla and Power from Shore development projects. Net cash flows from financing activities amounted to USD -2 (-15) million. The decrease was due to semi-annual interest on both outstanding bonds paid in the previous quarter. Cash and cash equivalents ended at USD 414 (296) million. Reference is made to note 18 for further details. In addition to the cash balance, USD 62 (59) million was placed in money-market funds classified as other current assets. Financial risk management OKEA addresses financial risk by use of derivatives and fixed price contracts to manage exposures to fluctuations in commodity prices and foreign exchange rates. Financial hedging arrangements on foreign exchange exposure, CO2 quotas and oil and gas options are recognised at market value on each balance sheet date. Hedging positions on crude oil and gas production as per the date of this report: Crude oil Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Price [USD/bbl] (ceilings) 75 - 80 N/A N/A N/A N/A N/A Price [USD/bbl] (floors) 60 N/A N/A N/A N/A N/A Hedged share (net p/tax) 67% N/A N/A N/A N/A N/A Gas Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Price [USD/boe] (ceilings) 128 - 315 128 - 315 170 - 243 170 - 243 231 - 302 231 - 302 Price [USD/boe] (floors) 64 - 96 64 - 96 64 - 88 64 - 88 64 64 Hedged share (net p/tax) 47% 45% 35% 33% 19% 20% The current hedging programme provides downside protection for future revenues while limiting exposure to prices above the ceiling levels. Global energy markets have been highly volatile in recent months. At the balance sheet date, the company’s collar based hedging portfolio resulted in a loss of USD -20 (gain of 15) million, which was recognised in other income in the statement of comprehensive income. The loss reflects an increase (reduction) in crude oil forward prices during the quarter. There are currently no hedging positions for crude in place beyond Q4 2026. 8 OKEA ASA Q3 2026 2 Please see note 30 for more information.
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Operational review Highlights and key figures Financial review Operational review Financial statements Notes
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Key operational figures Produced volumes amounted to 29.1 (27.0) boepd. Production efficiency was 89 (83)%. The increase in volumes and production efficiency was mainly the result of strong performance despite the planned maintenance shutdown at Draugen in September Production expenses amounted to USD 29.5 (34.0) per boe. The lower unit cost was mainly driven by the higher production in combination with reduced cost. The unit cost remain higher than average mainly due to the maintenance shutdown at Draugen. Unit Q3 2026 Q2 2026 Q3 2025 2025 Total net production Boepd 29,117 26,979 31,651 32,098 3rd party volumes available for sale 3 Boepd -524 -179 -94 -86 Change in O/U lift Boepd 4,856 7,612 4,724 133 Total net sold volume Boepd 33,449 34,413 36,280 32,146 Production expense per boe4 USD 29.5 34.0 24.5 23.7 Realised crude oil price USD/boe 96.6 116.9 70.6 71.7 Realised NGL price USD/boe 58.4 55.3 40.6 42.3 Realised liquids price USD/boe 94.6 104.2 65.3 65.5 Realised gas price USD/boe 121.3 88.1 65.7 69.9 Production efficiency is calculated as actual production of main product divided by the total of actual production of main product, scheduled deferment and unscheduled deferment. Deferment is the reduction in production caused by a reduction in available production capacity. QHSSE and ESG Preventing harm to people’s health and the environment is a key priority, and work to ensure safe working conditions is a continuous focus in OKEA. An oil leak on Draugen was detected and has been preliminary categorised as a serious incident due to uncertainty related to volume. The source was located and the leak stopped. Investigation of the incident is ongoing and will include a final assessment of classification. With two serious incidents recorded in the quarter, SIF increased to 0.9 (0.4). One incident was a potential for personnel injury and the other was the oil leak described above. In addition, two incidents with medical treatment resulted in an increase in TRIF to 7.8 (7.7). The increase is taken seriously and work to implement preventive measures across operations is ongoing. GHG emissions intensity was 31 (33) kg CO2e per boe produced. The share of females recruited over the last 12 months was 25 (42)%. Key QHSSE indicators Unit Q3 2026 Q2 2026 2025 Total recordable injury frequency 12 M rolling avg Per mill. work hours 7.8 7.7 6.0 Serious incident frequency 12 M rolling avg Per mill. work hours 0.9 0.4 0.5 Serious acute spills to sea (A-B) Count 1 0 0 Hydrocarbon leakages (>0.1 kg/s) Count 0 0 0 Equity share GHG emissions intensity Kg CO2 / boe 31 33 29 Share of female recruitment last 12 months Percent 25 42 34 Highlights and key figures Financial review Operational review Financial statements Notes 10 OKEA ASA Q3 2026 3 Net compensation volumes from Duva and Nova received and sold (tie-in to Gjøa) 4 Definitions of alternative performance measures are available on page 42 of this report
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OKEA operated assets Draugen (operator, 44.56%) Unit Q3 2026 Q2 2026 Q3 2025 2025 Production Boepd 5,790 8,864 8,673 8,923 Change in O/U lift Boepd 3,549 2,478 3,292 659 Total net sold volume Boepd 9,338 11,342 11,964 9,582 Production efficiency % 65% 95% 94% 90% Production volumes and production efficiency were impacted by the planned three-week maintenance shutdown which was completed in September. Production from the Garn West South well commenced in the third quarter and is expected to contribute ~5,000 boepd in the fourth quarter. Brage (operator, 35.2%) Unit Q3 2026 Q2 2026 Q3 2025 2025 Production Boepd 8,182 4,590 8,299 6,482 Change in O/U lift Boepd -112 -251 2,228 413 Total net sold volume Boepd 8,070 4,339 10,526 6,895 Production efficiency % 99% 56% 97% 94% Higher production volumes and production efficiency reflect strong well performance and exceptional operational uptime. The Bestla project is progressing well, with production start expected before year-end 2026. At plateau, Bestla is expected to produce 10 kboepd net to OKEA. Production from the Talisker West discovery at Brage is expected in the second half of 2027. Total recoverable volume estimates from Statfjord, Brent and Cook formations are 23 - 44 mmboe. Highlights and key figures Financial review Operational review Financial statements Notes 11 OKEA ASA Q3 2026
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Partner operated assets Statfjord area (partner, 28%) Unit Q3 2026 Q2 2026 Q3 2025 2025 Production Boepd 8,172 7,680 9,272 9,541 Change in O/U lift Boepd 1,578 -450 451 -396 Total net sold volume Boepd 9,750 7,231 9,723 9,146 Production efficiency % 90% 87% 92% 90% Higher production volumes and production efficiency resulted from stable production and improved performance from the satellite fields. Gas production remained stable in the quarter. To maintain liquids offtake, four new wells and two additional wells equipped with electric submersible pumps (ESPs) are planned for operation by end of 2027. Based on recent production performance, it is expected that more water production is required to ensure gas release and to recover the reserves. Capex estimates have been increased to allow for drilling of additional water producers to recover the remaining reserves. Gjøa & Nova (partner, 12% & 6%) Unit Q3 2026 Q2 2026 Q3 2025 2025 Production Boepd 5,412 4,824 3,815 5,372 Change in O/U lift Boepd -806 530 -138 -337 Total net sold volume Boepd 4,606 5,354 3,677 5,035 Production efficiency % 97% 94% 76% 92% Production volumes and production efficiency remain strong. The Gjøa B-1 BH infill well is expected on stream in the fourth quarter and will increase production by ~500 boepd. Peon has selected Gjøa as host platform. OKEA has no ownership in Peon, and a tie-in of Peon may improve the value of Gjøa & Nova through reduced unit cost and increased recoverable economical barrels. Ivar Aasen (partner, 9.2385%) Unit Q3 2026 Q2 2026 Q3 2025 2025 Production Boepd 1,562 1,021 1,592 1,780 Change in O/U lift Boepd 123 5,125 -1,202 -292 Total net sold volume Boepd 1,685 6,147 390 1,489 Production efficiency % 97% 67% 65% 90% Higher production volumes were a result of high production efficiency and good well performance. Drilling operations under the IOR26 campaign has commenced with the first well expected in production around year-end. Highlights and key figures Financial review Operational review Financial statements Notes 12 OKEA ASA Q3 2026
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Development projects Draugen – Power from Shore (operator, 44.56%) During the turnaround at Draugen in September, the planned project scope was successfully completed and offshore construction activities continue at full capacity. Fiber-optic communication from shore to Draugen through the power cable has been put into operation. Testing of the onshore power transmission facilities has started and is expected finalised by year- end. The project will result in an average annual reduction of CO2 emissions of 200,000 tonnes from Draugen and 130,000 tonnes from Njord as well as an average annual reduction of NOx emissions of 1,250 tonnes from Draugen and 520 tonnes from Njord. The project will also result in reduced production expenses and extend the economic life of the Draugen field. Project completion is expected in 2028. Bestla (operator, 39.2788%) The Bestla project is progressing ahead of plan, and is only left with commissioning and start-up preparations. Expected production-start is before year-end 2026. The activity level at Brage has been high during the quarter, with focus shifting from construction to commissioning and start-up preparations. Subsea installations were completed in September. The Bestla field is developed as a two-well tie-back to the Brage field and contains estimated gross recoverable reserves of 24 mmboe. Plateau production is expected within the first year of production with approximately 10 kboepd net to OKEA. Exploration Update on key exploration projects: Drilling of the PL 1153 Alpehumle prospect (20% WI) has been completed. The well was classified as a non-commercial gas discovery. The license will continue to process new data and evaluate potential remaining prospectivity. The PL 1014 Arkenstone well (20% WI) is a high-impact opportunity located in the Northern Norwegian Sea and is operated by Equinor. Drilling of the well is expected in the first quarter of 2027. The PL 1214 Kyllinglår prospect (28% WI) is scheduled for drilling in the fourth quarter of 2026. The well is operated by Equinor and is planned drilled with a semi-submersible rig from existing infrastructure in the Statfjord Nord field. The PL 1102/1102 B Tverrdal prospect (35% WI) is an infrastructure led exploration well located 13km north of the Brage platform in the North Sea. Tverrdal is operated by OKEA and is scheduled for drilling the second half of 2027. The PL 153 Trust prospect (12% WI), has been sanctioned in the license. The well is operated by Vår Energi and is planned drilled from existing infrastructure in the Gjøa field in the first half of 2027. Updates on other exploration related activities The sale the Mistral South discovery in PL 1119 (20% WI) to Japex Norge AS, was closed in September. The fixed consideration was USD 30 million. In addition, a contingent consideration assures upside given a commercial Mistral Nord discovery. OKEA continues to focus on maturing and high-grading the exploration portfolio, and the ambition is to increase the activity level from the current up to 4 wells per year to up to 6 wells per year by 2030. Applications for APA2026 (Awards in Pre-defined Area) was submitted in the third quarter. Acreage awards are expected announced in January 2027. Highlights and key figures Financial review Operational review Financial statements Notes 13 OKEA ASA Q3 2026
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x Guidance Outlook Production Production guidance for 2026 are narrowed at the upper end of the range: • 2026 31 - 32 kboepd (previous: 29 - 32) • 2027 39 - 43 kboepd (unchanged) Capex Capex guidance for 2026 is narrowed in the middle of the range. Capex guidance for 2027 is increased following acceleration of drilling of the Springmus East production well: • 2026 USD 320 - 340 million (previous: 300 - 360) • 2027: USD 260 - 320 million (previous: 230 - 290) Tax Expected tax payments for the fourth quarter of 2026 is 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 intention is also to maintain quarterly distributions of at least NOK 1.00 per share throughout 2027. The board of directors annually reviews OKEA’s financial position, strategic direction and l o n g ‑ t e r m p r i o r i t i e s . O K E A r e m a i n s c o m m i t t e d t o i t s v i s i o n o f b e i n g t h e l e a d i n g m i d ‑ a n d l a t e ‑ l i f e o p e r a t o r o n t h e N o r w e g i a n C o n t i n e n t a l S h e l f , c o m b i n i n g s t r o n g o p e r a t i o n a l performance with disciplined growth and value creation to deliver competitive shareholder returns. Core to the strategy is: • Value creation from the existing portfolio: safe, efficient operations and structured opportunity maturation to maximise value from current assets. • C o m p l e m e n t a r y e x p l o r a t i o n : b u i l d i n g a n d h i g h ‑ g r a d i n g t h e e x p l o r a t i o n p o r t f o l i o t o s e c u r e f u t u r e o p t i o n a l i t y a n d l o n g ‑ t e r m g r o w t h . • S e l e c t i v e m e r g e r s a n d a c q u i s i t i o n s : v a l u e ‑ a c c r e t i v e t r a n s a c t i o n s t h a t g r o w , strengthen and diversify the portfolio. Capital discipline remains fundamental to the company, with investment decisions guided b y r o b u s t f i n a n c i a l c r i t e r i a a n d c l e a r c a p i t a l ‑ a l l o c a t i o n p r i n c i p l e s . T h e c o m p a n y m a i n t a i n s a consistent ESG focus, emphasising safe operations, responsible resource management and reduced environmental impact across, in all phases of the company’s business activities. Subsequent events On 3 November, OKEA announced a dividend payment of NOK 207.8 million (NOK 2.00 per share) to be paid on or about 15 December 2026. The distribution is to be made as repayment of paid-in capital. Highlights and key figures Financial review Operational review Financial statements Notes 14 OKEA ASA Q3 2026
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Highlights and key figures Financial review Operational review Financial statements Notes Financial statements with notes Q3 2026
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Statement of comprehensive income Amounts in USD '000, unaudited Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 (audited) Revenues from crude oil and gas sales 6 315,734 313,134 218,420 892,648 680,926 783,684 Other operating income / loss (-) 6, 25 15,928 20,591 5,219 11,645 20,047 24,417 Total operating income 331,662 333,725 223,639 904,293 700,973 808,102 Production expenses 7 -87,194 -89,320 -77,451 -267,809 -212,824 -300,062 Changes in over / underlift positions and production inventory 7 -20,401 -27,872 -18,843 -55,049 -39,560 -729 Exploration and evaluation expenses 8 -27,656 -5,146 -7,471 -40,478 -37,404 -43,464 Depreciation, depletion and amortisation 10, 11 -55,742 -46,730 -63,638 -161,395 -179,193 -225,422 Impairment (-) / reversal of impairment 10, 11, 12 -33,041 -93,891 -150,693 27,138 -194,718 -256,235 General and administrative expenses 13 -4,191 -4,189 -3,118 -12,965 -13,953 -16,726 Total operating expenses -228,225 -267,148 -321,214 -510,557 -677,651 -842,638 Profit / loss (-) from operating activities 103,436 66,577 -97,575 393,736 23,322 -34,536 Finance income 14 10,810 10,188 8,391 29,294 23,946 32,845 Finance costs 14 -12,057 -12,547 -10,270 -36,672 -41,110 -51,536 Net exchange rate gain / loss (-) 14 4,019 447 -153 14,337 21,046 20,352 Net financial items 2,773 -1,912 -2,032 6,959 3,882 1,661 Profit / loss (-) before income tax 106,209 64,665 -99,607 400,696 27,204 -32,874 Taxes (-) / tax income (+) 9 -77,052 -50,619 62,280 -321,102 -64,192 -21,793 Net profit / loss (-) 29,157 14,046 -37,326 79,594 -36,989 -54,668 Table continues on the next page Highlights and key figures Financial review Operational review Financial statements Notes 16 OKEA ASA Q3 2026
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Statement of comprehensive income - continues Amounts in USD '000, unaudited Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 (audited) Other comprehensive income, net of tax: Items that may be reclassified to profit or loss in subsequent periods - foreign currency translation differences 3,345 -2,412 818 2,746 14,622 13,899 Items that will not be reclassified to profit or loss in subsequent periods - remeasurements pensions, actuarial gain / loss (-) 0 0 0 0 0 110 Total other comprehensive income, net of tax 3,345 -2,412 818 2,746 14,622 14,009 Total comprehensive income / loss (-) 32,502 11,634 -36,509 82,340 -22,367 -40,659 Weighted average no. of shares outstanding basic 103,910,350 103,910,350 103,910,350 103,910,350 103,910,350 103,910,350 Weighted average no. of shares outstanding diluted 103,910,350 103,910,350 103,910,350 103,910,350 103,910,350 103,910,350 Earnings per share (USD per share) - Basic 0.28 0.14 -0.36 0.77 -0.36 -0.53 Earnings per share (USD per share) - Diluted 0.28 0.14 -0.36 0.77 -0.36 -0.53 Highlights and key figures Financial review Operational review Financial statements Notes 17 OKEA ASA Q3 2026
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Statement of financial position Amounts in USD '000, unaudited Note 30.09.2026 30.06.2026 31.12.2025 30.09.2025 (audited) ASSETS Non-current assets Goodwill 11,12 87,622 84,743 91,251 96,843 Exploration and evaluation assets 11 11,681 16,717 32,512 30,694 Other intangible assets 11 1,649 1,641 1,706 1,563 Oil and gas properties 10 838,431 812,038 676,778 643,360 Furniture, fixtures and office equipment 10 4,068 3,922 3,979 2,855 Right-of-use assets 10 77,978 12,951 13,378 14,291 Asset retirement reimbursement right 15 427,923 449,608 435,690 440,809 Total non-current assets 1,449,352 1,381,619 1,255,295 1,230,414 Current assets Trade and other receivables 17,25 192,130 135,556 144,243 159,603 Financial investments 27 61,843 59,068 56,881 41,709 Spare parts, equipment and inventory 20 66,924 61,218 78,707 75,712 Asset retirement reimbursement right, current 15 36,275 31,413 28,983 24,609 Cash and cash equivalents 18 413,904 295,855 251,509 376,519 Total current assets 771,077 583,111 560,322 678,152 Assets classified as held for sale 29 0 19,264 0 0 TOTAL ASSETS 2,220,429 1,983,993 1,815,617 1,908,566 Highlights and key figures Financial review Operational review Financial statements Notes 18 OKEA ASA Q3 2026
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Statement of financial position - continues Amounts in USD '000, unaudited Note 30.09.2026 30.06.2026 31.12.2025 30.09.2025 (audited) EQUITY AND LIABILITIES Equity Share capital 16 1,229 1,229 1,229 1,229 Share premium 180,615 180,615 180,615 180,615 Other paid in capital 2,166 2,166 2,166 2,166 Retained earnings / loss (-) 3,138 -26,020 -76,456 -58,887 Foreign currency translation differences -47,610 -50,954 -50,355 -49,632 Total equity 139,539 107,037 57,199 75,491 Non-current liabilities Asset retirement obligations 19 973,532 977,043 962,571 944,209 Pension liabilities 8,448 7,772 6,870 7,227 Lease liability 24 63,400 11,887 12,541 13,359 Deferred tax liabilities 9 177,331 175,020 103,939 93,583 Interest bearing bond loans 22 296,114 295,867 295,224 294,839 Total non-current liabilities 1,518,825 1,467,589 1,381,143 1,353,216 Current liabilities Trade and other payables 21,25,26 323,740 215,658 307,819 352,097 Income tax payable 9 179,415 137,936 25,548 91,913 Lease liability, current 24 17,092 3,912 3,667 3,796 Asset retirement obligations, current 19 37,611 31,465 29,042 25,125 Public dues payable 4,208 5,371 11,199 6,928 Total current liabilities 562,065 394,342 377,274 479,858 Liabilities directly associated with assets classified as held for sale 29 0 15,026 0 0 Total liabilities 2,080,890 1,876,957 1,758,418 1,833,074 TOTAL EQUITY AND LIABILITIES 2,220,429 1,983,993 1,815,617 1,908,566 Highlights and key figures Financial review Operational review Financial statements Notes 19 OKEA ASA Q3 2026
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Statement of changes in equity Amounts in USD `000 Share capital Share premium Other paid in capital Retained earnings/loss (-) Translation adjustments Total equity Equity at 1 January 2025 1,229 180,615 2,166 -21,899 -64,254 97,858 Net profit / loss (-) for the period 0 0 0 338 0 338 Total other comprehensive income / loss (-) for the period 0 0 0 0 13,804 13,804 Equity at 30 June 2025 1,229 180,615 2,166 -21,560 -50,450 112,000 Equity at 1 October 2025 1,229 180,615 2,166 -21,560 -50,450 111,999 Net profit / loss (-) for the period 0 0 0 -37,326 0 -37,326 Total other comprehensive income / loss (-) for the period 0 0 0 0 818 818 Equity at 30 September 2025 1,229 180,615 2,166 -58,887 -49,632 75,491 Equity at 1 October 2025 1,229 180,615 2,166 -58,887 -49,632 75,491 Net profit / loss (-) for the period 0 0 0 -17,679 -17,679 Total other comprehensive income / loss (-) for the period 0 0 0 110 -723 -613 Equity at 31 December 2025 1,229 180,615 2,166 -76,457 -50,355 57,199 Equity at 1 January 2026 1,229 180,615 2,166 -76,457 -50,355 57,198 Net profit / loss (-) for the period 0 0 0 50,437 0 50,437 Total other comprehensive income / loss (-) for the period 0 0 0 0 -599 -599 Equity at 30 June 2026 1,229 180,615 2,166 -26,020 -50,954 107,037 Equity at 01 July 2026 1,229 180,615 2,166 -26,020 -50,954 107,037 Net profit / loss (-) for the period 0 0 0 29,157 0 29,157 Total other comprehensive income / loss (-) for the period 0 0 0 0 3,345 3,345 Equity at 30 September 2026 1,229 180,615 2,166 3,138 -47,610 139,539 Highlights and key figures Financial review Operational review Financial statements Notes 20 OKEA ASA Q3 2026
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Statement of cash flows Amounts in USD `000, unaudited Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 (restated) (restated) (audited) Cash flow from operating activities Profit / loss (-) before income tax 106,209 64,665 -99,607 400,696 27,204 -32,874 Income tax paid/received 9 -43,431 -25,909 -11,110 -86,059 -168,326 -180,443 Depreciation, depletion and amortization 10, 11 55,743 46,730 63,638 161,395 179,193 225,422 Impairment / reversal of impairment 10, 11, 12 33,041 93,891 150,693 -27,138 194,718 256,235 Expensed exploration expenditures temporary capitalised 8, 11 22,600 140 0 22,763 12,847 12,346 Accretion asset retirement obligations/reimbursement right - net 14, 15, 19 4,984 4,828 3,961 14,381 10,808 14,784 Asset retirement costs from billing (net after reimbursement) 15, 19 -3,124 1,579 122 -3,946 -479 -497 Gain from sales of licences 6 -27,811 0 -464 -27,811 -546 -846 Interest expense 14 1,273 272 643 1,682 6,879 7,356 Gain / loss on financial investments 14 -777 -754 75 -2,142 21 17 Change in fair value contingent consideration 6, 26 0 98 991 482 -1,601 -1,123 Change in trade and other receivables, and inventory -43,336 81,467 -11,985 -8,958 44,997 54,729 Change in trade and other payables and other current balance sheet items 82,522 -86,244 76,374 -938 24,637 -7,464 Change in foreign exchange interest bearing debt and other non-current items -6,371 -1,403 -4,039 -14,000 -23,523 -22,320 Net cash flow from / used in (-) operating activities 181,524 179,359 169,292 430,409 306,830 325,321 Table continues on the next page Highlights and key figures Financial review Operational review Financial statements Notes 21 OKEA ASA Q3 2026
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Statement of cash flows - continues Amounts in USD `000, unaudited Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 (restated) (restated) (audited) Cash flow from investment activities Investment in exploration and evaluation assets 11 -17,489 -1,954 -3,283 -20,742 -31,813 -33,592 Investment in other intangible assets 11 0 0 -1,565 0 -1,565 -1,756 Business combinations, cash paid 26 0 0 0 0 -6,944 -6,944 Investment in oil and gas properties 10, 14 -81,349 -74,338 -83,376 -272,708 -230,318 -337,949 Investment in furniture, fixtures and office machines 10 -230 -321 -1,178 -551 -1,939 -3,260 Cash used on (-) / received from financial investments 0 0 0 0 -14,566 -29,416 Proceeds from sales of licences 32,545 0 0 32,545 4,037 4,037 Net cash flow from / used in (-) investment activities -66,523 -76,613 -89,402 -261,456 -283,108 -408,881 Cash flow from financing activities Net proceeds from borrowings 22 0 0 0 0 169,528 169,528 Repayment/buy-back of bond loans 22 0 0 -127,072 0 -127,072 -127,072 Interest paid -924 -14,366 -3,905 -15,752 -16,204 -30,417 Payments of lease debt 24 -1,081 -665 -790 -2,437 -2,286 -3,075 Net cash flow from / used in (-) financing activities -2,005 -15,031 -131,767 -18,189 23,966 8,963 Net increase/ decrease (-) in cash and cash equivalents 112,996 87,714 -51,876 150,764 47,688 -74,597 Cash and cash equivalents at the beginning of the period 295,856 209,765 423,098 251,509 288,807 288,807 Effect of exchange rate fluctuation on cash held 5,052 -1,624 5,297 11,632 40,026 37,300 Cash and equivalents at the end of the period 413,903 295,856 376,517 413,903 376,519 251,508 Highlights and key figures Financial review Operational review Financial statements Notes 22 OKEA ASA Q3 2026
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Notes to the interim financial statement 1 General and corporate information These financial statements are the unaudited interim condensed financial statements of OKEA ASA for the third quarter of 2026. OKEA ASA (“OKEA” or the “company”) is a public limited liability company incorporated and domiciled in Norway, with its main office located in Trondheim. The company's shares are listed on the Oslo Stock Exchange under the ticker "OKEA". OKEA is a leading mid- and late-life operator on the Norwegian continental shelf (NCS). 2 Basis of preparation The interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements should be read in conjunction with the annual financial statements for 2025. The annual financial statements for 2025 were prepared in accordance with IFRS® Accounting Standards (IFRS) as adopted by the European Union (EU) and in accordance with the additional requirements following the Norwegian Accounting Act. All figures in the financial statements are presented in USD. OKEA’s functional currency is NOK, however from Q1 2025 the company has presented its financial statements in USD. For presentation purposes, balance sheet items are translated from functional currency to presentation currency using spot rates at the balance sheet date. Items recognised in profit or loss and other comprehensive income are translated from functional currency to presentation currency using average exchange rates for the periods presented, or exchange rates at transaction dates where these differ significantly. Historical exchange rates are used for share capital and share premium. The interim financial statements were authorised for issue by the company's board of directors on 2 November 2026. 3 Accounting policies The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the annual financial statements for 2025. New standards, amendments and interpretations to existing standards effective from 1 January 2026 did not have significant impact on the financial statements. 4 Critical accounting estimates and judgements Preparation of the interim financial statements entails use of judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised as assets and liabilities, income and expenses. The estimates, and associated assumptions, are based on historical experience and other factors that are considered as reasonable under the circumstances. The actual results may deviate from these estimates. The material assessments underlying the application of the company's accounting policies, and the main sources of uncertainty, are the same for the interim financial statements as for the annual accounts for 2025. 5 Business segments The company’s only business segment is development and production of oil and gas on the Norwegian continental shelf. Highlights and key figures Financial review Operational review Financial statements Notes 23 OKEA ASA Q3 2026
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6 Income Breakdown of petroleum revenues Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Sale of liquids 204,373 241,335 165,183 633,407 493,400 546,950 Sale of gas 111,361 71,799 53,237 259,241 187,526 236,734 Total petroleum revenues 315,734 313,134 218,420 892,648 680,926 783,684 Sale of liquids (boe) 2,159,519 2,316,634 2,527,899 7,004,260 7,325,615 8,346,651 Sale of gas (boe) 917,815 814,906 809,898 2,727,014 2,529,156 3,386,709 Total sale of petroleum in boe5 3,077,335 3,131,540 3,337,797 9,731,274 9,854,772 11,733,360 Other operating income Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Gain / loss (-) from put/call options, oil -13,900 10,027 -546 -31,386 -384 -209 Gain / loss (-) from put/call options, gas -6,206 3,285 -58 -5,047 1,748 2,210 Gain / loss (-) from forward contracts, CO2 quotas 84 1,443 165 -591 30 478 Change in fair value contingent consideration (see note 26) 0 -98 -991 -482 1,601 1,123 Tariff income 6,848 5,575 5,133 18,396 14,988 19,929 Sale of licences 27,810 0 464 27,810 546 846 Income/expense from commercial agreements 0 44 0 -15 0 -2,017 Joint utilisation of logistics resources 1,290 316 1,052 2,959 1,519 2,058 Total other operating income/loss (-) 15,928 20,591 5,219 11,645 20,047 24,417 Highlights and key figures Financial review Operational review Financial statements Notes 24 OKEA ASA Q3 2026 5 Barrels of oil equivalents
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7 Production expenses & changes in over/underlift positions and production inventory Production expenses Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 From licence billings - producing assets 75,300 79,157 64,138 232,648 176,827 254,043 Other production expenses (insurance, transport) 10,543 8,790 12,030 30,965 31,907 40,484 G&A expenses allocated to production expenses 1,351 1,373 1,284 4,196 4,090 5,535 Total production expenses 87,194 89,320 77,451 267,809 212,824 300,062 Changes in over-/underlift positions and production inventory Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Changes in over/underlift positions -22,625 -13,197 -24,816 -35,446 -32,682 -2,550 Changes in production inventory 2,224 -14,675 5,973 -19,602 -6,877 1,821 Changes in over-/underlift positions and production inventory -20,401 -27,872 -18,843 -55,049 -39,560 -729 8 Exploration and evaluation expenses Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Share of exploration and evaluation expenses from participation in licences excluding dry well impairment, from billing 2,954 3,150 3,675 7,962 9,400 13,220 Share of exploration expenses from participation in licences, dry well write off, from billing 22,600 140 0 22,763 12,848 12,346 Seismic and other exploration and evaluation expenses, outside billing 432 314 3,522 5,437 14,420 14,762 G&A expenses allocated to exploration expenses 1,669 1,542 273 4,316 737 3,135 Total exploration and evaluation expenses 27,656 5,146 7,471 40,478 37,404 43,464 Highlights and key figures Financial review Operational review Financial statements Notes 25 OKEA ASA Q3 2026
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9 Taxes Income taxes recognised in the income statement Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Change in deferred taxes current year 3,543 47,725 66,520 -77,417 34,038 23,247 Taxes payable current year -80,595 -98,009 -4,033 -243,503 -98,499 -45,349 Tax payable adjustment previous year 0 -1,136 -108 3,584 1,435 1,475 Change in deferred taxes previous year 0 801 -99 -3,766 -1,166 -1,166 Total taxes (-) / tax income (+) recognised in the income statement -77,052 -50,619 62,280 -321,102 -64,192 -21,793 Reconciliation of income taxes Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Profit / loss (-) before income taxes 106,209 64,665 -99,607 400,696 27,204 -32,874 Expected income tax at tax rate 78.004% -82,847 -50,441 77,697 -312,558 -21,220 25,643 Permanent differences, including impairment of goodwill 15,757 -5,160 -15,090 9,550 -50,160 -53,824 Effect of uplift 879 1,445 1,445 3,523 4,283 5,491 Financial and onshore items -9,707 5,307 -1,566 -18,864 2,657 610 Change valuation allowance -1,135 -1,435 0 -2,570 -39 -39 Adjustments previous year and other 0 -335 -207 -182 286 325 Total income taxes recognised in the income statement -77,052 -50,619 62,280 -321,101 -64,192 -21,793 Effective income tax rate 73% 78% 63% 80% 236% -66% Highlights and key figures Financial review Operational review Financial statements Notes 26 OKEA ASA Q3 2026
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Specification of tax effects on temporary differences, tax losses and uplift carried forward Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Tangible and intangible non-current assets -652,460 -601,997 -499,711 -475,606 Provisions (net ARO), lease liability, pensions and gain/loss account 511,550 446,002 441,348 423,996 Interest bearing loans -6,442 -4,149 -3,253 -3,967 Current items (spareparts and inventory) -29,978 -29,901 -42,322 -38,006 Tax losses carried forward, onshore 22% 3,156 1,966 597 602 Valuation allowance (uncapitalised deferred tax asset) -3,156 -1,966 -597 -602 Total deferred tax assets / liabilities (-) recognised -177,331 -190,045 -103,939 -93,583 Of this classified as held for sale, see note 0 15,026 0 0 Total deferred tax assets / liabilities (-) recognised excl. classified as held for sale -177,331 -175,020 -103,939 -93,583 Specification of tax payable Amounts in USD `000 Total Tax payable at 1 January 2026 25,548 Tax paid -86,059 Tax payable adjustment previous year -3,584 Tax payable current year recognised in the income statement 243,503 Foreign currency translation effects 7 Tax payable at 30 September 2026 179,415 Total deferred tax assets / liabilities (-) Amounts in USD `000 Total Deferred tax assets / liabilities (-) at 1 January 2026 -103,939 Deferred tax current year recognised in the income statement -77,417 Change in deferred taxes previous year -3,766 Foreign currency translation effects 7,791 Total deferred tax assets / liabilities (-) 30 September 2026 -177,331 Highlights and key figures Financial review Operational review Financial statements Notes 27 OKEA ASA Q3 2026
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10 Tangible assets and right-of-use assets Amounts in USD `000 Oil and gas properties Furniture, fixtures and office machines Right of use assets Total Assets under development Assets in production Cost at 1 January 2026 360,047 1,401,201 5,799 35,589 1,802,636 Additions 93,880 85,547 303 459 180,189 Reclassification from inventory 0 -42 0 0 -42 Removal and decommissioning asset 825 -19,155 0 0 -18,331 Foreign currency translation effects 1,961 19,578 73 536 22,148 Cost at 30.06.2026 456,713 1,487,128 6,176 36,584 1,986,601 Accumulated depreciation and impairment at 1 January 2026 0 -1,084,470 -1,820 -22,211 -1,108,501 Depreciation 0 -104,070 -421 -1,067 -105,558 Impairment (-) and reversal of impairment 0 68,521 0 0 68,521 Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator 0 0 0 -59 -59 Foreign currency translation effects 0 -11,786 -12 -297 -12,095 Accumulated depreciation and impairment at 30.06.2026 0 -1,131,804 -2,254 -23,634 -1,157,691 Carrying amount at 30.06.2026 456,713 355,325 3,922 12,951 828,910 Cost at 1 July 2026 456,713 1,487,128 6,176 36,584 1,986,601 Additions 34,228 52,877 230 65,906 153,241 Reclassification from exploration 0 0 0 0 0 Removal and decommissioning asset 5,052 -5,356 0 0 -304 Foreign currency translation effects 15,112 50,028 207 680 66,027 Cost at 30 September 2026 511,105 1,584,677 6,613 103,170 2,205,565 Accumulated depreciation and impairment at 1 July 2026 0 -1,131,804 -2,254 -23,634 -1,157,691 Depreciation 0 -54,954 -216 -653 -55,823 Impairment (-) and reversal of impairment 0 -33,049 0 0 -33,049 Additional depr. of IFRS 16 ROU assets presented net in the income statement from leasing contracts entered into as licence operator 0 0 0 0 0 Foreign currency translation effects 0 -37,545 -74 -906 -38,525 Accumulated depreciation and impairment at 30 September 2026 0 -1,257,352 -2,545 -25,192 -1,285,088 Carrying amount at 30 September 2026 511,105 327,325 4,068 77,978 920,477 Highlights and key figures Financial review Operational review Financial statements Notes 28 OKEA ASA Q3 2026
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11 Goodwill, exploration and evaluation assets and other intangible assets Amounts in USD `000 Other intangible assets Exploration and evaluation assets Technical goodwill Ordinary goodwill Total goodwill Cost at 1 January 2026 1,759 32,512 262,034 177,972 440,006 Additions 0 3,090 0 0 0 Foreign currency translation effects 27 379 4,023 2,732 6,755 Cost at 30 June 2026 1,786 35,981 266,057 180,704 446,761 Accumulated depreciation and impairment at 1 January 2026 -54 0 -186,977 -161,778 -348,755 Depreciation -95 0 0 0 0 Foreign currency translation effects 3 0 -2,437 -2,484 -4,921 Accumulated Depreciation and impairment at 30 June 2026 -146 0 -197,756 -164,262 -362,018 Carrying amount at 30 June 2026 1,641 35,981 68,301 16,442 84,743 Cost at 1 July 2026 1,786 35,981 266,057 180,704 446,761 Additions 0 17,325 0 0 0 Disposals 0 -20,504 0 0 0 Expensed exploration expenditures temporarily capitalised 0 -22,606 0 0 0 Foreign currency translation effects 61 1,485 9,037 6,138 15,175 Cost at 30 September 2026 1,847 11,682 275,094 186,842 461,936 Accumulated depreciation at beginning of period -146 0 0 0 0 Accumulated impairment at beginning of period 0 0 -197,756 -164,262 -362,018 Depreciation -48 0 0 0 0 Impairment 0 0 0 0 0 Foreign currency translation effects -4 0 -6,717 -5,579 -12,297 Accumulated depreciation and impairment at 30 September 2026 -198 0 -204,473 -169,841 -374,315 Carrying amount at 30 September 2026 1,649 11,682 70,621 17,001 87,622 Of this classified as held for sale (see note 29) 0 0 0 0 0 Carrying amount at 30 September 2026 excl. classified as held for sale 1,649 11,682 70,621 17,001 87,622 Highlights and key figures Financial review Operational review Financial statements Notes 29 OKEA ASA Q3 2026
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12 Impairment / reversal of impairment Tangible and intangible assets are tested for impairment / reversal of impairment whenever indicators are identified and at least on an annual basis. Impairment is recognised when the book value of an asset or cash generating unit exceeds the estimated recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and value in use and is estimated based on discounted future cash flows. The discount rate applied represents the weighted average cost of capital (WACC). Technical goodwill arises as an offsetting account to the deferred tax recognised in business combinations and is allocated to each Cash Generating Unit (CGU). Technical goodwill will be impaired during the life-time of the CGU and is a non-cash expense. As reserves are produced, depreciation of the oil and gas properties (CGU) reduces deferred tax and exposes technical goodwill for impairment. Fair value assessments of the company's right-of-use (ROU) asset-portfolio are included in the impairment test. Valuation of oil and gas properties and goodwill are inherently uncertain due to the judgemental nature of the underlying estimates. Key assumptions applied in the impairment test at 30 September 2026 stated in real terms: Year Oil USD/BOE Gas GBP/ therm Currency rates USD/NOK 2026 96.7 1.38 9.6 2027 85.4 1.40 9.6 2028 74.8 0.90 9.6 2029 76.8 0.79 9.9 From 2030 77.3 0.75 10.0 Other assumptions For oil and gas reserves, future cash flows are calculated on the basis of expected production profiles and estimated proven and probable remaining reserves limited by economic cut-off. Future capex, opex and abandonment cost are calculated based on expected production profiles and the best estimate of related cost. The nominal discount rate applied for estimating fair values is 10% post tax. The long-term inflation rate is assumed to be 2%. Total cost for CO2 comprises Norwegian CO2 tax and cost of the EU Emission Trading System and is estimated to gradually increase from NOK 1,806 per tonne in 2025 towards a long term price of NOK 2,400 (real 2025) per tonne from 2030 and NOK 3,400 (real 2025) from 2035 in line with price estimates presented by the Norwegian authorities in 2025. NOx prices are estimated to increase from approximately NOK 18 per kg in 2025 to a level of approximately 27 NOK per kg from 2030. Impairment testing of technical goodwill, ordinary goodwill, fixed assets and ROU assets Impairments of oil and gas assets of USD 33 (86) million on Statfjord were recorded in the quarter mainly due to reduced reserve estimates and increased planned Capex. Amounts in USD `000 Q3 2026 Q2 2026 Technical goodwill Oil & gas assets Technical goodwill Oil & gas assets Statfjord 0 33,038 0 85,549 Draugen 0 0 8,342 0 Total impairment 0 33,038 8,342 85,549 No impairments on ordinary goodwill were required in the Third quarter 2026. Sensitivities The table below shows how the recorded impairment in the quarter are impacted if the different assumptions are changed given that all other assumptions are constant. As there are impairments of both technical goodwill and asset impairments, both the pre-tax and post-tax impacts are shown. Change in impairment after Amounts in USD `000 Increase in assumption Decrease in assumption Change Pre-tax Post-tax Pre-tax Post-tax Oil and gas price +/- 10% -131,718 -28,973 86,773 19,086 Oil and gas price forward period +/- 10% -54,190 -11,920 54,190 11,920 Currency rate USD/NOK +/- 1.0 NOK -69,164 -15,213 69,164 15,213 Discount rate +/- 1% point 3,812 838 -3,974 -874 Environmental cost (CO2 and NOx) +/- 20% 53,408 11,748 -53,408 -11,748 Highlights and key figures Financial review Operational review Financial statements Notes 30 OKEA ASA Q3 2026
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13 General and administrative expenses Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Salary and other employee benefits expenses 33,407 38,089 30,523 108,863 89,051 120,035 Consultants and other operating expenses 17,363 16,038 15,705 50,138 48,614 65,606 Allocated to operated licences -43,659 -47,481 -41,552 -138,860 -118,885 -162,183 Allocated to exploration and production expenses -2,919 -2,457 -1,557 -7,177 -4,827 -6,732 Total general and administrative expenses 4,191 4,189 3,118 12,965 13,953 16,726 14 Financial items Amounts in USD `000 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Interest income 3,550 2,717 2,992 7,790 8,225 11,498 Unwinding of discount asset retirement reimbursement right (indemnification asset) 6,483 6,716 5,474 19,363 15,743 21,365 Gain on financial investments 777 754 -75 2,142 -21 -17 Finance income 10,810 10,188 8,391 29,294 23,946 32,845 Interest expense and fees from loans and borrowings -7,248 -7,521 -7,287 -22,868 -20,657 -28,067 Capitalised borrowing cost, development projects 7,235 7,198 6,644 21,643 13,778 20,711 Other interest expense -8 -334 -6 -407 -1,070 -1,087 Unwinding of discount asset retirement obligations -11,467 -11,544 -9,435 -33,744 -26,601 -36,148 Loss on buy-back/early redemption bond loan 0 0 184 0 -5,405 -5,405 Other financial expense -568 -345 -370 -1,295 -1,205 -1,540 Finance costs -12,057 -12,547 -10,270 -36,672 -41,110 -51,536 Exchange rate gain/loss (-), interest-bearing loans and borrowings 10,293 -5,645 3,268 15,048 33,254 30,419 Net exchange rate gain/loss (-), other -6,274 6,091 -3,421 -711 -12,208 -10,067 Net exchange rate gain/loss (-) 4,019 447 -153 14,337 21,046 20,352 Net financial items 2,773 -1,912 -2,032 6,959 3,882 1,661 Highlights and key figures Financial review Operational review Financial statements Notes 31 OKEA ASA Q3 2026
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15 Asset retirement reimbursement right Amounts in USD `000 Total Asset retirement reimbursement right at 1 January 2026 (indemnification asset) 464,673 Changes in estimates 130 Effect of change in the discount rate -15,526 Asset retirement costs from billing, reimbursement from Shell and Harbour Energy -2,604 Asset retirement costs from billing, paid by Equinor -25,057 Unwinding of discount 19,363 Foreign currency translation effects 23,220 Asset retirement reimbursement right at 30 June 2026 (indemnification asset) 464,198 Of this: Asset retirement reimbursement right, non-current 427,923 Asset retirement reimbursement right, current 36,275 Asset retirement reimbursement right at 30 June 2026 (indemnification asset) 464,198 Asset retirement reimbursement right consists of a receivable from the seller A/S Norske Shell ("Shell") from OKEA's acquisition of Draugen and Gjøa assets in 2018, a receivable from the seller Harbour Energy Norge AS ("Harbour", previously Wintershall Dea Norge AS) from OKEA's acquisition of the Brage asset in 2022, and a receivable from the seller Equinor Energy AS ("Equinor") from OKEA's acquisition of the Statfjord asset in 2023. Receivable from the seller Shell from OKEA's acquisition of Draugen and Gjøa assets: The parties have agreed that the seller Shell will cover 80% of OKEA's share of total decommissioning costs for the Draugen and Gjøa fields up to a predefined post-tax cap amount of USD 89 million (2026 value) subject to Consumer Price Index (CPI) adjustment. The present value of the expected payments is recognised as a pre-tax receivable from the seller. In addition, the seller has agreed to pay OKEA a fixed amount of USD 52 million (2026 value) subject to a CPI adjustment according to a schedule based on the percentage of completion of the decommissioning of the Draugen and Gjøa fields. The net present value of the receivable is calculated using a discount rate of 5.7% (year end 2025: 5.3%). Receivable from the seller Harbour Energy from OKEA's acquisition of the Brage asset: The parties have agreed that Harbour Energy will retain responsibility for 80% of OKEA’s share of total decommissioning costs related to the Brage Unit, limited to an agreed pre-tax cap of USD 188 million (2026 value) subject to index regulation. The net present value of the receivable is calculated using a discount rate of 5.4% (year end 2025: 5.3%). Receivable from the seller Equinor from OKEA's acquisition of the Statfjord assets: The parties have agreed that Equinor will retain responsibility for 100% of OKEA’s share of total decommissioning costs related to Statfjord A. The net present value of the receivable is calculated using a discount rate of 5.0% (year end 2025: 4.8%). Highlights and key figures Financial review Operational review Financial statements Notes 32 OKEA ASA Q3 2026
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16 Share capital Ordinary shares Outstanding shares at 1 January 2026 103,910,350 New shares issued during 2026 0 Number of outstanding shares at 30 September 2026 103,910,350 Nominal value NOK per share at 30 September 2026 0.10 Share capital NOK at 30 September 2026 10,391,035 Nominal value USD per share at 30 September 2026 0.01 Share capital USD at 30 September 2026 1,229,272 17 Trade and other receivables Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Accounts receivable and receivables from operated licences 36,778 23,316 20,987 22,234 Accrued revenue 82,853 56,329 18,903 48,892 Prepayments 7,034 8,258 7,916 10,915 Working capital and overcall, joint operations/licences 58,619 36,593 69,153 57,317 Underlift of petroleum products 2,557 7,000 23,274 11,778 VAT 1,296 257 1,733 1,248 Accrued interest income 2,513 2,210 0 5,489 Other receivables 24 24 361 336 Fair value put/call options, gas 0 1,250 630 553 Fair value put/call options, oil 0 0 337 0 Fair value forward contracts, foreign exchange 130 86 21 360 Fair value forward contracts, CO2 quotas 325 233 926 481 Total trade and other receivables 192,130 135,556 144,243 159,603 No provisions have been recognised for bad debt on receivables. Highlights and key figures Financial review Operational review Financial statements Notes 33 OKEA ASA Q3 2026
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18 Cash and cash equivalents Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Bank deposits, unrestricted 300,798 226,675 161,624 266,754 Bank deposit, time deposit 100,000 56,695 73,053 95,670 Bank deposit, restricted, net proceeds from bond issue OKEA06 on escrow account 127 125 124 123 Bank deposit, restricted, employee taxes 0 0 5,554 2,831 Bank deposit, restricted, deposit office leases 3,154 3,051 2,074 2,066 Bank deposit, restricted, other 9,825 9,309 9,081 9,075 Total cash and cash equivalents 413,904 295,855 251,509 376,519 In addition to the cash and cash equivalents, USD 61.8 (59.1) million was placed in money-market funds. Reference is made to note 27. 19 Asset retirement obligations Provisions for asset retirement obligations represent the future expected costs for close-down and removal of oil equipment and production facilities. The provision is based on the company's best estimate. The net present value of the estimated obligation is calculated using a discount rate of 4.4% (year end 2025: 4.2%). The assumptions are based on the economic environment at balance sheet date. Actual asset retirement costs will ultimately depend upon future market prices for the necessary works which will reflect market conditions at the relevant time. Furthermore, the timing of the close-down is likely to depend on when the field ceases to produce at economically viable rates. This in turn will depend upon future oil and gas prices, which are inherently uncertain. For recovery of costs of decommissioning related to assets acquired from Shell, Harbour Energy (previously Wintershall Dea) and Equinor, reference is made to note 15. Amounts in USD `000 Total Provisions at 1 January 2026 991,612 Changes in estimates 6,509 Effects of change in the discount rate -38,466 Asset retirement costs from billing -31,607 Unwinding of discount 33,744 Foreign currency translation effects 49,351 Asset retirement obligations at 30 September 2026 1,011,143 Of this: Asset retirement obligations, non-current 973,532 Asset retirement obligations, current 37,611 Asset retirement obligations at 30 September 2026 1,011,143 Highlights and key figures Financial review Operational review Financial statements Notes 34 OKEA ASA Q3 2026
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20 Spare parts, equipment and inventory Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Inventory of petroleum products 15,107 12,481 32,893 24,396 Spare parts and equipment 51,818 48,738 45,814 51,315 Total spare parts, equipment and inventory 66,924 61,218 78,707 75,712 21 Trade and other payables Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Trade creditors 46,235 4,182 35,014 42,658 Accrued holiday pay and other employee benefits 20,303 17,869 22,767 21,015 Working capital, joint operations/licences 160,781 146,214 163,914 194,915 Overlift of petroleum products 28,150 10,088 14,356 33,252 Accrued interest bond loans 8,567 1,708 1,724 8,567 Other provisions, current (see note 26) 0 0 9,252 8,853 Prepayments from customers 3,312 2 28,788 16,484 Fair value put/call options, gas 3,833 0 0 0 Fair value put/call options, oil 8,668 4,080 0 54 Fair value forward contracts, CO2 quotas 0 0 0 0 Other accrued expenses 36,934 31,515 32,004 26,298 Total trade and other payables 323,740 215,658 307,819 352,097 Highlights and key figures Financial review Operational review Financial statements Notes 35 OKEA ASA Q3 2026
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22 Interest bearing bond loans In June 2025, the company issued a USD 175 million secured bond loan (OKEA06). Maturity date for OKEA06 is June 2029, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA 06 was issued at par value. In May 2024, the company issued a USD 125 million secured bond loan (OKEA05). Maturity date for OKEA05 is May 2028, and the interest rate is fixed at 9.125% p.a. with semi-annual interest payments. OKEA05 was issued at par value. During 2026, the company has been in full compliance with the covenants under the bond agreements. The financial covenants of OKEA05 and OKEA06 comprise: • Leverage Ratio (Total Debt – Liquid Assets) / 12-mth rolling EBITDA of max 1.75x • Minimum Liquidity of USD 45 million Amounts in USD `000 Bond loan OKEA06 Bond loan OKEA05 Total Interest bearing bond loans at 1 January 2026 171,949 123,275 295,224 Amortisation of transaction costs 606 529 1,135 Foreign exchange movement -8,791 -6,647 -15,438 Foreign currency translation effects 8,635 6,558 15,193 Interest bearing bond loans at 30 September 2026 172,399 123,715 296,114 All the effects above represents non-cash canges. 23 Other credit facilities To enhance the financial flexibility, OKEA has a Revolving Credit Facility (RCF) which is available for working capital purposes. The RCF has a limit of USD 45 million until November 2027, and thereafter reduces to USD 26.25 million until final maturity in December 2028. No draw downs have been made on the RCF. Highlights and key figures Financial review Operational review Financial statements Notes 36 OKEA ASA Q3 2026
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24 Leasing Amounts in USD `000 Total Lease liability at 1 January 2026 16,208 Additions lease contracts 66,547 Accretion lease liability 1,278 Payments of lease debt and interest -3,714 Foreign currency translation effects 174 Total lease debt at 30 September 2026 80,492 Break down of lease liability Short-term (within 1 year) 17,092 Long-term 63,400 Total lease liability 80,492 Undiscounted lease liabilities and maturity of cash outflows Within 1 year 19,619 1 to 5 years 76,104 After 5 years 8,272 Total 103,994 The company has entered into operating leases for office facilities. In addition, as operator at the NCS, the company has on behalf of the licence entered into operating leases for logistic resources such as supply vessel with associated remote operated vehicle (ROV), base and warehouse for spare parts and hence these lease debts are recognised on a gross basis. In Q3 the company has entered into a new 5- year lease for the the vessel North Cruys. Lease payments related to leasing contracts entered into as an operator of the Draugen field are presented on a gross basis. Highlights and key figures Financial review Operational review Financial statements Notes 37 OKEA ASA Q3 2026
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25 Commodity derivative contracts Net accumulated unrealised gain commodity contracts included in note 17 "Trade and other receivables" 0 1,250 968 553 Net accumulated unrealised loss in commodity contracts included in note 21 "Trade and other payables" -12,500 -4,080 0 -54 Short-term net derivatives included in assets/liabilities (-) -12,500 -2,830 968 499 Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 OKEA uses derivative financial instruments to manage its exposure to fluctuations in commodity prices related to future petroleum production. The commodity derivatives consists of option-based structures, including collars, where a sold call option is combined with a purchased put option to reduce the net hedging premium. Commodity derivative contracts are recognised at fair value in the balance sheet. Changes in fair value are recognised in profit or loss and presented as other operating income/loss. The valuation reflects prevailing market conditions at the reporting date. As at 30 September 2026, the company's crude oil hedging programme covered approximately 67% of expected Q4 2026 production, net of petroleum tax, through collar contracts. The company had no crude oil hedging positions in place beyond 2026. The company's gas hedging programme covered approximately 47% of expected Q4 2026 production, net of petroleum tax, gradually decreasing to approximately 20% by Q1 2028, primarily through collar contracts. As at 30 September 2026, commodity derivatives had a net accumulated unrealised loss of USD 13 million (30 June 2026: unrealised loss of USD 3 million) which has been reflected in the financial statements. 26 Other provisions Amounts in USD `000 Total Provision at 1 January 2026 9,252 Settlements/payments to Equinor -9,734 Changes in fair value 482 Foreign currency translation effects 0 Other provisions at 30 September 2026 0 Other provisions consisted of provisions for additional contingent consideration from OKEA's acquisition of the Statfjord asset in 2023. The provision for contingent consideration was measured at fair value with changes in fair value recognised in the income statement. The fair value was estimated using an option pricing methodology, where the expected option payoff was calculated at each future payment date and discounted back to the balance date. Under the agreement, OKEA was required to pay Equinor additional contingent consideration with payment terms linked to realised oil and gas prices for the period 2023-2025. The final settlement was completed in the second quarter of 2026. Highlights and key figures Financial review Operational review Financial statements Notes 38 OKEA ASA Q3 2026
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27 Financial investments Amounts in USD `000 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Investments in money-market funds 61,843 59,068 56,881 41,709 Total financial investments 61,843 59,068 56,881 41,709 28 Fair value of financial instruments The carrying amounts of financial assets and liabilities, except for interest bearing bond loans, are approximately equal to their respective fair values. For the interest bearing bond loans OKEA05 and OKEA06, with a total issue amount of USD 300 million, total fair value is estimated to USD 315 million at 30 September 2026. OKEA05 and OKEA06 are listed on the Oslo Stock Exchange. The fair value is based on the latest quoted market prices (level 2 in the fair value hierarchy according to IFRS 13) as per balance sheet date. Put/call options oil, put/call options gas, forward contracts CO2 quotas and forward contracts foreign exchange are carried in the statement of financial position at fair value. The fair values are based on quoted market prices at the balance sheet date (level 2 in the fair value hierarchy). 29 Sale of Mistral licence In April OKEA entered into a SPA with Japex Norge AS, where OKEA is selling the 20% WI in Mistral (PL1119) for USD 30 million in fixed consideration. In addition, a contingent consideration ensures that OKEA retains an upside given a commercial Mistral Nord discovery. A gain from the sale of USD 28 million was recognised as other operating income in Q3 2026. Assets and liabilities classified as held for sale at 30 September 2026 Amounts in USD '000 30.09.2026 30.06.2026 Assets classified as held for sale: Exploration and evaluation assets 0 19,264 Total assets classified as held for sale 0 19,264 Liabilities directly associated with assets classified as held for sale: Deferred tax liabilities 0 15,026 Total liabilities directly associated with assets classified as held for sale 0 15,026 Highlights and key figures Financial review Operational review Financial statements Notes 39 OKEA ASA Q3 2026
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30 Change in presentation Statement of cash flows The company re-assessed the allocation and presentation of working capital movements from Investment in oil and gas assets and Trade and other payables in the Statement of cash flows in the fourth quarter 2025. Due to high investment activity and timing differences between incurring the expenses and payment, the effect on the presentation in the Statement of cash flows are considered material. As a result, restatement of comparative periods for the Investment in oil and gas assets and Change in trade and other payables lines in the Statement of cash flows have been made in accordance with the table below. The effect on cash position is zero. Amounts in USD `000 Trade and other payables Investments in oil and gas assets Restated Before restatement Change Restated Before restatement Change Q1 2025 -37,904 -40,009 2,105 -70,871 -68,766 -2,105 Q2 2025 -13,833 -6,585 -7,248 -76,071 -83,319 7,248 Q3 2025 76,374 93,023 -16,649 -83,376 -100,025 16,649 31 Events after the balance sheet date Highlights and key figures Financial review Operational review Financial statements Notes 40 OKEA ASA Q3 2026 On 3 November, OKEA announced a dividend payment of NOK 207.8 million (NOK 2.00 per share) to be paid on or about 15 December 2026. The distribution is to be made as repayment of paid-in capital.
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Alternative performance measures Reconciliations EBITDA Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Amounts in USD million 3 months 3 months 3 months 9 months 9 months 12 months Profit / loss (-) from operating activities 103 67 -98 394 23 -35 Add: depreciation, depletion and amortisation 56 47 64 161 179 225 Add: impairment / reversal of impairment 33 94 151 -27 195 256 EBITDA 192 207 117 528 397 447 EBITDAX Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Amounts in USD million 3 months 3 months 3 months 9 months 9 months 12 months Profit / loss (-) from operating activities 103 67 -98 394 23 -35 Add: depreciation, depletion and amortisation 56 47 64 161 179 225 Add: impairment / reversal of impairment 33 94 151 -27 195 256 Add: exploration and evaluation expenses 28 5 7 40 37 43 EBITDAX 220 212 124 568 435 491 Production expense per boe Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Amounts in USD million 3 months 3 months 3 months 9 months 9 months 12 months Productions expense 87 89 77 268 213 300 Less: processing tariff income -7 -6 -5 -18 -15 -20 Less: joint utilisation of resources -1 0 -1 -3 -2 -2 Divided by: produced volumes (boe) 2,679 2,455 2,912 8,274 8,878 11,716 Production expense USD per boe 29.5 34.0 24.5 29.8 22.1 23.7 Highlights and key figures Financial review Operational review Financial statements Notes 41 OKEA ASA Q3 2026
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Capital expenditure (Capex) Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 2025 Amounts in USD million 3 months 3 months 3 months 9 months 9 months 12 months Additions oil & gas assets 87 88 107 267 266 382 Less: Capitalised interest -7 -7 -7 -22 -14 -21 Capital expenditure (Capex) 80 81 100 245 252 362 Net interest-bearing debt Amounts in USD million 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Interest bearing bond loans 296 296 295 295 Less: Cash and cash equivalents -414 -296 -252 -377 Less: Investments in money-market funds -62 -59 -57 -42 Net interest-bearing debt / (cash) position -180 -59 -13 -123 Total cash Amounts in USD million 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Cash and cash equivalents 414 296 252 377 Investments in money-market funds 62 59 57 42 Total cash 476 355 309 419 Highlights and key figures Financial review Operational review Financial statements Notes 42 OKEA ASA Q3 2026
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Definitions EBITDA EBITDA is defined as earnings before interest and other financial items, taxes, depreciation, depletion, amortisation and impairments. EBITDAX EBITDAX is defined as earnings before interest and other financial items, taxes, depreciation, depletion, amortisation, impairments and exploration and evaluation expenses. Production expense per boe Production expense per boe is defined as production expense less processing tariff income and joint utilisation of resources income for assets in production divided by produced volumes. Expenses classified as production expenses related to various preparation for operations on assets under development are excluded. Capital expenditure Capital expenditure (Capex) is defined as additions to oil and gas properties as shown in note 10 Tangible assets and right-of-use assets less capitalised borrowing cost on development projects as shown in note 14 Financial items Net interest-bearing debt (cash) Net interest-bearing debt is book value of interest-bearing loans, bonds and other interest-bearing liabilities excluding lease liability (IFRS 16) less cash and cash equivalents and investments in money-market funds. Total cash Total cash is book value of cash and cash equivalents and investments in money-market funds as shown in note 27 Financial investments Highlights and key figures Financial review Operational review Financial statements Notes 43 OKEA ASA Q3 2026
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Contact OKEA: okea@okea.no +47 73 52 52 22 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