OKEA second quarter 2024 trading update

10 Jul 2024 08:00 CEST

(Trondheim, 10 July 2024) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2024 on Wednesday 17 July at 06:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
topics and updates for the quarter.

Second quarter 2024 production and sales

Unit Q2 2024* Q1 2024
Total operating income MNOK 2,584 3,474
Realised liquids price USD/boe 79.7 82.0
Realised gas price USD/boe 65.7 55.1
Net production Boepd 38,357 42,107
Net production - liquids Boepd 29,160 31,286
Net production - gas Boepd 9,197 10,821
Third-party volumes available for sale Boepd -43 0
Over/underlift/inventory adjustments Boepd -5,063 4,477
Net sold volume* Boepd 33,294 46,583
Net sold volumes - liquids Boepd 24,711 36,219
Net sold volumes - gas* Boepd 8,583 10,365
Unit Q2 2024 Q1 2024
Cash and cash equivalents MNOK 3,182 2,130
Interest bearing bonds MNOK 2,614 1,327

*Includes received compensation volumes from Duva and Nova (tie-in to Gjøa)

Impairments

A technical goodwill impairment on the Statfjord assets in the range of NOK 100
- 140 million is expected to be recognised in the quarter. The technical
goodwill impairment is mainly a result of change in risking of future projects.
Technical goodwill arises as an offset to the deferred tax recognised in
business combinations and is not tax deductible.

In addition, an impairment in the range of NOK 130-160 million is expected to be
recognised on the Yme asset following reduced forward prices for crude oil.

Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company's second quarter 2024 financial and operational results and may
be subject to change.

Second quarter 2024 financial report to be published on 17 July
OKEA will release its second quarter 2024 results on Wednesday 17 July at 06:00
CEST. A presentation of the results will be held on the same day through a
webcast and audioconference starting 10:00 CEST (OKEA Webcast Q2 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/202407
1
7_1)). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim
(CFO).

For further information, please contact:
Birte Norheim, CFO
birte.norheim@okea.no
+47?952 93?321

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS). OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline. OKEA is listed on the
Oslo Stock Exchange (OSE:OKEA) More information at www.okea.no

More information:
Access the news on Oslo Bors NewsWeb site

623338_Release.pdf