OKEA fourth quarter 2025 trading update

27 Jan 2026 06:00 CET

(Trondheim, 27 January 2026) OKEA ASA (OSE: OKEA) will publish its financial
report for the fourth quarter of 2025 on Tuesday 3 February at 06:00 (CET). This
trading update is provided to summarise production and sales volumes and related
updates for the quarter.

Fourth quarter 2025 production and sales:

Unit Q4 2025 Q3 2025 2025
Total operating income MUSD 107 224 808
Realised crude oil price USD/boe 62.1 70.6 71.7
Realised NGL price USD/boe 40.9 40.6 42.3
Realised liquids price USD/boe 52.4 65.3 65.5
Realised gas price USD/boe 57.4 65.7 69.9
Net production Kboepd 30.8 31.7 32.1
Third-party volumes available for sale Kboepd -0.1 -0.1 -0.1
Over/underlift/Inventory adjustments Kboepd -10.4 4.7 0.1
Net sold volume* Kboepd 20.4 36.3 32.1
Net sold volumes - crude oil Kboepd 6.1 22.6 18.1
Net sold volumes - NGL Kboepd 5.0 4.8 4.8
Net sold volumes - gas* Kboepd 9.3 8.8 9.3
bearing debt:
Unit 31.12.2025 30.09.2025
Total cash** MUSD 308 418
Interest bearing bonds MUSD 295 295

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

** Total cash including money market funds


2025 production and capex

Production for 2025 ended at 32.1 kboepd, within the guidance of 32-33 kboepd.

Capex for 2025 ended at USD 362 million, within the guidance of USD 350-380
million.

Expected impairments

Non-cash impairment charges in the range of USD 50-70 million are expected
recognised in the fourth quarter mainly due to reduced forward prices. Related
post-tax impact is expected at USD 15-20 million.

The information contained in this statement is based on a preliminary assessment
of the company's financial and operational results for the fourth quarter 2025
and may be subject to change.

Fourth quarter 2025 financial report to be published on 3 February.

OKEA will release its fourth quarter 2025 results on Tuesday 3 February at 06:00
CET. A presentation of the results and a Q&A session will be held on the same
day through a webcast and audio conference starting 10:00 CET (OKEA Webcast Q4
2025 (royalcast.com) (https://qcnl.tv/p/aIe2IcGKAvt8eGvw42r8mg). The
presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

About OKEA
OKEA ASA is a leading mid- and 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

664232_Trading_Update_Q4_2025.pdf