OKEA second quarter 2026 trading update

09 Jul 2026 06:00 CEST

(Trondheim, 9 July 2026) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2026 on Thursday 16 July at 06:00 (CEST). This trading
update is provided to summarise production and sales volumes and related updates
for the quarter.

Second quarter 2026 production and sales:

Unit Q2 2026 Q1 2026 Q2 2025
Total operating MUSD 334 239 206
income*
Realised crude oil USD/boe 116.9 79.5 68.4
price
Realised NGL price USD/boe 55.3 46.4 41.2
Realised liquids USD/boe 104.2 74.2 63.1
price
Realised gas price USD/boe 88.1 76.5 71.4
Net production Kboepd 27.0 34.9 31.7
Third-party volumes Kboepd -0.2 -0.2 0.0
available for sale
Over/underlift/Inven Kboepd 7.6 4.4 1.3
tory adjustments
Net sold volume** Kboepd 34.4 39.1 33.0
Net sold volumes - Kboepd 20.2 23.7 19.2
crude oil
Net sold volumes - Kboepd 5.3 4.4 4.7
NGL
Net sold volumes - Kboepd 9.0 11.0 9.1
gas**
Cash and interest
bearing debt:
Unit 30.06.2026 31.03.2026 30.06.2025
Total cash*** MUSD 355 269 464
Interest bearing MUSD 296 295 422
bonds

*    Total operating income includes a net hedging gain of USD 14 million

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

*** Total cash including money market funds

Expected impairments

As a result of reduced forward prices, impairment charges on Statfjord asset in
the range of USD 80-100 million and impairment of technical goodwill on Draugen
in the range of USD 5-10 million are expected recognised in the second quarter.
The related post-tax impact is expected at USD 25-30 million.

The information contained in this statement is based on a preliminary assessment
of the company's financial and operational results for the second quarter 2026
and may be subject to change.

Second quarter 2026 financial report to be published on 16 July.

OKEA will release its second quarter 2026 results on Thursday 16 July at 06:00
CEST. 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 CEST (OKEA Webcast
Q (https://qcnl.tv/p/-ZU-g4x2R6g7hq065U5Rvw)2 (https://qcnl.tv/p/-ZU
-g4x2R6g7hq065U5Rvw)202 (https://qcnl.tv/p/-ZU
-g4x2R6g7hq065U5Rvw)6 (https://qcnl.tv/p/-ZU
-g4x2R6g7hq065U5Rvw)(royalcast.co (https://qcnl.tv/p/-ZU
-g4x2R6g7hq065U5Rvw)m) (https://qcnl.tv/p/-ZU-g4x2R6g7hq065U5Rvw). 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

677863_Trading_Update_Q2_2026.pdf