OKEA second quarter 2025 trading update

09 Jul 2025 07:00 CEST

(Trondheim, 9 July 2025) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2025 on Wednesday 16 July at 07:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
updates for the quarter.

Second quarter 2025 production and sales

Unit Q2 2025 Q1 2025
Total operating income MUSD 206 271
Realised crude oil price USD/boe 68.4 77.7
Realised NGL price USD/boe 41.2 47.0
Realised liquids price USD/boe 63.1 72.8
Realised gas price USD/boe 71.4 84.4
Net production Kboepd 31.7 34.2
Third-party volumes available for sale Kboepd 0.0 -0.2
Over/underlift/Inventory adjustments Kboepd 1.3 5.0
Net sold volume* Kboepd 33.0 39.1
Net sold volumes - crude oil Kboepd 19.2 24.5
Net sold volumes - NGL Kboepd 4.7 4.6
Net sold volumes - gas* Kboepd 9.1 9.9

Cash and interest bearing debt
Unit 30.06.2025 31.03.2025
Total cash MUSD 464 367
Interest bearing bonds** MUSD 422 247

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

** Interest bearing bonds comprise the OKEA4 and OKEA05 bonds, each with a
nominal value of USD 125 million, and the OKEA06 bond with a nominal value of
USD 175 million issued in June. OKEA04 was settled on 3 July.

Other items

Technical goodwill impairments in the range of USD 30-35 million are expected
recognised in the quarter, mainly as a result of reduced forward prices.
Technical goodwill is a non-cash expense that arises as an offset to the
deferred taxes recognised in business combinations and is not tax deductible.

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

Second quarter 2025 financial report to be published on 16 July.

OKEA will release its second quarter 2025 results on Wednesday 16 July at 07:00
CET. A presentation of the results will be held on the same day through a
webcast and audio conference starting 10:00 CET
(O (https://channel.royalcast.com/landingpage/hegnarmedia/20250716_1/)KEA
Webcast
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hannel.royalcast.com/landingpage/hegnarmedia/20250716_1/)2025
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1
/). 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

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

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

650920_Trading_Update_Q2_2025.pdf