OKEA : Presentation at Sparebank 1 Markets Gas Market Webinar

How a small-cap E&P plays the big league gas game

Svein J. Liknes, CEO OKEA ASA

SpareBank 1 Markets Gas Market Webinar September 8th 2021

General and disclaimer

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. The contents of this presentation have not been independently verified, and no reliance should be placed for any purposes on the information contained in this presentation or on its completeness, accuracy or fairness.

The presentation speaks as of the date sets out on its cover, and the information herein remains subject to change.

Certain statements and information included in this presentation constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities. Forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments and activities. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

This presentation contains non-IFRS measures and ratios that are not required by, or presented in accordance with IFRS. These non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures and ratios are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities.

The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

The presentation is subject to Norwegian law.

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OKEA - in a nutshell

• Established in 2015 with capital from the founders Ola Borten Moe, Knut Evensen, Erik Haugane, Anton Tronstad and Seacrest Capital Group
• Acquired 15% in Yme in 2016
• Acquired Shell's share in Draugen and Gjøa for NOK 4.5 billion in 2018 and became operator for the Draugen field
• Listed on OSE in June 2019
• Svein J. Liknes new CEO from 1 June 2021

210 employees	NOK 1.55 billion
Operations office in Kristiansund	market capitalisation*
and head office in Trondheim

* September 7th 2021

OKEA Portfolio

32 licences

All on the Norwegian Continental Shelf

2P Reserves 46 mmboe - 27% gas

3 producing fields

16 147 boepd average production 2020 - 31% gas

• Draugen (44.56%) (operator)
• Gjøa (12%)
• Ivar Aasen (0.554%)

Field development

Yme New Development expected production start H2-21

Hasselmus tie-back to Draugen - first gas Q4-23

In assessment for development

Grevling, Vette and Aurora discoveries

* 2P Reserves including Hasselmus OKEA Annual Statement of Reserves 2020

Oil and gas production, sales and revenues per asset

31-day planned shut-down on Gjøa in Q2-21, partly due to tie-in work Duva and Nova

Production (boepd)

20 000		16 047						16 171
15 000							13 303
		7 944						7 592
10 000							6 654
5 000		7 758	6 390	8 293
0			345			259			286
		Q2 20	Q3 20	Q4 20
Revenue (NOK million)
600												581
500												326
400
						308
300
	259		202
200		177			210
100		82		106		46
0
			1					1
		Q2 20	Q3 20	Q4 20

16 557

7 246

8 998

313

Q1 21

536

290

242

5

Q1 21

13 210

7 128

5 828

254

Q2 21

594

342

252

1

Q2 21

Draugen

Gjøa

Ivar Aasen

Q2 21

Gas

		27%
NGL
7%
66%	Oil

Draugen

Gjøa

Ivar Aasen

Q2 21

Gas

25%

NGL 4%

71%

Oil

Sold volumes (boepd)

20 000		14 634	14 232	18 794	15 198
15 000
				9 272				13 048
		7 514	7 450		7 055
10 000						7 030
5 000		7 050	6 728	8 360	8 076	5 984
0								1 162
		70			54			67			34
		Q2 20	Q3 20	Q4 20	Q1 21	Q2 21

Realised price (liquids and gas USD per boe)

70						63.8
60					49.5	55.1
50
			39.0	41.2
40
		32.3	32.2
30		24.9
20			14.4
10		8.0
0
	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21

Draugen

Gjøa

Ivar Aasen

			Q2 21
Gas
29%
NGL
6%			65%	Oil

Liquids

Gas

5