OKEA : Q1 2021 Presentation

Presentation of first quarter 2021

OKEA ASA

4 May 2021

General and disclaimer

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared o r 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. Fo rward-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, co mpetition, 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 no t 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 perfo rmance 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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Q1 Highlights

Operations

• No serious incidents at Draugen, Covid-19 situation managed
• Production 16 557 boepd

Financials

• Revenues from oil and gas NOK 536 million
• EBITDA NOK 240 million
• Net profit NOK 23 million
• Cash position increased by NOK 107 million to NOK 978 million

Positioned for growth

• Yme H2 21 production start-up
• FID Hasselmus scheduled for Q2 - first tie-in to Draugen
• Ilder exploration well currently drilling - Ginny planned for H2
• Continuing to pursue inorganic growth opportunities

FI D = Final Investment Decision

Oil and gas production, sales and revenues

Decrease in revenue mainly due to lower lifted volumes, but effect partly offset by higher market prices

Oil and gas volume (boepd)

Production	Sales
			-19%
	+2%	18 794
16 171	16 557
	15 198
			9,272
7,592		7,246
			7,055
		8,998	8,360
8,293			8,076
286		313	1,162	67
Q4 20		Q1 21	Q4 20	Q1 21

Crude oil liftings (kboe)		Petroleum revenues (NOK million)

	-33%			-8%
1 023			581
				536
		687	326	290
850
		635
			210	242
73
100		52	46	5
Q4 20		Q1 21
	Q4 20	Q1 21
Draugen	Gjøa	Ivar Aasen		4

Draugen - WI 44.56%

• Excellent operating performance - 97% reliability
• Gas imports from Åsgard Transport System has improved the emissions from the field
• FID on Hasselmus in Q2, a gas field tie-back to Draugen with first gas planned for 2023
• Ambition to increase oil recovery to 70% and extend field lifetime to 2040; a doubling of remaining reserves
• High CO2 tax incentivises power-from-shore energy solution; project cooperation with Equinor

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