•This presentation contains forward looking information
•Forward looking information is based on management assumptions and analysis
•Actual experience may differ, and those differences may be material
•Forward looking information is subject to significant uncertainties and risks as they relate to events and/or circumstances in the future
•This presentation must be read in conjunction with the second quarter report and the disclosures therein
•A full disclaimer is included at the end of this presentation
2
OKEA second quarter 2022 results
Highlights
Operations
Production 16,039 boepd
Solid production performance from Draugen and Gjøa in the quarter
Planned shut-down for tie-ins/maintenance at Gjøa completed in April
Ramp up of production plant and start-up of new wells at Yme progressing at slower pace than anticipated
Financials
Operating income of NOK 1,332 million
EBITDA of NOK 928 million
Net profit of NOK 28 million
Cash increase of NOK 289 million; dividend of NOK 93 million in June
Well-positioned for value-accretive growth
Second dividend payment in September of NOK 1 per share
Net debt free; full redemption of OKEA02 in July
Acquisition of a substantial portfolio of assets from Wintershall Dea
Discovery confirmed in the Hamlet exploration well; development project initiated with goal of FID by end 2022
Hasselmus gas project and power from shore - progressing as planned
Draugen
3
Turmoil in European gas markets
Growing difference between UK and European continental gas prices
Actuals (day-ahead) 2022
Forwards (as per close 8 July 22)
Since the beginning of the quarter NBP (UK) prices been sold to discount compared to TTF (Netherlands) o Appears to be driven by LNG import capacity, limited gas inventories, and restricted export capacity
Forward prices converge by winter 2022/2023
OKEA's current gas production (Gjøa and Ivar Aasen) is exported and sold to the UK
Optionality to export gas to continental Europe and UK from Brage and Hasselmus
Source: Refintiv 6 July 2022
4
Production volumes and reliability
Strong performance from Draugen and Gjøa
Production (boepd)
20 000
15 000
13 210
10 000
7 128
5 000
5 828
0
254
Q2 21
Draugen
16 316
16 038
14 908
16 039
Gjøa
208
Ivar Aasen
6 735
7 060
Yme
7 231
6 877
Gas
32%
9 348
8 367
6 478
7 107
60%
Oil
8%
233
223
217
1 345
1 322
550
NGL
Q3 21
Q4 21
Q1 22
Q2 22
Production reliability (%)
99
100
99
100
99
99
Draugen
97 97
97
97
Gjøa
Q2 21
Q3 21
Q4 21
Q1 22
Q2 22
5
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Okea ASA published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 04:13:02 UTC.
Okea ASA is a Norway-based mid-to-late-life operator on the Norwegian continental shelf (NCS). The Company has an asset portfolio including the Draugen field, which is operated by OKEA, as well as non-operated positions. Furthermore, OKEA has activities in projects under development, including the Hasselmus gas discovery and Draugen power from shore, as well as discoveries being evaluated for development and exploration licences with planned and possible wells. As an operator on the NCS, OKEA carries out various activities related to production of hydrocarbons from existing assets, as well as development of new oil and gas fields. These activities take place at multiple locations both offshore and onshore.
OKEA ASA 
