OKEA : presentation at Pareto Securities 28th Energy Conference 16 September

Delivering value on the Norwegian Continental Shelf

CEO Svein J. Liknes

Pareto Securities'

28th Energy Conference

16 September 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 Se curities 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 a vision to be a leader in safe and cost- effective field developments and operation of smaller fields
• 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
• Largest owner Bangchak Corporation - 46.1% of shares
• Svein J. Liknes new CEO from 1 June 2021

216 employees	NOK 1.80 billion
Operations office in Kristiansund	market capitalisation*
and head office in Trondheim

* 1 4 September 2021

OKEA portfolio

32 licences

All on the Norwegian Continental Shelf

2P Reserves 46 mmboe - 27/73% gas/liquids

3 producing fields

16 147 boepd avg. production 2020 - 31/69% gas/liquids

• 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 with first gas EQ4-23

In assessment for development

Grevling, Vette and Aurora discoveries

Production

Development

Exploration

Aurora

(65%, Op)

Grevling /

Storskrymten

(35%,Op / 60%)

Grevling

area

Yme

(15%)

Draugen area

Draugen

(44.56%, Op.)

HQ

(Trondheim)

Operations

Gjøa(Kristiansund) (12%)

Gjøa area

Ivar Aasen

(0.554%)

Vette

(40%, Op)

Res ource estimates from OKEA Annual Statement of Reserves 2020 including H asselmus

Oil and gas production and production reliability

Production (boepd)		Production reliability (%)

20,000
	16 047
15,000		13 303
	7,944
10,000		6,654
5,000	7,758
	6,390
0	345	259
	Q2 20	Q3 20

16 171	16 557
	7,246	13 210
7,592
		7,128
8,293	8,998	5,828
286	313	254
Q4 20	Q1 21	Q2 21

Draugen								Draugen
Gjøa									Gjøa
	91	99	99	97	99
Ivar Aasen

99	99	99	96	100
Q2 20	Q3 20	Q4 20	Q1 21	Q2 21

• Excellent production reliability on both Draugen and Gjøa
• Lower production in Q2-21 due to planned outage on Gjøa, partly due to Duva and Nova tie-ins
• Modifications on Gjøa related to tie-ins of Duva and Nova also in Q3-20
• Planned maintenance turnaround on Draugen in Q2/Q3-20

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