OKEA : presentation at Pareto Securities' Nordic Corporate Bond Conference 18 March

Delivering value on the Norwegian Continental Shelf

Pareto Securities' Nordic Corporate Bond Conference

18 March 2021

General 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.

OKEA - Delivering value on the Norwegian Continental Shelf

OKEA History

• • Established in 2015 with capital from the founders Ola Borten Moe, Knut Evensen, Erik Haugane (CEO), Anton Tronstad and Seacrest Capital Group

• • Bangchak Corporation is the largest shareholder with 46.5% ownership

• • In 2018 OKEA acquired Shell's share in Draugen and Gjøa fields for NOK 4.5 bn OKEA became the operator for the Draugen field

• • 210 employees - operations office in Kristiansund and head office in Trondheim

• • Market capitalization ~NOK 1.5 bn (1)

  OKEA Portfolio

  • • 32 licences - all on the Norwegian Continental Shelf

  • • Three producing fields - 2020 average production 16 147 boepd

    • • Draugen (Operator)

    • • Gjøa

    • • Ivar Aasen

  • • Yme New Development - production start-up H2/2021

  • • Hasselmus, Grevling, Vette, Aurora and Falk discoveries

(1) As of 10 March 2021

OKEA - Currently outstanding bonds

Overview of terms and conditions

Key terms

OKEA02	OKEA03
Amount	USD 180m*	USD 120m
Interest	3-mth LIBOR + 6.50%	8.75%
Issue date	Jun-18	Dec-19
Maturity	Jun-23	Dec-24
Maturity price	101%	101%
Call Options	à Dec 20: Make whole	à Dec 22: Make whole
Dec 20-Jun 21: 105.375%	Dec 22-Jun 23: 104.5%
Jun 21-Dec 21: 104.500%	Jun 23-Dec 23: 103.2%
Dec 21-Jun 22: 103.625%	Dec 23-Jun 24: 102.3%
Jun 22-Dec 22:102.750%	Jun 24-Dec 24: 101.5%
Dec 22-Jun 23: 101.500%
Put option
General restrictions
Financial Covenants

Bondholder right - 15% of outstanding amount exercisable in Jun-21 at par

No dividend / share buyback prior to the later of 1/1-22 and first oil at Yme. Distribution may not exceed 50% of net profit after tax (prior calendar year). Must offer to redeem the equivalent amount of bonds at 103%. When OKEA02 is fully redeemed, OKEA03 allows for an RBL (will be subordinated to the RBL).

• • Leverage Ratio (Debt - Liquidity) / 12-mth rolling EBITDA of max. 3-7 until YE-21 and 2 thereafter

• • Capital Employment Ratio (Cash equity)/(Cash equity + Debt) in USD of minimum 35%

• • Minimum Cash of USD 10m unrestricted

* Bought back USD 14.5m at an average discount of 16%; USD 6.3m of which has been cancelled

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