(Trondheim, 26 October 2023) - OKEA ASA (OSE: OKEA) delivered operating income
of NOK 2,105 (1,707) million and EBITDA of NOK 1,336 (1,167) million in the
third quarter of 2023. Net profit after tax amounted to NOK 32 (69) million.

(Amounts in parentheses refer to previous quarter)

"Production performance in the quarter was good, particularly on our operated
assets. In combination with increased liquids prices, this resulted in solid
total operating income and EBITDA. However, the reduction in reserve estimates
for the Yme field caused an impairment of NOK 475 million which reduced net
profit after tax by NOK 104 million to NOK 32 million for the quarter. We
successfully completed a refinancing in September which extended the maturity of
the outstanding bond debt and added financial flexibility through a revolving
credit facility. Our growth journey continues with the acquisition of 28% WI in
the Statfjord Area from Equinor progressing towards completion in November as
well as the start of production of the Hasselmus gas field in October", said
OKEA CEO Svein J. Liknes.


Third quarter 2023 summary

Net production to OKEA in the third quarter was 23,710 (22,263) boepd. Brage
sustained production above plan, while Draugen, Gjøa, Ivar Aasen and Nova
produced according to plan in the quarter. Technical issues at Yme resulted in
reduced production in July.

Sold volumes in the quarter amounted to 26,689 (22,782) boepd. The increase
compared to previous quarter was mainly due to the high volumes lifted from
Draugen, Brage, Ivar Aasen and Nova.

The average realised liquids price was USD 89.0 (70.1) per boe and the average
realised price for gas was USD 61.9 (81.2) per boe. USD 0.7 (23.3) per boe of
the realised gas price was attributable to gain on fixed price contracts.

Other operating income/loss (-) amounted to NOK -26 (66) million and comprises
tariff income at Gjøa of NOK 26 (35) million, change in fair value of the
contingent consideration to Wintershall Dea of NOK -39 (18) million, income from
joint utilisation of logistic resources of NOK 9 (8) million and a net loss from
financial oil hedging of NOK -26 (5) million.

An impairment charge of NOK 475 (300) million was recognised on the Yme asset.
The impairment was mainly driven by a downward revision of reserves, partially
offset by increased forward prices for oil. As Yme is carried at fair value, any
adjustments to asset performance and/or macro assumptions will result in
impairments or reversal of previous impairments also going forward.

Exploration and evaluation expenses amounted to NOK 34 (124) million. General
and administrative expenses amounted to NOK 46 (47) million and represent OKEA's
share of costs after allocation to license activities.

At the end of the quarter we were net cash positive with cash and cash
equivalents amounting to NOK 2,346 (2,335) million. Interest-bearing bond loans
were NOK 1,300 (1,293) million.

OKEA paid dividend of NOK 104 (104) million in the quarter. The board of
directors has approved a cash dividend of NOK 1.00 per share for the fourth
quarter of 2023 which will be paid in December.

Webcast and audioconference
A presentation of the results will be held today through a webcast and
audioconference starting 10:00 CET. The presentation will be held by Svein J.
Liknes (CEO) and Birte Norheim (CFO).
The webcast can be followed at www.okea.no
or OKEA Webcast Q3 2023
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/202310
2
6_6)
Dial in details for the audioconference:
NO: +47 2195 6342
DK: +45 7876 8490

SE: + 46 8 1241 0952

UK: +44 203 769 6819
US: +1 646-787-0157

PIN Code: 681934

For further information, please contact:
Anca Jalba, VP IR & Communication

anca.jalba@okea.no

 +47 410 87 988

About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian continental
shelf (NCS. OKEA finds value where others divest and has an ambitious strategy
built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no