(Trondheim, 18 April 2024) OKEA ASA (OSE: OKEA) will publish its financial
report for the first quarter of 2024 on Thursday 25 April at 06:00 (CET). This
trading update is provided to summarise production and sales volumes and related
topics and updates for the quarter.

(Amounts in parentheses refer to previous quarter)

First quarter 2024 production and sales

                                          Unit    Q1 2024**  Q4 2023***
Total operating income                    MNOK        3,422       2,118
Realised liquids price                  USD/boe*       82.0        83.4
Realised gas price                      USD/boe*       55.1        74.6
Net production                           Boepd       42,107      30,082
Net production - liquids                 Boepd       31,286      22,742
Net production - gas                     Boepd       10,821       7,340
Third-party volumes available for sale   Boepd            0         292
Over/underlift/inventory adjustments     Boepd        4,477      -4,739
Net sold volume**                        Boepd       46,583      25,635
Net sold volumes - liquids               Boepd       36,219      17,656
Net sold volumes - gas**                 Boepd       10,365       7,979
                                          Unit      Q1 2024     Q4 2023
Cash and cash equivalents                 MNOK        2,130       2,301
Interest bearing bond                     MNOK        1,327       1,246

*            Boe - barrels of oil equivalents

**          Includes received compensation volumes from Duva and Nova (tie-in to
Gjøa)

***        Volumes and key figures relating to the income statement do not
include contributions from Statfjord prior to closing on 29 December 2023

Goodwill impairment on Statfjord and reversal of previous impairment on the Yme
asset

A goodwill impairment on the Statfjord assets in the range of NOK 220 - 280
million was recognised in the quarter. The goodwill impairment was mainly a
result of lower expected production in 2024 due to dry wells drilled in late
2023. Goodwill impairments are not tax deductible.

Partly offsetting the goodwill impairment, was NOK 90-110 million in reversal of
previous impairments at the Yme asset following positive market price
developments of crude during the quarter combined with a decrease in expected
discount for Yme crude.

Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company's first quarter 2024 financial and operational results and may be
subject to change.

First quarter 2024 financial report to be published on 25 April
OKEA will release its first quarter 2024 results on Thursday 25 April at 06:00
CET. A presentation of the results will be held on the same day through a
webcast and audioconference starting 10:00 CET (Link to
webcast (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240425_11)).
The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).

For further information, please contact:

Anca Jalba, VP Investor Relations

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