(Trondheim, 22 April 2025) OKEA ASA (OSE: OKEA) will publish its financial
report for the first quarter of 2025 on Tuesday 29 April at 07:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
updates for the quarter.

First quarter 2025 production and sales

                                        Unit     Q1 2025     Q4 2024
Total operating income                  MUSD     278         205
Realised crude oil price                USD/boe  77.7        76.7
Realised NGL price                      USD/boe  63.1        48.6
Realised liquids price                  USD/boe  75.4        69.2
Realised gas price                      USD/boe  84.4        80.0
Net production*                         Kboepd   34.2        37.8
Third-party volumes available for sale  Kboepd   -0.2        -0.2
Over/underlift/Inventory adjustments    Kboepd   5.0         -8.4
Net sold volume**                       Kboepd   39.1        29.2
Net sold volumes - crude oil            Kboepd   24.5        13.9
Net sold volumes - NGL                  Kboepd   4.6         5.1
Net sold volumes - gas*                 Kboepd   9.9         10.2

                                        Unit     31.03.2025  31.12.2024
Total liquidity                         MUSD     367         311
Interest bearing bonds                  MUSD     247         246

*  In 2024, activities from the 15% WI in the Yme divestment were included in
the statement of comprehensive income and key figures until closing date. OKEA's
share of volumes excluding Yme was 35.9 kboepd in the fourth quarter. Closing of
the sale transaction took place end of November 2024, with effective date 1
January 2024..

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



Other items

Technical goodwill impairments in the range of USD 10-15 million are expected
recognised in the quarter, mainly as a result of reduced forward prices.
Technical goodwill is a non-cash expense that arises as an offset to the
deferred taxes recognised in business combinations and is not tax deductible.

OKEA has NOK as functional currency. Starting from Q1 2025, all figures in the
financial statements will be presented in USD. Comparative historical financial
information previously presented in NOK, has been published in USD to conform
with the current year's presentation.
For presentation purposes, balance sheet items are translated from functional
currency to USD using spot rates at the balance sheet date. Items within profit
or loss and other comprehensive income are translated from functional currency
to USD using average exchange rates for the periods presented, or actual rates
at the dates of the transactions if significantly different. For share capital
and share premium historical exchange rates are used.

The information contained in this statement is based on a preliminary assessment
of the company's financial and operational results for the first quarter 2025
and may be subject to change.

First quarter 2025 financial report to be published on 29 April

OKEA will release its first quarter 2025 results on Tuesday 29 April at 06:00
CET. A presentation of the results will be held on the same day through a
webcast and audio conference starting 10:00 CET (OKEA Webcast Q1 2025
(royalcast.com) (https://channel.royalcast.com/landingpage/hegnarmedia/20250429_
4
/). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim
(CFO).

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

Or:
Birte Norheim, CFO

birte.norheim@okea.no
+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and 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