(Trondheim, 23 January 2025) OKEA ASA (OSE: OKEA) will publish its financial
report for the fourth quarter of 2024 on Thursday 30 January at 06:00 (CEST).
This trading update is provided to summarise production and sales volumes and
related updates for the quarter.

Fourth quarter 2024 production and sales

                                        Unit     Q4 2024     Q3 2024     2024
Total operating income                  MNOK     2,262       2,926       11,246
Capital expenditure                     MNOK     767         646         3,092
Realised crude oil price                USD/boe  76.7        79.9        82.5
Realised NGL price                      USD/boe  48.6        46.8        46.0
Realised liquids price                  USD/boe  69.2        74.9        77.2
Realised gas price                      USD/boe  80.0        68.9        67.4
Net production*                         Kboepd   37.8        37.3        38.9
Third-party volumes available for sale  Kboepd   -0.2        0.0         -0.1
Over/underlift/Inventory adjustments    Kboepd   -8.4        3.6         -1.3
Net sold volume**                       Kboepd   29.2        40.8        37.5
Net sold volumes - crude oil            Kboepd   13.9        27.4        24.0
Net sold volumes - NGL                  Kboepd   5.1         4.9         4.0
Net sold volumes - gas*                 Kboepd   10.2        8.4         9.4

                                        Unit     31.12.2024  30.09.2024
Total liquidity                         MNOK     3,533       3,865
Interest bearing bonds                  MNOK     2,798       2,583

*  Yme production volumes in Q4 2024 include October and November volumes
divided by 92 days. By including 12 months of Yme production full year 2024 net
production ended at 39.1 kboepd

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

The realised crude oil price was USD 76.7 (79.9) per boe and the realised NGL
price was USD 48.6 (46.8) per boe. This resulted in an average realised liquids
price of USD 69.2 (74.9) per boe. Realised gas price was USD 80.0 (68.9) per boe
of which USD -0.2 (10.4) per boe was attributable to gain on fixed price
contracts.

NOK weakened from 10.5 to 11.4 (8%) against the USD during the quarter, which
resulted in an unrealised currency exchange loss on the USD 250 million in
outstanding bond loans.

Production for 2024 ended at 39.1 kboepd, slightly above the guidance of 37-39
kboepd. Production excluding Yme ended at 36.0 kboepd.

Capex for 2024 ended at NOK 3.1 billion, slightly below the guidance of NOK 3.2-
3.5 billion. Capex excluding Yme ended at NOK 3.0 billion.

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

Fourth quarter 2024 financial report to be published on 30 January

OKEA will release its fourth quarter 2024 results on Thursday 30 January 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 Q4 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/202501
3
0_2)). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim
(CFO).

For further information, please contact:
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