(Trondheim, 10 July 2024) OKEA ASA (OSE: OKEA) will publish its financial report
for the second quarter of 2024 on Wednesday 17 July at 06:00 (CEST). This
trading update is provided to summarise production and sales volumes and related
topics and updates for the quarter.

Second quarter 2024 production and sales

                                        Unit     Q2 2024*  Q1 2024
Total operating income                  MNOK     2,584     3,474
Realised liquids price                  USD/boe  79.7      82.0
Realised gas price                      USD/boe  65.7      55.1
Net production                          Boepd    38,357    42,107
Net production - liquids                Boepd    29,160    31,286
Net production - gas                    Boepd    9,197     10,821
Third-party volumes available for sale  Boepd    -43       0
Over/underlift/inventory adjustments    Boepd    -5,063    4,477
Net sold volume*                        Boepd    33,294    46,583
Net sold volumes - liquids              Boepd    24,711    36,219
Net sold volumes - gas*                 Boepd    8,583     10,365
                                        Unit     Q2 2024   Q1 2024
Cash and cash equivalents               MNOK     3,182     2,130
Interest bearing bonds                  MNOK     2,614     1,327

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

Impairments

A technical goodwill impairment on the Statfjord assets in the range of NOK 100
- 140 million is expected to be recognised in the quarter. The technical
goodwill impairment is mainly a result of change in risking of future projects.
Technical goodwill arises as an offset to the deferred tax recognised in
business combinations and is not tax deductible.

In addition, an impairment in the range of NOK 130-160 million is expected to be
recognised on the Yme asset following reduced forward prices for crude oil.

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

Second quarter 2024 financial report to be published on 17 July
OKEA will release its second quarter 2024 results on Wednesday 17 July at 06:00
CEST. A presentation of the results will be held on the same day through a
webcast and audioconference starting 10:00 CEST (OKEA Webcast Q2 2024
(royalcast.com) (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/202407
1
7_1)). 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 93?321

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