OKEA: OKEA third quarter 2026 trading update

(Trondheim, 27 October 2026) OKEA ASA (OSE: OKEA) will publish its financial
report for the third quarter of 2026 on Tuesday 3 November at 06:00 (CET). This
trading update is provided to summarise production and sales volumes and related
updates for the quarter.

Third quarter 2026 production and sales:

                      Unit     Q3 2026     Q2 2026     Q3 2025
Total operating       MUSD     332         334         224
income*
Realised crude oil    USD/boe  96.6        116.9       70.6
price
Realised NGL price    USD/boe  58.4        55.3        40.6
Realised liquids      USD/boe  94.6        104.2       65.3
price
Realised gas price    USD/boe  121.3       88.1        65.7
Net production        Kboepd   29.1        27.0        31.7
Third-party volumes   Kboepd   -0.5        -0.2        -0.1
available for sale
Over/underlift/Inven  Kboepd   4.9         7.6         4.7
tory adjustments
Net sold volume**     Kboepd   33.4        34.4        36.3
Net sold volumes -    Kboepd   22.3        20.2        22.6
crude oil
Net sold volumes -    Kboepd   1.2         5.3         4.8
NGL
Net sold volumes -    Kboepd   10.0        9.0         8.8
gas**
Cash and interest
bearing debt:
                      Unit     30.09.2026  30.06.2026  30.09.2025
Total cash***         MUSD     476         355         418
Interest bearing      MUSD     296         296         295
bonds

*    Total operating income includes a gain on sale of the Mistral discovery of
USD 28 million and a net hedging loss of USD 20 million

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

*** Total cash includes money market funds

Impairment charges

USD 25-40 million in impairment charges are expected. The non-cash charges
relate to a fixed asset impairment on Statfjord as a result of reduced volume
estimates and increased capex, partly offset by an increase in forward prices.
The related post-tax impact is expected to amount to USD 6-9 million.

In addition, USD 23 million in previously capitalised costs related to the
Alpehumle and Prince exploration wells were expensed in the quarter. The related
post-tax impact amounted to USD 5 million.

The information contained in this statement is based on a preliminary assessment
of the company's financial and operational results for the third quarter 2026
and may be subject to change.

Third quarter 2026 financial report to be published on 3 November

OKEA will release its third quarter 2026 results on Tuesday 3 November at 06:00
CET. A presentation of the results and a Q&A session will be held on the same
day through a webcast and audio conference starting 10:00 CET (OKEA Webcast Q3
2026 (royalcast.com) (https://qcnl.tv/p/9i4qAo4FtWGLbl1DJlgvCg). 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

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
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