OKEA (OKEA) investor relations material

Executive summary

• Production averaged 31,700 boe/d, at the high end of guidance, despite declines at some assets and drilling delays at Statfjord.

• Refinancing completed, increasing liquidity, extending debt maturities, and enhancing financial robustness.

• New wells sanctioned and ongoing development projects, including Sognefjord East and Talisker, expected to boost future production.

• Technical goodwill impairment of $32 million due to lower forward petroleum prices, resulting in a net loss of $21 million for the quarter.

• No serious incidents occurred; production efficiency remained high at 93%.

Financial highlights

• Petroleum revenues were $196 million, down from $266 million in the previous quarter due to lower prices and volumes.

• Operating income was $206 million, with EBITDA at $98 million, both down sequentially.

• Net loss after tax was $21 million, mainly due to impairments and lower revenues.

• Cash and cash equivalents at $423 million, with a positive net cash position of $42 million.

• Production expenses increased to $74 million ($23.5/boe), up from $18.6/boe sequentially.

Outlook and guidance

• 2025 production guidance narrowed to 30,000–32,000 boe/d; 2026 guidance raised to 31,000–35,000 boe/d due to new well sanctions.

• 2025 capex guidance increased to $350–380 million; 2026 capex unchanged at $300–360 million.

• Dividend payments are paused during a period of high investment; board to revisit later.