OKEA (OKEA) Investor Presentation summary

Company overview and strategy

• Founded in 2015, listed since 2019, with ~500 employees and a diversified North Sea and Norwegian Sea asset portfolio focused on mid- and late-life fields.

• Q1 2025 production mix: 57% oil, 31% gas, 12% NGL; 34 kboepd from nine producing fields.

• Active portfolio management with recent Yme field divestment and Statfjord area acquisition.

• Strategy centers on profitable growth, value creation, and capital discipline, targeting assets with competitive advantage.

• Management and board have deep industry experience and international backgrounds.

Operational performance and development projects

• Achieved 91% production efficiency in Q1 2025, with LTM EBITDA of USD 667m, up 12% year-over-year.

• Bestla development on track for 2027 production; Draugen electrification project to deliver 95% CO₂ reduction by 2028.

• Ongoing infill drilling, IOR campaigns, and production optimization across core assets to extend field lifetimes.

• Focus on organic growth via life extensions and efficiency, complemented by selective M&A.

Financial performance and guidance

• LTM Q1 2025 free cash flow of USD 84m; leverage ratio at 0.10x, reflecting strong deleveraging.

• Q1 2025 operating income of USD 271m, EBITDA of USD 183m, and net profit of USD 21m; effective tax rate 83%.

• Cash and equivalents at USD 343m; interest-bearing bond loans at USD 247m; asset retirement obligations at USD 890m.

• 2025 production guidance: 28–32 kboepd; capex guidance: USD 310–350m. Dividend payments temporarily on hold during high investment phase.

• Conservative financial management with robust liquidity, active hedging, and disciplined capital allocation.