OKEA (OKEA) Pareto Securities 32nd Annual Energy Conference presentation summary

Company overview and strategy

• Founded in 2015, listed since 2019, with ~500 employees and a focus on mid- and late-life assets on the Norwegian Continental Shelf.

• Operates 9 producing fields, including Draugen, Brage, and Bestla, and partners in several others.

• Production mix is approximately 60% oil, 30% gas, and 10% NGL, with guided production of 30-32 kboepd in 2025 and 31-35 kboepd in 2026.

• Holds 76 mmboe in 2P reserves and 80 mmboe in 2C resources, with a market cap of NOK 1.9b and net debt of USD -42m.

• Pursues growth through organic developments and M&A, aiming to be the leading mid- and late-life operator on the NCS.

Operational performance and asset management

• Demonstrated improved production efficiency and resource maturation at Draugen and Brage fields after assuming operatorship.

• Production efficiency increased to 94% at Draugen and 90% at Brage, extending expected field lifetimes.

• Active portfolio management with infill drilling, tie-ins, and electrification projects to maximize value.

• Robust production growth, expanding from 3 to 10 producing fields between 2020 and 2028.

• Continuous efforts to reduce CO2 emissions, including Power from Shore at Draugen and future energy projects at Statfjord.

Development projects and exploration

• Draugen Power from Shore project targets ~95% CO2e reduction and extends economic lifetime.

• Bestla development features a tie-back to Brage, with 24 mboe recoverable reserves and a breakeven of ~$40/boe.

• Brage area in active development, with new discoveries at Talisker Cook and Statfjord, estimated at 16-33 mmboe gross recoverable resources.

• Fast-track development strategy for new discoveries, leveraging existing infrastructure to minimize investment.

• Targeting up to 4 exploration wells per year to drive organic growth.