OKEA (OKEA) Pareto Securities' 33rd Annual Energy Conference presentation summary

Company overview and key metrics

• Leading operator on the Norwegian Continental Shelf with focus on mid- and late-life assets.

• Operates nine producing fields with 31 kboepd LTM production and a workforce of about 500.

• Reported USD 903m LTM revenue, USD 502m LTM EBITDA, and USD 59m net cash.

• Holds 74 mmboe 2P reserves and 88 mmboe 2C resources, with a market cap of approximately USD 460m.

• Production mix is 60% oil, 30% gas, and 10% NGL.

Asset performance and value creation

• Improved production efficiency at Brage from 88% to 94% and extended economic life through drilling and exploration.

• Draugen repositioned for long-term value with increased production efficiency from 83% to 90% and extended economic life to 2040.

• Focus on maturing new reserves, electrification, and accelerated project execution at Draugen.

• Talisker exploration success at Brage expected to deliver 23-44 mmboe with breakeven below USD 10/boe and first oil in 2027.

Growth projects and financial outlook

• Sanctioned projects such as Garn West South, Bestla, Talisker West, and Springmus Øst to drive ~35% production growth.

• Capex expected to decrease by ~20% with a shift towards faster payback projects.

• Bestla project to be completed by early 2027; Power from Shore initiative set for 2028.

• Strong balance sheet and free cash flow enhancement from new projects.

• Resources in place to sustain and grow production beyond current guidance period.