Q3 Presentation

OKEA ASA

Q3 2026

3 November 2026

Third quarter 2026 (figures in brackets refer to previous quarter)

• 2026 production tracking at the high end of guidance

  Garn West South well at Draugen commenced production

• Bestla ahead of plan and below previous cost estimate

  Production expected before year-end 2026

• Organic growth progressing towards 2027 production Springmus East at Draugen sanctioned and Talisker West at Brage progressing according to plan

• Quarterly dividends to resume in Q4 2026

  Supported by a strong net cash* position of USD 180 million

  * Net cash position equals total cash including money-market funds, less interest-bearing debt

  Production

  kboepd

  29.1

  3 (27.0)

  Sold volumes

  kboepd

  33.4

  (34.4)

  Net income/ loss (-)

  USD million

  29

  (14)

  Cash from operations

  USD million

  182

  (179)

  Capex

  USD million

  80

  (81)

  Production volume and efficiency

  Production (kboepd)

  31.7 30.8

  34.9

  27.0

  29.1

  Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

  Draugen Brage Statfjord Gjøa & Nova Ivar Aasen Sold volumes

  Production efficiency (%) - Q3 2025 to Q3 2026

  94 97 95

  89

  65

  97 98 99

  89

  56

  92 91 92 87 90

  97 98 94 97

  76

  92 97 97

  65 67

  Draugen Brage Statfjord Gjøa/Nova Ivar Aasen

  4

  Operational update

• Bestla progressing towards production start by year-end 2026

• Garn West South well commenced production at Draugen

• Springmus East (SME) production well at Draugen sanctioned

• Draugen maintenance shutdown successfully executed

  By YE 2O29 Q2 2O27

  GW5 production start

  SME sanctioned

  Bestla Spud Talisker West production start Statford production well

  5

  Creating value the OKEA way The Brage story - Extending field life and unlocking more value from a mature asset

  30

• Extending field life through continued drilling 28

  26

• Taking an opportunity-led approach to a mature asset 24

  22

  Gross production (kboepd)

  20

• Maturing profitable opportunities including Bestla and Talisker West 18

  16

• Empowering the organisation to drive operational performance 14

12

10

8

6

4

2

0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26

Previous operator OKEA

1. 1) Expected lifetime based on reserves (2P) as assessed by the previous operator

   1. Production efficiency under previous operator calculated as average of last four years prior to transfer of operatorship. OKEA calculated as average from year of assumed operatorship through 2025

   2. Gross 2P/2C year-end 2025 (source: ASR 2025) + increase from Talisker West as reported in Q1 2026 + gross actual production from Brage in 2023-2025

      Creating value the OKEA way The Draugen story - Extending field life through investment, resource growth and lower emissions

      30

      • Investing in new opportunities

        28

        26

      • Commercially driven resource maturation, including Garn West South 24

        22

        20

        Gross production (kboepd)

      • Building long-term resilience through electrification

        18

        16

      • Accelerating project execution 14

      12

      10

      8

      6

      4

      2

      0

      2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD'26

      Previous operator OKEA

2. 1) Expected lifetime based on reserves (2P) as assessed by the previous operator

   1. Production efficiency under previous operator calculated as average of last six years prior to transfer of operatorship. OKEA calculated as average from year of assumed operatorship through 2025

   2. Gross 2P/2C year-end 2025 (source: ASR 2025) + gross production in 2019-2025 for Draugen

• Planned exploration wells

  • Kyllinglår: Production-led opportunity in the Statfjord area planned spud in December 2026

  • Arkenstone: Frontier high impact exploration opportunity, planned spud in Q1 2027

  • Trust: Production-led opportunity in the Gjøa field targeting drilling in H1 2027

  • Tverrdal: OKEA-operated infrastructure-led opportunity near Brage, planned spud in H2 2027

• Increasing exploration capacity and capability

  • Maturing and high-grading the exploration portfolio; targeting up to 6 wells per year by 2030

• Alpehumle exploration well (20% WI)

  • Non-commercial gas discovery; further prospectivity being assessed

• Sale of Mistral discovery to Japex Norge completed

- Fixed consideration of USD 30 million; in addition, a contingent consideration assures upside given a commercial Mistral Nord discovery

8

* P90-P10 volume range

Arkenstone

Draugen

Kyllinglår

Trust

Statfjord

Tverrdal

Gjøa

N

ova

Brage

Ivar Aasen

OKEA prod. assets 2026+ expl. wells

Production (kboepd) Sold volumes (kboepd)

31.7 30.8

34.9

27.0

29.1

Q3 2026

36.3

39.1

34.4 33.4

Q3 2026

32%

30%

10%

57%

20.4

4% 67%

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Statfjord area Gjøa / Nova Ivar Aasen Brage Draugen

Oil NGL

Gas

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026

est

Statfjord area Gjøa / Nova Ivar Aasen Brage Draugen

Oil NGL

Gas

Realised prices (USD per boe)

74.4

75.6

75.7

104.2

88.1 94.6

121.3

Revenue by component (USD million)

313 316

266

218

Q3 2026

63.1 65.3 65.7

35%

103

63%

2%

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Liquids Gas

Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026

Oil NGL Gas

Oil NGL

Gas

10

• Total operating income of USD 332 million; including USD 28 million gain from the Mistral sale and USD 20 million net hedging loss

• Production expenses of USD 87 million, or USD

  29.5 per boe, reflecting planned maintenance at Draugen

• Exploration expenses of USD 28 million, including previously capitalised expenses on Alpehumle and Prince

• USD 33 million asset impairment at Statfjord, reflecting lower reserves and increased capex

  11

  Statement of financial position Third quarter 2026

  Amounts in USD million	30.09.2026	30.06.2026	30.09.2025
  Assets Goodwill Oil and gas properties Asset retirement reimbursement right Trade and other receivables Cash and cash equivalents Other assets Assets classified as held for sale	88 838 464 192 414 224 0	85 812 481 136 296 156 19	97 643 465 160 377 167 0
  Total assets	2,220	1,984	1,909
  Equity
  Total equity	140	107	75
  Liabilities
  Asset retirement obligations	1,011	1,009	969
  Deferred tax liabilities	177	175	94
  Interest bearing bond loans	296	296	295
  Trade and other payables	324	216	352
  Income tax payable	179	138	92
  Other liabilities	93	29	31
  Liabilities classified as held for sale	0	15	0
  Total liabilities	2,081	1,877	1,833
  Total equity and liabilities	2,220	1,984	1,909

• Cash and cash equivalents of USD 414 million. In addition, USD 62 million invested in money-market funds classified as other assets

• Interest-bearing bond loans of USD 296 million comprising OKEA05 and OKEA06

• Asset retirement obligation of USD 1,011 million; partly offset by asset retirement reimbursement right of USD 464 million

12

225

22

476

-81

62*

3ss

59*

Total cash 30.06.2026

Operating activities before tax

Taxes

Investments in oil and gas assets

Interest

Other

Total cash 30.09.2026

OC

13 *Investments in money-market funds (classified as other assets)

5l6

86

25

G76

-273

16

62*

57*

Total cash

0 01.2026

Operating activities before tax

Taxes

Investments in oil and pas assets

Interest

Other

Total cash 30.09.2026

OC

14 *Investments in money-market funds (classified as other assets)

• Strong financial position supports shareholder distributions

  Solid cash position and robust outlook supports sustainable distributions Higher initial distribution supported by current market conditions

• NOK 2.00 per share to be paid in December

  Ex-dividend date 2 December; payment expected around 15 December Distribution to be made as repayment of paid-in capital

• Intention to distribute at least NOK 1.00 per share quarterly in 2027

  Subject to shareholder authorisation and quarterly assessment of market conditions, company outlook and value-accretive opportunities

  $4 26 Q1 27 Q2 27 Q3 27

  • Resolved O Intention

Q4 27

O€

15 >A

16 *Capex guidance excludes capitalised interest and exploration spending

• Strong operational execution

  2026 production tracking at the high end of guidance

• Bestla drives the next phase of production growth

  Organic growth pipeline extending into 2028 and beyond

• Strengthened cash flow outlook

  Higher production and lower investments levels strengthen cash generation

• Quarterly dividends to resume in Q4 2026

Supported by a solid balance sheet

17

Growth

Value creation

Capital discipline

This presentation is prepared solely for information purposes, and does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. The contents of this presentation have not been independently verified, and no reliance should be placed for any purposes on the information contained in this presentation or on its completeness, accuracy or fairness.

The presentation speaks as of the date sets out on its cover, and the information herein remains subject to change.

Certain statements and information included in this presentation constitutes "forward-looking information" and relates to future events, including the Company's future performance, business prospects or opportunities. Forward-looking information is generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions and could include, but is not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration, development and production activities. Forward-looking information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

Such risks include but are not limited to operational risks (including exploration and development risks), productions costs, availability of equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. Neither the Company or any officers or employees of the Company provides any warranty or other assurance that the assumptions underlying such forward-looking information are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments and activities. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable law.

This presentation contains non-IFRS measures and ratios that are not required by, or presented in accordance with IFRS. These non-IFRS measures and ratios may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. Non-IFRS measures and ratios are not measurements of our performance or liquidity under IFRS and should not be considered as alternatives to operating profit or profit from continuing operations or any other performance measures derived in accordance with IFRS or as alternatives to cash flow from operating, investing or financing activities.

The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

The presentation is subject to Norwegian law.

19

Contact OKEA:

[email protected]

IR contacts:

Stig Hognestad, VP Investor Relations [email protected]

+47 902 59 040

Birte Norheim, CFO [email protected]

+47 952 93 321