OKEA first quarter 2026 trading update

(Trondheim, 22 April 2026) OKEA ASA (OSE: OKEA) will publish its financial report for the first quarter of 2026 on Wednesday 29 April at 06:00 (CEST). This trading update is provided to summarise production and sales volumes and related updates for the quarter.

First quarter 2026 production and sales:

Unit Q1 2026 Q4 2025 Q1 2025 Total operating MUSD 239 107 271 income Realised crude oil USD/boe 79.5 62.1 77.7 price Realised NGL price USD/boe 46.4 40.9 47.0 Realised liquids USD/boe 74.2 52.4 72.8 price Realised gas price USD/boe 76.5 57.4 84.4 Net production Kboepd 34.9 30.8 34.2 Third-party volumes Kboepd -0.2 -0.1 -0.2 available for sale Over/underlift/Inven Kboepd 4.4 -10.4 5.0 tory adjustments Net sold volume* Kboepd 39.1 20.4 39.1 Net sold volumes - Kboepd 23.7 6.1 24.5 crude oil Net sold volumes - Kboepd 4.4 5.0 4.6 NGL Net sold volumes - Kboepd 11.0 9.3 9.9 gas*

Cash and interest bearing debt: Unit 31.03.2026 31.12.2025 31.03.2025 Total cash** MUSD 269 308 367 Interest bearing MUSD 295 295 247 bonds

*  Includes delivered compensation volumes to Duva and Nova (tie-in to Gjøa)

** Total cash including money market funds

Expected reversal of previous impairments

Reversal of previous impairment charges on Statfjord in the range of USD 140-170 million are expected recognised in the first quarter mainly due to increased forward prices. Related post-tax impact is expected at USD 30-37 million.

Expected hedging loss

Total operating income of USD 239 million includes unrealised hedging losses of USD 29 million. The hedging loss was a result of increased forward prices at the reporting date.

The information contained in this statement is based on a preliminary assessment of the company's financial and operational results for the first quarter 2026 and may be subject to change.

First quarter 2026 financial report to be published on 29 April.

OKEA will release its first quarter 2026 results on Wednesday 29 April at 06:00 CEST. A presentation of the results and a Q&A session will be held on the same day through a webcast and audio conference starting 10:00 CEST (OKEA Webcast Q (https://qcnl.tv/p/6GCVbu6Yh8wi2bWTscUTZA)1 (https://qcnl.tv/p/6GCVbu6Yh8wi2bWT scUTZA)202 (https://qcnl.tv/p/6GCVbu6Yh8wi2bWTscUTZA)6 (https://qcnl.tv/p/6GCVbu6 Yh8wi2bWTscUTZA)(royalcast.com) (https://qcnl.tv/p/6GCVbu6Yh8wi2bWTscUTZA). The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).

For further information, please contact: Stig Hognestad, VP Investor Relations stig.hognestad@okea.no +47 902 59 040

About OKEA OKEA ASA is a leading mid- and late-life operator on the Norwegian continental shelf (NCS). OKEA finds value where others divest and has an ambitious strategy built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no