(Trondheim, 24 January 2023) OKEA ASA (OSE: OKEA) will publish its financial
report for the fourth quarter of 2022 on Tuesday 31 January at 06:00 (CET). This
trading update is provided to summarise production and sales volumes and related
topics and updates for the quarter.

(Amounts in parentheses refer to previous quarter)

Fourth quarter 2022 production and sales

                                            Unit    Q4 2022  Q3 2022
Total operating income                      MNOK      1,664    2,143
Realised liquids price                    USD/boe*     95.2    106.6
Realised gas price                        USD/boe*    112.6    194.8
Net production                             Boepd     19,887   16,064
Net production - liquids                   Boepd     14,420   11,206
Net production - gas                       Boepd      5,467    4,859
Third-party volumes available for sale     Boepd        633      431
Over/underlift/inventory adjustments       Boepd     -4,198      769
Net sold volume**                          Boepd     16,322   17,264
Net sold volumes - liquids                 Boepd     10,518   11,978
Net sold volumes - gas**                   Boepd      5,804    5,286
                                              Unit  Q4 2022  Q3 2022
Cash and cash equivalents end of quarter    MNOK      1,104    2,668
Financial investments                       MNOK          0        9
Net interest-bearing debt end of quarter    MNOK        583     -799

*             Boe - barrels of oil equivalents

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

Financial position

In December, OKEA distributed cash dividends of NOK 104 million to its
shareholders (NOK 1.00 per share). Cash and cash equivalents amounted to NOK
1,104 (2,668) million and net interest-bearing debt ended at NOK 583 (-799)
million at the end of the quarter. The reduction in cash balance was mainly due
to settlement of the Wintershall Dea transaction in October as well as two tax
instalments paid for 2022 in the quarter. The settlement for the assets acquired
by Wintershall Dea included payment for oil inventory which will be lifted in
the first quarter of 2023.

Impairment of the Yme asset
Estimated impairment charges are NOK 200 - 300 million before tax (NOK 45 - 65
million after tax). The impairment charges are non-cash and relate to revised
phasing of production from the Yme asset caused by reduced expectations for
plant availability in 2023. No further changes to recoverable reserves are
expected.

2022 guiding
Production for the full year ended at 15,822 boepd. Capex, excluding capitalized
interest, for 2022 amounted to NOK 1,089 million. Both exclude effects relating
to the Wintershall Dea transaction, and both are in line with the latest
guiding.

Disclaimer
The information contained in this statement is based on a preliminary assessment
of the company's fourth quarter 2022 financial and operational results and may
be subject to change.

Fourth quarter 2022 financial report to be published on 31 January
OKEA ASA will release its fourth quarter 2022 results on Tuesday 31 January at
06:00 CEST. A presentation of the results will be held on the same day through a
webcast and audioconference starting 08:00 CEST (Link to
webcast (https://channel.royalcast.com/landingpage/hegnarmedia/20230131_1/)).
The presentation will be held by Svein J. Liknes (CEO) and Birte Norheim (CFO).

For further information, please contact:

VP Investor Relations and Communication, Anca Jalba

anca.jalba@okea.no

+47 410 87 988

About OKEA
OKEA ASA is a leading mid- to 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

Click here for more information

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