Buy Or Sell Opportunity • May 09
Now 22% undervalued Over the last 90 days, the stock has risen 44% to kr37.20. The fair value is estimated to be kr47.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: US$0.35 (vs US$0.20 in 1Q 2025) First quarter 2026 results: EPS: US$0.35 (up from US$0.20 in 1Q 2025). Revenue: US$238.9m (down 10% from 1Q 2025). Net income: US$36.4m (up 71% from 1Q 2025). Profit margin: 15% (up from 8.0% in 1Q 2025). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). New Risk • Apr 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Significant insider selling over the past 3 months (kr480k sold). Recent Insider Transactions • Apr 01
Insider recently sold kr254k worth of stock On the 26th of March, Eivind Boyum sold around 6k shares on-market at roughly kr39.80 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr315k more than they sold in the last 12 months. Recent Insider Transactions • Mar 31
Insider recently sold kr254k worth of stock On the 26th of March, Eivind Boyum sold around 6k shares on-market at roughly kr39.80 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr315k more than they sold in the last 12 months. Recent Insider Transactions • Mar 22
Insider recently sold kr226k worth of stock On the 17th of March, Olav Roksvaag sold around 6k shares on-market at roughly kr37.00 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr436k more than they sold in the last 12 months. Buy Or Sell Opportunity • Feb 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to kr27.35. The fair value is estimated to be kr22.30, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 04
Full year 2025 earnings released: US$0.53 loss per share (vs US$0.32 profit in FY 2024) Full year 2025 results: US$0.53 loss per share (down from US$0.32 profit in FY 2024). Revenue: US$783.7m (down 19% from FY 2024). Net loss: US$54.7m (down 262% from profit in FY 2024). Combined production Oil equivalent production: 11.716 MMboe (1.249 MMboe in FY 2024) Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jan 27
OKEA ASA Provides Impairment Guidance for the Fourth Quarter of 2025 OKEA ASA provides impairment guidance for the fourth quarter of 2025. For the period, the company expects to recognise non-cash impairment charges in the range of USD 50 million to USD 70 million mainly due to reduced forward prices. New Risk • Dec 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Nov 21
Employee Representative Director recently bought kr403k worth of stock On the 17th of November, Sverre Nes bought around 18k shares on-market at roughly kr22.40 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 09
Vice President of Legal recently bought kr259k worth of stock On the 5th of November, Marit Vik-Langlie bought around 13k shares on-market at roughly kr19.98 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr596k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 05
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$224.0m (down 20% from 3Q 2024). Net loss: US$37.0m (down 241% from profit in 3Q 2024). Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to grow by 1.7%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Nov 05
OKEA ASA Updates Production Guidance for 2025 and Reaffirms Production Guidance for 2026 OKEA ASA updated production guidance for 2025 and reaffirmed production guidance for 2026. For 2025, the company based on continued solid production, production guidance is increased and narrowed to 32-33 kboepd from 30-32 kboepd. For 2026, production guidance remain unchanged at 31-35 kboepd. Announcement • Aug 25
OKEA ASA Announces Oil Discovery in the Talisker Exploration Well At the Brage Field OKEA ASA announced oil discoveries in the Talisker exploration well at the Brage field (PL 055). The discoveries were made in the Cook and Statfjord formations and are considered commercial with preliminary estimates of gross recoverable resources in the range of 16 - 33 mmboe combined. In addition, appraisal of hydrocarbons encountered in the Brent group is expected completed during Fourth Quarter 2025. The Talisker exploration well (31/4-A-15 B), a 10.223 meter long well, was drilled from the Brage platform in the North Sea. Discoveries were made in the Cook andStatfjord formations and are consider commercial with preliminary estimates of gross recoveredable resources in the range of 2 - 7 mmboe in the Cook formation and 14 - 26 mmboe in the Statfjord formation respectively. In addition, hydrocarbons were encountered in two thin sandstones in the Brent group which will be further appraised by the upcoming well paths, expected completed during Fourth Quarter 2020. Announcement • Jul 16
OKEA ASA Provides Updated Production Guidance for the Year 2025 OKEA ASA provided updated production guidance for the year 2025 . Based on the solid production during the first half of the year, and the plans for the second half, production guidance for 2025 is narrowed towards the high end of the range, up to 30-32 kboepd from 28-32 kboepd. New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to kr14.70, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total loss to shareholders of 61% over the past three years. New Risk • Apr 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Mar 26
OKEA ASA Reports Conclusion of Operations At Horatio Exploration Well OKEA ASA reported that Drilling operations on the 35/6-6 Horatio exploration well, operated by OMV (Norge) AS, have concluded. The well was characterised as a dry well and has been plugged and abandoned. Board Change • Mar 17
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Jon Jacobsen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Mar 05
OKEA ASA Announces A Discovery in the Pl1119 Mistral Exploration Well 6406/6-7S Located in the Southern Norwegian Sea OKEA ASA announced a discovery in the PL1119 Mistral exploration well 6406/6-7S located in the southern Norwegian sea. Preliminary estimates of recoverable oil equivalents are between 3 and 7 million standard cubic meters (MSm3), corresponding to 19 and 44 million barrels. The well was drilled to a vertical depth of 4,024 meters and encountered a 47 meters thick gas/condensate column in a 99 meters thick middle Jurassic sandstone with good reservoir properties. A comprehensive data acquisition has been carried out to assess the reservoir and fluid properties. The PL1119 licence group will now evaluate the commerciality of the discovery by studying options for effective development using existing infrastructure in the area. The licence group comprises Equinor Energy AS (operator, 50% WI), Pandion Energy AS (20% WI), DNO Norge AS (10% WI) and OKEA ASA (20% WI). Announcement • Mar 04
OKEA ASA - Discovery Confirmed in Mistral Exploration Well OKEA ASA announces a discovery in the PL1119 Mistral exploration well 6406/6-7S located in the southern Norwegian sea. Preliminary estimates of recoverable oil equivalents are between 3 and 7 million standard cubic meters (MSm3), corresponding to 19 and 44 million barrels. The well was drilled to a vertical depth of 4,024 meters and encountered a 47 meters thick gas/condensate column in a 99 meters thick middle Jurassic sandstone with good reservoir properties. A comprehensive data acquisition has been carried out to assess the reservoir and fluid properties. The PL1119 licence group will now evaluate the commerciality of the discovery by studying options for effective development using existing infrastructure in the area. Announcement • Feb 27
OKEA ASA Announces Finn Haugan Resigned as A Member of the Board of Directors, Effective 1 March 2025 OKEA ASA announced that Finn Haugan has informed the company that he resigns from his position as a member of the board of directors, effective 1 March 2025. OKEA appreciates his considerable contribution to the company and wishes him well in the future. Announcement • Jan 30
OKEA ASA Provides Production Guidance for the Year 2025 and 2026 OKEA ASA provided production guidance for the year 2025 and 2026. Production guidance for 2025 and 2026 is unchanged at 28-32 kboepd and 26-30 kboepd respectively. Announcement • Dec 17
OKEA ASA and Equinor Energy AS Announce Drilling Operation in PL 1014 (Arkenstone) Temporarily Suspend OKEA ASA announced drilling operations on the NO 6610/7-3 exploration well operated by Equinor, have been temporarily suspended after shallow gas was encountered during the drilling operations. Two pilot wells were drilled to assess the presence of shallow gas above the reservoir. Shallow gas was encountered, and the drilling operations have been temporarily suspended. The wells were drilled from the semi-submersible rig, Deepsea Atlantic. Both pilot wells have been securely plugged with cement, and the partners in the license will focus on well engineering to ensure that the Arkenstone well can be drilled safely, accounting for the shallow gas zone in the upper layers of the formation. PL 1014 (Arkenstone) is located approximately 100 km north-east of the Norne field, at a water depth of around 230 metres. Equinor Energy AS (operator) holds 80% WI, and OKEA holds 20% WI in the PL 1014 license. Announcement • Dec 12
OKEA ASA, Annual General Meeting, May 13, 2025 OKEA ASA, Annual General Meeting, May 13, 2025. Announcement • Dec 01
Lime Petroleum AS completed the transaction of 15% stake in Yme Field from OKEA ASA (OB:OKEA). Lime Petroleum AS entered into an agreement to acquire 15% stake in Yme Field from OKEA ASA (OB:OKEA) for $15.7 million on September 23, 2024. All related decommissioning costs to be transferred to Lime. In addition, Lime will pay OKEA a post-tax consideration of $9.2 million in 2027, which will be repaid to Lime in four 25% tranches upon completion of four pre-defined stages of abandonment at the field, operated by Repsol Norge AS. The transaction is conditional upon Norwegian Governmental Approval. The acquisition will be financed through cash at hand. Upon completion Lime will increase its share in the Yme Field from 10% to 25%. The transaction is expected to be completed by the end of 2024, with an effective date of January 1, 2024.
Lime Petroleum AS completed the transaction of 15% stake in Yme Field from OKEA ASA (OB:OKEA) on November 29, 2024. The Transaction has been approved by the relevant Norwegian authorities and all related obligations, including decommissioning costs, have been transferred to Lime. In addition, Lime will pay OKEA a post-tax consideration of $9.2 million in 2027 which will be repaid to Lime in four 25% tranches upon completion of four predefined stages of abandonment of the field. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: kr2.67 (vs kr0.31 in 3Q 2023) Third quarter 2024 results: EPS: kr2.67 (up from kr0.31 in 3Q 2023). Revenue: kr2.93b (up 37% from 3Q 2023). Net income: kr277.4m (up kr245.0m from 3Q 2023). Profit margin: 9.5% (up from 1.5% in 3Q 2023). Revenue is forecast to decline by 14% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Announcement • Oct 05
OKEA ASA Narrows Production Guidance for the Full Year 2024 OKEA ASA narrowed production guidance for the full year 2024. for the year, the company expects production of somewhat to 36 – 40 kboepd from 35 – 40 kboepd. New Risk • Sep 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Sep 24
Lime Petroleum AS entered into an agreement to acquire 15% stake in Yme Field from OKEA ASA (OB:OKEA) for $15.7 million. Lime Petroleum AS entered into an agreement to acquire 15% stake in Yme Field from OKEA ASA (OB:OKEA) for $15.7 million on September 23, 2024. All related decommissioning costs to be transferred to Lime. In addition, Lime will pay OKEA a post-tax consideration of $9.2 million in 2027, which will be repaid to Lime in four 25% tranches upon completion of four pre-defined stages of abandonment at the field, operated by Repsol Norge AS. The Transaction is conditional upon Norwegian governmental approval. The Acquisition will be financed through cash at hand. Upon completion Lime will increase its share in the Yme Field from 10% to 25%. The completion is expected to be completed before year-end 2024, with an effective date of January 1, 2024.
. Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr0.84 (vs kr0.66 in 2Q 2023) Second quarter 2024 results: EPS: kr0.84 (up from kr0.66 in 2Q 2023). Revenue: kr2.44b (up 49% from 2Q 2023). Net income: kr87.4m (up 27% from 2Q 2023). Profit margin: 3.6% (down from 4.2% in 2Q 2023). Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Oil and Gas industry in Europe. Reported Earnings • Apr 12
Full year 2023 earnings released: kr9.00 loss per share (vs kr6.45 profit in FY 2022) Full year 2023 results: kr9.00 loss per share (down from kr6.45 profit in FY 2022). Revenue: kr8.74b (up 37% from FY 2022). Net loss: kr935.4m (down 240% from profit in FY 2022). Oil reserves Proven reserves: 59.2 MMbbls Combined production Oil equivalent production: 8.974 MMboe (6.109 MMboe in FY 2022) Revenue is expected to fall by 8.9% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Oil and Gas industry in Europe. Board Change • Mar 25
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Jon Jacobsen was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. 
