OKEA ASA

Regulatory Filings • Dec 29, 2022

OKEA enters into the Brasse license

OKEA enters into the Brasse license

(Trondheim, 29 December 2022) (OSE: OKEA) OKEA ASA ("OKEA") and DNO Norge AS

("DNO") have yesterday signed an SPA through which OKEA enters into the Brasse

license (PL740) with a 50% WI effective 1 January 2023. Following the

transaction, DNO (Op.) and OKEA will each hold 50% WI in the license.

The target of the new partnership is to undertake a fast-track, low cost review

to assess whether a value accretive development concept can be found for the

estimated 30 mmboe recoverable volumes at Brasse, which is located only 13 km

from the OKEA-operated Brage field.

The transaction is subject to extension of the license and approval by the

Ministry of Petroleum and Energy. The transaction itself is executed at zero

cost to OKEA.

About Brasse

Brasse is an oil and gas discovery in the northern North Sea, 13 kilometres

south of the Brage field and 13 kilometres southeast of the Oseberg Field

Center. The water depth is 120 metres. The discovery was made in 2016 and

delineated by four wells in the period from 2017 to 2019. The reservoir contains

oil with a gas cap in the Upper Jurassic Sognefjord Formation.

For further information, please contact

Anca Jalba, VP Investor Relations & Communication

+47 410 87 988

anca.jalba@okea.no

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