OKEA ASA

Hydrocarbons encountered in the Calypso exploration well (PL938) operated by Neptune Energy

This is a correction to the stock exchange notice connected to a change in

categorization to inside information.

(Trondheim, 16 November 2022) In reference to the announcement made by OKEA ASA

(OSE: OKEA) on 4 November 2022, OKEA has been informed by the operator, Neptune

Energy, that hydrocarbons have been encountered in the Calypso exploration well

in the Norwegian Sea, located within the PL938 licence.

Having entered the reservoir, logs proved hydrocarbons presence. Additional data

gathering of the reservoir will now be considered. The operations in the

reservoir section remain at an early stage and it has yet to be confirmed if

commercial volumes are present.

The Calypso prospect is located in the Norwegian Sea, 14 kilometres north-west

of the Draugen field and 22 kilometres north-east of the Njord A platform.

Calypso is being drilled by Deepsea Yantai, a semi-submersible rig owned by CIMC

and operated by Odfjell Drilling.

Partners: Neptune Energy Norge AS (operator, 30%), OKEA ASA (30%), Pandion

Energy AS (20%) and Vår Energi ASA (20%).

This information is considered to be inside information pursuant to Regulation

EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR

article 17 and section 5-12 of the Norwegian Securities Trading Act. The

information was submitted for publication by VP Investor Relations, Anca Jalba -

16 November 2022 at 07:00 CET.

For further information, please contact

Andrew McCann - SVP Subsurface

+ 47?415 07?726

Anca Jalba - VP Investor Relations

+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 is available at www.okea.no

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