OKEA ASA

Business and Financial Review • Nov 4, 2022

Drilling of the Calypso exploration well (PL938) has started

Drilling of the Calypso exploration well (PL938) has started

(Trondheim, 4 November 2022) OKEA ASA (OSE: OKEA) announces that drilling

operations on the Neptune Energy-operated Calypso exploration well (6407/8-8 S),

in the Norwegian Sea, have commenced from the Deepsea Yantai rig. The well will

be drilled 14 km north-west of the OKEA-operated Draugen field and a discovery

could be tied-back to the Draugen platform or the Njord platform. The main

prospect lies in the Jurassic Garn, Ile and Tilje formations at a depth of

approximately 3,000 m. OKEA holds a 30% working interest ("WI") in the

licence.

The drilling programme comprises a main well with logging and coring in the case

of a discovery. An optional side-track may be drilled dependent on the outcome

of the first bore. Further announcements will be made, as applicable, when

hydrocarbons are encountered, and/or on completion of drilling operations.

Neptune Energy Norge AS is operator of PL938 with 30% WI.  The other licensees

are Pandion Energy AS (20% WI) and Vår Energi ASA (20% WI).

For further information, please contact

SVP Subsurface, Andrew McCann, + 47?415 07?726

CFO, Birte Norheim, +47 952 933 21

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