OKEA ASA

The transaction between OKEA ASA and Wintershall Dea was completed today. OKEA becomes operator of the Brage field with effect from 1 November 2022

(Trondheim, 1 November 2022) - OKEA ASA (OSE:OKEA) The sales and purchase

agreement was entered into by OKEA and Wintershall Dea in May 2022. Through the

acquisition, OKEA has added a new operatorship to its portfolio and increases

production and reserves by 30-40%.

Following a thorough process to transfer expertise and experience, the

transaction has been approved by the Norwegian authorities and is completed

according to plan.

OKEA CEO, Svein J. Liknes said:

· OKEA and Wintershall Dea have had an excellent collaboration in this

process. With an overriding focus on safety and business continuity and open and

transparent dialogue, the parties have managed to lay the groundwork for a

successful transition. We are proud of being able to take over the Brage

operatorship, which enhances the scale and diversification of our portfolio and

strengthens our position within existing core areas.

Along with the operatorship at Brage follows a highly skilled and experienced

organisation of more than 140 employees, which will be integrated into the OKEA

organization. The operations office for Brage will continue to be in Bergen.

Transaction details

OKEA has acquired 35.2% operated WI in the Brage Unit, 6.4615% WI in the Ivar

Aasen Unit and 6% WI in the Nova field from Wintershall Dea for an initial cash

consideration of USD 117.5 million (subject to working capital and other

adjustments) based on effective date 1 January 2022. In addition to the fixed

consideration, OKEA shall pay to Wintershall Dea an additional contingent

consideration based on an upside sharing arrangement subject to oil price level

during the period 2022-24. Wintershall Dea will retain responsibility for 80% of

OKEA's share of total decommissioning costs related to the Brage Unit.

The assets comprise three high quality producing assets, all located in the

Norwegian North Sea, with expected combined net production of at least 7,000

boepd in 2023 and net 2P reserves of 13.2 mmboe[1)]. On Brage, OKEA has

identified significant upside potential and opportunities for OKEA to add value

as operator. In addition, OKEA further increases its net interest in the Ivar

Aasen field from 2.777% to 9.2385% and strengthens its position in the core area

Gjøa (OKEA 12% WI), through the Nova field. As a result of the acquisition, OKEA

establishes a large presence in Bergen, as well as a strengthened presence in

Stavanger.

The acquisition represents a significant step towards delivering inorganic

growth in line with OKEA's growth strategy. Production, reserves and resource

base increase by 30-40%.

Notes

1) OKEA estimates as announced on 23 May 2022; volumes will be certified in the

Annual Statement of Reserves and Resources YE22

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