OKEA ASA

Regulatory Filings • Jul 21, 2022

Dry well at Brage South

Dry well at Brage South

(Trondheim, 21 July 2022) Wintershall Dea has today confirmed that no

hydrocarbons were found in the Brage South exploration well (31/4-A-13 C), which

has been drilled in the PL055 licence, and that the well will be plugged as a

dry well.

On 23 May 2022, OKEA ASA announced that it has entered into an agreement to

acquire a material portfolio of assets from Wintershall Dea Norge AS, including

a 35.2% operated working interest in the Brage field (PL055). Brage South is one

of many upside opportunities identified at Brage. The result of this exploration

well does not change OKEA's valuation of the transaction nor the view of Brage

as a good opportunity for OKEA in line with our strategy and with substantial

remaining upside potential.

The 31/4-A-13 C Brage South well was drilled from the Brage platform. Partners:

Wintershall Dea Norge AS (Operator and 35.2%), Lime Petroleum AS (33.8434%), DNO

Norge AS (14.2567%), Vår Energi ASA (12.2575%), M Vest Energy AS (4.4424%).

In the transaction with Wintershall Dea, OKEA will acquire 35.2% operated WI in

the Brage Unit, 6.4615% WI in the Ivar Aasen Unit and 6% WI in the Nova field

with effective date 1 January 2022. The transaction is conditional upon

Norwegian governmental approval and is expected to be completed in Q4 2022.

For further information, please contact

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

CFO Birte Norheim, +47 952 93 321

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

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

Section 5-12 the Norwegian Securities Trading Act. This stock exchange release

was published by Maria Rosado, on 21 July 2022 at 13.00 CEST.