OKEA ASA

Notice of Dividend Amount • May 23, 2022

OKEA ASA - Dividend announcement

OKEA ASA - Dividend announcement

(Trondheim, 23 May 2022) OKEA ASA (OSE: OKEA) On 12 May 2022 the annual general

meeting of OKEA granted the board of directors an authorisation to approve

distribution of dividends based on the company's annual accounts for 2021. The

board of directors has subsequently approved a total cash dividend of NOK 0.90

per share which is payable in June. The board has also stated an intention to

distribute a cash dividend of NOK 1.00 per share in Q3 22 and Q4 22

respectively.

Dividend for 2022

Following fulfilment of the absolute restrictions under the company's bond

loans, OKEA is for the first time in a position to distribute dividends to its

shareholders. The company's cash position is currently solid, outstanding debt

has been reduced through buy backs, and OKEA has today also announced a

significant step forward in its growth ambition without the need for new

financing. Further details regarding the USD 117.5 million transaction to

acquire a portfolio of assets from Wintershall Dea is outlined in a separate

stock exchange notice issued by OKEA today.

Based on the terms under OKEA's bond loans, the maximum dividend capacity is

limited to the lower of i) 50% of net profit after tax for the previous calendar

year (as defined in the OKEA02 bond loan[1)]), and ii) 50% of net profit after

tax for the previous four quarters (as defined in the OKEA03 bond loan[2)]). On

this basis and, as of the day of this notice, the maximum dividend capacity for

2022 is NOK 301.6 million. Subject to the definition in OKEA03, this amount may

change.

The board has resolved to pay a cash dividend payment of NOK ~93.5 million (NOK

0.90 per share) in Q2 2022 and has stated an intention to distribute NOK 1.00

per share in Q3 2022 and Q4 2022 respectively (NOK ~207.7 million in total

dividend payments intended for distribution in Q3 and Q4 2022). As such, the

total planned dividend payments for 2022 is in line with the maximum amount

allowed under the terms of OKEA's bond loans.

The last day of trading including dividend rights for the June dividend payment

of NOK 0.90 per share, is 1 June 2022. The ex-dividend date is 2 June 2022, and

the record date is 3 June 2022. Payment is expected on or about 15 June 2022.

In line with the terms of the OKEA02 bond loan, OKEA is also offering

bondholders a right to redeem an amount of bonds equal to the dividend payment

at a price of 103 to par value (plus accrued interest) prior to making any

distribution to shareholders. OKEA will issue a separate stock exchange notice

where such offer to the bondholders in OKEA02 is formally made.

OKEA's capital allocation framework

OKEA has an ambitious strategy built on three pillars comprising growth, value

creation and capital discipline. Underpinning the strategy, OKEA has a capital

allocation framework that gives first priority to existing activities and

maintaining a solid balance sheet and financial flexibility. Thereafter, it

prioritises ensuring a robust portfolio and seeking a healthy balance between

growth and dividends.

OKEA strives to create value for its shareholders in the form of net asset value

and cash flow growth as well as direct shareholder returns by way of dividend

payments. Dividends will be maintained and determined on an annual basis taking

into account the company's financial position and investment opportunities as

well as the prevailing market conditions.

For as long as the bond loans remain outstanding, OKEA's annual dividend

capacity is limited to an amount equal to 50% of net profit as defined in the

bond loans and as described above.

Notes

[1) ]OKEA02: ISIN NO 0010826852 - FRN Open Callable Senior Secured USD

210,000,000 Bonds 2018/2023

[2) ]OKEA03: ISIN NO 0010869175 - Senior Secured Callable USD 150,000,000 Bonds

2019/2024

For further information, please contact:

CEO, Svein Liknes, +47 917 67 704

CFO, Birte Norheim, + 47 952 93 321

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental

shelf (NCS) with a current target production of 18,500 - 20,000 boe per day in

2022 (before the asset acquisition from Wintershall Dea as announced today).

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 is subject to disclosure requirements pursuant to

Section 5-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by Kjersti Hovdal, VP accounting

and controlling, OKEA ASA on 23 May 2022 at 06:01 CEST.