OKEA ASA

Discovery confirmed in the Hamlet exploration well (PL153)

(Trondheim, 28 April 2022) Reference is made to OKEA ASA's (OSE: OKEA) press

releases of 28 February and 21 March 2022.

OKEA, together with operator Neptune Energy and partners, today announces the

discovery of oil and gas in the Hamlet exploration well in the Gjøa licence

(PL153), where OKEA holds a 12% working interest (WI).

Hydrocarbons were discovered in the target Agat Formation in both the main bore

(35/9-16 S) and the side-track (35/9-16 A), drilled to confirm the discovery and

acquire more data in the eastern part of the structure.

In-place volumes are estimated to be in the range of 5-8 million standard cubic

meters (MSm[3]) or 30-50 million barrels of oil equivalents (mmboe). Work is

continuing to confirm potential recoverable resources, but the operator's

preliminary estimate is 8-24 mmboe, including resources in the northern part of

the structure previously proven by well 35/9-3 T2 in 1997. The licence group has

initiated studies to evaluate whether commercial development options exist for

the discovery.

Located 58 kilometres west of Florø, Norway, at a water depth of 358 metres, the

Hamlet well was drilled by Deepsea Yantai, a semi-submersible rig operated by

Odfjell Drilling.

Neptune Energy Norge AS is operator of PL153 with 30% WI. The other licensees

are Petoro AS (30% WI) and Wintershall Dea Norge AS (28% WI).

For further information, please contact

SVP Subsurface & Wells, 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) with a current target production of 18,500 - 20,000 boe per day in

2022. 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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