OKEA ASA

Regulatory Filings • Mar 21, 2022

Hydrocarbons encountered in the Hamlet exploration well (PL153) operated by Neptune

Hydrocarbons encountered in the Hamlet exploration well (PL153) operated by Neptune

(Trondheim, 21 March 2022) Reference is made to the OKEA ASA (OSE: OKEA) press

release of 28 February 2022.

Hydrocarbons have been observed from logs on entering the reservoir in the

Hamlet exploration well (35/9-16 S) and coring will now be initiated according

to plan. The reservoir operations are at an early stage and final results are

not yet available.

The well is being drilled in the Gjøa licence (PL153), where OKEA has a 12%

working interest (WI), 7 km north of the Gjøa field.

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