OKEA ASA

Regulatory Filings • Feb 28, 2022

Drilling of the Hamlet exploration well in the Gjøa licence (PL153) has started

Drilling of the Hamlet exploration well in the Gjøa licence (PL153) has started

(Trondheim, 28 February 2022) OKEA ASA (OSE: OKEA) announces that drilling

operations on the Neptune-operated Hamlet exploration well (35/9-16 S) have

commenced from the Deepsea Yantai rig. The well will be drilled 7 km north of

the Gjøa field and a discovery could be tied-back rapidly to the Gjøa platform.

The prospect lies in the Lower Cretaceous Agat Formation at a depth of

approximately 2600 m. OKEA holds a 12% working interest in the Gjøa licence

PL153.

''The Hamlet prospect is an exciting opportunity to discover new resources

within the Gjøa licence.'' says Andrew McCann, SVP Subsurface & Wells in OKEA.

"This is a further example of OKEA's strategy of identifying upside potential

for our producing assets where discoveries can be developed efficiently through

existing infrastructure'', Mr McCann added.

The drilling programme comprises a main well with an optional side-track

dependent on the outcome of the first bore. Further announcements will be made,

if applicable, when hydrocarbons are encountered, and/or on completion of

drilling operations.

Neptune Energy Norge AS is operator of PL153 with 30% working interest.  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

VP Investor Relations, Trond Omdal, +47 915 32 578

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 growth strategy

built on accretive M&A activities, value creation and capital discipline. OKEA

is listed on the Oslo Stock Exchange (OSE:OKEA).

More information is available at www.okea.no