OKEA ASA

Regulatory Filings • Jan 18, 2022

Four licences awarded to OKEA in APA 2021

Four licences awarded to OKEA in APA 2021

OKEA ASA has been offered interests in four new production licences on the

Norwegian Continental Shelf, three of which as operator, through the Awards in

Pre-Defined Areas (APA) for 2021.

The awards announced today by the Ministry of Petroleum and Energy further

strengthen OKEA's portfolio of near-field exploration opportunities around its

Draugen and Gjøa production hubs. The company now has interests in over 15

exploration-focussed licences.

The three new OKEA-operated licences are located in the Norwegian Sea. The

fourth licence, to be operated by Spirit Energy, is located in the North Sea,

north-east of the Aurora discovery.

''These new awards give OKEA a great opportunity to build further on the near

-field exploration activities we have around Draugen, where we are drilling two

wells this year, and the Gjøa area where we also operate the Aurora discovery'',

comments SVP Subsurface & Wells, Andrew McCann. 'In addition, we have added

acreage in the Norwegian Sea near our Mistral and Fagn exploration licences''.

+--------+--------+-------------+---------------+-------+

|Licence |Block(s)|Operator |Other partners |OKEA WI|

+--------+--------+-------------+---------------+-------+

|PL1161 |6407/6 |OKEA ASA |M Vest |60% |

+--------+--------+-------------+---------------+-------+

|PL1159 |6406/5,6|OKEA ASA |Equinor |50% |

+--------+--------+-------------+---------------+-------+

|PL1156 |6407/11 |OKEA ASA |Equinor, M Vest|40% |

+--------+--------+-------------+---------------+-------+

|PL1150 S|35/8 |Spirit Energy|Petrolia |30% |

+--------+--------+-------------+---------------+-------+

For further information please contact

SVP Subsurface & Wells, Andrew McCann, + 47415 07726

VP Investor Relations, Trond Omdal, +47915 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 18 000 - 19 000 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 http://www.okea.no

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