OKEA ASA

Drilling of the Ginny exploration well (PL1060) has started

(Trondheim, 3 January 2022) OKEA ASA (OSE: OKEA) announces that drilling

operations on the Equinor-operated Ginny exploration well 6407/9-13 have

commenced from the West Hercules rig. The well, in production licence PL1060,

targets both an Upper Jurassic (Ginny) and a Middle Jurassic (Hermine) prospect

located between the Galtvort and Hasselmus discoveries.

OKEA holds a 40% working interest in the licence which was awarded in the APA

2019 licensing round. The licence is located NW of the Draugen field which is

operated by OKEA (44.56% WI).

''This is the first of three exploration wells we will be drilling the coming

year, all focussed on near-field exploration near our Draugen and Gjøa producing

fields.'' says Andrew McCann, SVP Subsurface & Wells in OKEA. "This type of

exploration is core to OKEA's strategy of identifying upside potential for our

producing assets and a discovery in this area could be developed rapidly through

use of existing infrastructure'', Mr McCann added.

Equinor Energy AS is operator of PL1060 with 31% working interest. The other

licensees are Chrysaor Norge AS (20% WI) and Longboat Energy Norge AS (9% WI).

Further announcements will be made, if applicable, when hydrocarbons are

encountered, and/or on completion of drilling operations.

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 18 000 - 19 000 boe per day in

2022. OKEA seeks 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

More information on www.okea.no

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