OKEA ASA

Share Issue/Capital Change • Dec 10, 2021

OKEA ASA - Exercise of warrants

(Trondheim 10 December 2021) Reference is made to the warrants issued by the General Meeting on 23 February 2018 with a conversion price of NOK 17.9 per new share and with expiry on 1 October 2022 (the "Warrants"). 61,500 Warrants giving rights to 615,000 shares have been exercised today.

Primary insiders Espen Myhra (SVP Business Development) and Ragnhild Aas (Deputy Board Member) has exercised Warrants giving rights to 40 000 and 25 000 shares respectively. Primary insider notification forms are attached.

Following the registration of the new shares pursuant to the exercise of the Warrants, the total number of outstanding shares in OKEA will be 103,870,350.

For further information, please contact:

VP IR, 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).