OKEA ASA

Earnings Release • Oct 25, 2021

Yme first oil - a key milestone for OKEA

Yme first oil - a key milestone for OKEA

(Oslo, 25 October 2021) OKEA ASA (OKEA, OSE: OKEA) announces that the operator

Repsol today has confirmed that together with its partners OKEA, Lotos and

KUFPEC they have started producing from the Yme field.

Expected recoverable reserves in Yme are estimated to approximately 10 million

standard cubic meters of oil - or 63 million barrels - with OKEA's share at 9.4

million barrels of oil.  At plateau, the Yme field will produce around 56,000

boepd, with OKEA's share around 8,400 boepd. Average production the next 12

months net to OKEA from the Yme field is estimated to 5,600 boepd. OKEA in the

third quarter of 2021 produced 16 315 boepd.

''First oil at Yme is a key milestone for OKEA. With production start in highly

favorable market conditions, Yme will add significant positive cash flows going

forward and further strengthen OKEA's positioning for the next growth phase,"

says OKEA CEO Svein J. Liknes.

Earlier this year, the Yme licence entered into an agreement to acquire Mærsk

Inspirer through a bareboat charter agreement with Havila Sirius AS and take

over the day-to-day operations of the jack-up rig from Maersk Drilling. The

handover process has now started and it is expected that the transaction will be

closed during fourth quarter.  The reorganisation of operations and ownership of

the Mærsk Inspirer will provide significant operational and cost improvements

and additional cash flow benefits around NOK 300 million net after tax to OKEA

over the next nine months.

Facts about the Yme field

Yme was discovered in 1987 by Statoil in the southeastern part of the Norwegian

North Sea in Block 9/2 and 9/5 in the Egersund Basin, 130 kilometres from the

Norwegian coastline. Yme is one of the first oil fields on the Norwegian shelf

to be redeveloped after the field was shut down in 2001 in response to low oil

prices. A new Plan for Development and Operation (PDO) was approved for Yme in

2007, but the project was not implemented. OKEA acquired an ownership interest

in Yme in 2016, the first asset acquisition for the company, and started

preparing a new plan for redevelopment (the "Yme New Development Project").

The new amended PDO for Yme (production license 316 and production license 316

B) includes a combination of existing and new installations and wells and was

submitted in December 2017 and approved in March 2018. The Yme New Development

Project consists of the engineering, procurement and installation of a new

wellhead module on top of the existing facilities at the Yme field, the

modification and upgrading of the Mærsk Inspirer Mobile Offshore Drilling and

Production Unit prior to installation in the field and subsequent hook up to

existing wells and installations on the seabed offshore. The main deliveries to

the redevelopment project have been from Norwegian suppliers.

Repsol Norge AS (55% WI) is the operator of the Yme field and partners are Lotos

Exploration and Production Norge AS (20% WI), OKEA ASA (15% WI), and KUFPEC

Norway AS (10% WI).

For further information, please contact:

VP IR, Trond Omdal, +47 915 32 578

CEO, Svein J. Liknes, +47 917 67 704

CFO, Birte Norheim, + 47 952 93 321

About OKEA

OKEA ASA is an independent Exploration and Production (E&P) company and operator

on the Norwegian continental shelf with a current production around 16,000

boepd. OKEA targets profitable production growth within the current portfolio

combined with an opportunistic approach to M&A.

OKEA ASA is listed on the Oslo Stock Exchange under the ticker "OKEA".

More information at okea.no