OKEA ASA

Legal Proceedings Report • May 9, 2021

Dry exploration well on the Ilder prospect (PL973) operated by Chrysaor

Dry exploration well on the Ilder prospect (PL973) operated by Chrysaor

Reference is made to OKEA press releases of 18[th] February and 23[rd] March.

Drilling operations on the Ilder exploration well 15/12-26, operated by Chrysaor

Norge AS, are now being concluded.

The well is characterised as a dry well and will now be plugged and abandoned.

More information on the final well result will be published by the Norwegian

Petroleum Directorate in due course.

Chrysaor Norge AS (operator) holds 50% WI, OKEA ASA 30% and Petoro AS 20% in the

PL973 licence.

For further information please contact:

Andrew McCann, SVP Subsurface & Wells, + 47 415 07 726

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

About OKEA

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

on the NCS with a current production of ~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 on

www.okea.no (https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww

.okea.no%2F&data=04%7C01%7Ctrond.omdal%40okea.no%7C661306bb9e4248fbf08c08d9131a36

00%7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C637561825568875304%7CUnknown%7CTW

FpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C10

00&sdata=iee6mMHfRVMc%2B6YuPZFHO7zspTJrUXEX4kP1OnV8zuA%3D&reserved=0)

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to disclosure requirements pursuant to

Section 5-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by Trond Omdal, VP Investor

Relations, OKEA ASA.