OKEA ASA

Regulatory Filings • Mar 23, 2021

Non-commercial discovery in Jerv exploration well (PL973) operated by Chrysaor

Non-commercial discovery in Jerv exploration well (PL973) operated by Chrysaor

Reference is made to our press releases of 18 February and 17 March 2021.

Chrysaor Norge AS as operator of PL973 has concluded drilling of exploration

well 15/12-25. The well targeted petroleum in reservoirs of Paleocene age (Ty

Formation). The well was drilled to a total depth of 2,795 m below mean sea

level and terminated in limestone, also assumed to be of Paleocene age. The

water depth is 86 m.

The well encountered a 40 m gas condensate column in reservoir of good to very

good quality. No gas-water contact was observed. The well was not formation

tested but coring, sampling and data acquisition were performed, including

pressure data. The reservoir pressure is highly depleted and the remaining

resources are interpreted to be insufficient for development. The well is now

being plugged for abandonment and no further data will be acquired.

This is the first exploration well drilled in PL973. The licence was awarded in

2019 through the APA2018 licensing round. Well 15/12-25 was drilled by the COSL

Innovator rig which will now drill well 15/12-26 in the same licence.

The well results will be published shortly on the Norwegian Petroleum

Directorate Fact pages.

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

PL973 licence.

For further information please contact:

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

Birte Norheim, CFO; +47 952 93 321

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

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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 Birte Norheim, CFO, OKEA ASA.