OKEA ASA

Regulatory Filings • Dec 18, 2020

OKEA ASA - Acquisition of Vette discovery from Repsol

OKEA ASA - Acquisition of Vette discovery from Repsol

OKEA ASA - Acquisition of Vette discovery from Repsol

Trondheim, 18 December 2020 - OKEA ASA ("OKEA" or the "Company") is pleased to

announce that the Company has signed a Sales and Purchase Agreement (SPA) with

Repsol Norge AS ("Repsol") for the acquisition of Repsol's 40% operated working

interest in PL 972, which includes the Vette oil discovery, with effective date

1 January 2021.

The Vette discovery (Block 17/12) is located at a water depth of about 110

metres in the south-eastern part of the North Sea. OKEA estimates that the

recoverable volumes are in the range of 30-50 mmboe. ONE-Dyas Norge AS and M

Vest Energy AS each hold a 30% working interest in the licence which also

includes the Mackerel and Brisling discoveries.

OKEA will pursue a cost-efficient development of Vette with a concept applicable

for production from small discoveries. OKEA has been working with the Grevling

field development plan during the last years. Vette has a similar size as

Grevling, and the two fields may jointly constitute a coordinated serial

development enabling a satisfactory breakeven cost for both fields.

"We view Vette as the most likely candidate for a profitable small field

standalone development on the NCS which can benefit a common infrastructure with

similar size fields, like Grevling. Through this transaction, we continue to

increase and diversify our portfolio with the key ambition to develop sub-100

mmboe fields on the NCS", says Mr Erik Haugane, CEO of OKEA.

The transaction is subject to approval from both the licence partners and the

Ministry of Petroleum and Energy.

For further information, please contact:

Erik Haugane, CEO, +47?907 21 655

Ståle Myhre, VP Investor Relations, +47 917 51?878

About OKEA

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

on the NCS with a current production of 15 000 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%2F

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