OKEA ASA

Earnings Release • Oct 15, 2020

OKEA - Ministry approval of the acquisition of the Aurora discovery from Equinor

OKEA - Ministry approval of the acquisition of the Aurora discovery from Equinor

OKEA - Ministry approval of the acquisition of the Aurora discovery from Equinor

Trondheim, 15 October - Reference is made to the stock exchange notice of 15

July where OKEA ASA ("OKEA" or the "Company") announced that the Company had

signed a Sales and Purchase Agreement (SPA) with Equinor Energy AS ("Equinor")

for the acquisition of Equinor's  operated 40% working interest in PL195 and

PL195 B, which include the Aurora discovery, with effective date 1 January 2020.

OKEA is pleased to announce that the Ministry of Petroleum and Energy has

approved the transaction and appointed OKEA as the new operator of the licences.

"As operator of PL195 and PL195 B, we will pursue a low-cost development of

Aurora", says Mr Erik Haugane, CEO of OKEA ASA.

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 Exploration and Production (E&P) company and operator on the

Norwegian Continental Shelf (NCS) with production of ~19,000 boe per day. OKEA

is one of few E&P companies on the NCS with production operating capabilities.

OKEA targets to grow organically through low-cost field developments of

discoveries with reserves up to 100 million boe as well as to take advantage of

inorganic opportunities.

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

information on www.okea.no