OKEA ASA

OKEA ASA - Profit warning - Provisional assessment of the norm price for Q2 2020 received

OKEA ASA - Profit warning - Provisional assessment of the norm price for Q2 2020

received

Trondheim, 25 September - OKEA ASA ("OKEA" or the "Company") has today received

the provisional norm price assessments for Q2 2020 for oil production on the

Norwegian Continental Shelf from the Petroleum Price Board (no:

Petroleumsprisrådet). Due to the extraordinary market situation during the

quarter, the provisional assessment for the norm price differentials were

significant for a number of fields. Compared to the initial estimate presented

in the Q2 2020 financial statements, the provisional norm price indicates a

reduction in the oil price for the Draugen lift in May of USD 10.75 per barrel.

The accounting effects of the provisional norm price assessment will be

recognised in the Company's financial statements for Q3 2020 by an estimated

reduction in revenues of NOK 68m and an estimated reduction in profit after tax

of NOK 15m. Should the provisional assessment for the norm price be determined

as the final norm price, the cash implication for OKEA is estimated to a net

outflow of NOK 15m.

For further information, please contact:

Birte Norheim, CFO, +47 952 93 321

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 ~20 000 boe/d. 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

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