OKEA ASA

OKEA - Acquisition of Aurora discovery from Equinor

Trondheim, 15 July - OKEA ASA ("OKEA" or the "Company") is pleased to announce

that the company has signed a Sales and Purchase Agreement (SPA) with Equinor

Energy AS ("Equinor") for the acquisition of Equinor's 40% operated working

interest in PL195 and PL195 B, which include the Aurora discovery, with

effective date 1 January 2020.

Aurora is a small gas discovery in the North Sea located west of the Gjøa field.

OKEA estimates that the recoverable volumes are in the range of 12-28 mmboe.

Wintershall DEA and Petoro each holds respectively 25% and 35% working interest

each in the licenses. OKEA aims to become operator for the licences and pursue a

low-cost development of Aurora as a tie-in to Gjøa without further appraisal

drilling. Both the transaction and a potential change in operatorship are

subject to approval by the Ministry of Petroleum and Energy.

"By this transaction we are diversifying our portfolio as well as strengthening

our position in the Gjøa area. A development of Aurora fits right into the core

of OKEA's strategy with low-cost field development of smaller discoveries", 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

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