OKEA ASA

Five licenses awarded to OKEA in APA 2019

OKEA ASA has been awarded 5 new licenses on the Norwegian Continental Shelf by

the Ministry of Petroleum and Energy under the Award in Pre-Defined Areas (APA)

for 2019, strengthening the company's position around the important Draugen and

Grevling production and development hubs in the Norwegian Sea and North Sea,

respectively.

Two of the awarded areas are new licences where OKEA will be a partner, the

three others are areal extensions of existing licences, two of them operated by

OKEA.

Production Licence (PL) 1060 lies northwest of the OKEA-operated Draugen field

and includes the Galtvort gas discovery. The work programme includes a firm well

on a prospect in the licence which will be operated by Equinor. PL1034 lies

south-east of PL973 where there are ongoing exploration activities to support

the Grevling development project, operated by OKEA.

The three licence extensions provide further prospect areas to the Draugen

(PL093), Mistral (PL1003) and Grevling exploration (PL973) licences.

''We are very pleased with these awards which strengthen OKEA's licence

portfolio around our key operated asset Draugen, where we have an ambition to

further develop the neighbouring area, as well as extending lifetime of the

asset itself'', comments Andrew McCann, SVP Subsurface in OKEA. ''In addition,

further exploration opportunities in the Grevling area will strengthen the case

to develop an oil production hub there.''

License Block(s) Operator OKEA share

PL1060 6407/8,9 Equinor Energy AS 40%

PL1034 15/12 Chrysaor Norge AS 40%

PL973 B 15/12 Chrysaor Norge AS 30%

PL093 F 6407/9 OKEA ASA 44.56%

PL1003 B 6406/3,6 OKEA ASA 60%

For further info please contact

Andrew McCann, SVP Subsurface, + 47 415 07 726

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 with production of ~20,000 boe per day. The company

aims to grow through low-cost field developments of discoveries with reserves up

to 100 million boe and mergers and acquisitions (M&A). The operating

organisation is built on the acquisition of the producing field Draugen in 2018.

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

More information on www.okea.no

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