OKEA ASA

Earnings Release • Oct 29, 2019

Result of Draugen well Infill Ø 6407/9-11

Result of Draugen well Infill Ø 6407/9-11

Result of Draugen well Infill Ø 6407/9-11

Reference is made to the stock exchange notice published on 15 October 2019

regarding OKEA ASA's ("OKEA") live-streaming of logs from the Draugen drilling

campaign.

OKEA has now completed drilling of the reservoir section of the Infill Ø well

(6407/9-11) in the Draugen Field. The well targeted a possible unswept oil

accumulation in the producing reservoir which could potentially be drained by a

future oil producer well. The log data from the well, as published on okea.no

during the drilling operation, confirm the presence of an oil column at the well

location.

Depth conversion of the seismic data was the principal pre-drill uncertainty for

this well and the reservoir was encountered 5 m deeper than prognosed, but

despite this, OKEA interprets that there is still a 2.5 m column of oil

remaining at the top of the Rogn Formation reservoir at this location. The data

indicate that this area of the field is already being drained efficiently by

existing wells and that it is therefore not necessary to invest in a new oil

producer well to drain the remaining attic oil volume. The well results will be

important to the further assessment of the drainage strategy of Draugen and OKEA

will use the data to optimize future production from the field.

The well was drilled with a highly cost-effective, slim design, with the top

-hole section being 'batch-drilled' together with the Skumnisse well to further

reduce costs. This efficiency enabled reservoir data to be acquired on the 5[th]

day of operations and demonstrates the ability of OKEA's drilling and subsurface

teams to maximum the value from each drilling campaign without compromising

safety. The well has now been plugged and will be abandoned before the rig

returns to the Skumnisse location to continue drilling that appraisal well

(6407/9-12) through the reservoir section.

The live-stream of logs from the Draugen drilling campaign will continue and can

be found at

www.okea.no (https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww

.okea.no&data=02%7C01%7Cstale.myhre%40okea.no%7Cbe7f8d2efd774e1746f208d75c4235b9%

7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C637079311742292251&sdata=faai2IbeU9I

t9tiHqrucr7IjaVuAfs2QKQXja0cx58Q%3D&reserved=0).

OKEA ASA is operator of the Draugen licence PL093 with a 44.56% share. Partner

companies are Petoro AS (47.88%) and Neptune Energy Norge AS (7.56%).

For further information please contact

Andrew McCann, SVP Subsurface, + +47 415 07 726

Ståle Myhre, VP Investor Relation, +47 917 51 878

IMPORTANT INFORMATION

The materials presented through the live stream at

www.okea.no (https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww

.okea.no&data=02%7C01%7Cstale.myhre%40okea.no%7Cbe7f8d2efd774e1746f208d75c4235b9%

7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C637079311742292251&sdata=faai2IbeU9I

t9tiHqrucr7IjaVuAfs2QKQXja0cx58Q%3D&reserved=0) are live data from the drilling

operation currently being carried out by OKEA on Draugen. The data when

presented have not been verified by OKEA or any other party, and may contain

errors and inaccuracies. The data presented should under no circumstances be

relied upon as information on, or an indication of, the potential results of the

remaining drilling operation to be carried out by OKEA. The final results of the

remaining drilling operation including commerciality will, when available, be

published through a stock exchange notice at

https://newsweb.oslobors.no/ (https://eur01.safelinks.protection.outlook.com/?url

\=https%3A%2F%2Fnewsweb.oslobors.no%2F&data=02%7C01%7Cstale.myhre%40okea.no%7Cbe7f

8d2efd774e1746f208d75c4235b9%7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C6370793

11742302250&sdata=5pyb0ldyqwOUNaKR4nYjZYYNlE4wO9j1BZI4PVKYqy4%3D&reserved=0) and

will also be made available at

www.okea.no (https://eur01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww

.okea.no&data=02%7C01%7Cstale.myhre%40okea.no%7Cbe7f8d2efd774e1746f208d75c4235b9%

7Cf4d0f33e32cb4b0caafe6e0cefbc9ea9%7C0%7C0%7C637079311742302250&sdata=FOrpHyqu5P%

2BLb2EJOO6B2E0DLqDTG1HZpBJ66Pb1FzY%3D&reserved=0).

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