OKEA ASA

Earnings Release • Oct 15, 2019

OKEA to start drilling on Draugen

OKEA to start drilling on Draugen

OKEA ASA will today start the Draugen drilling campaign for the appraisal wells

Infill Ø (6407/9-11) and Skumnisse (6407/9-12).

As the first company on NCS, OKEA will live stream the drilling log from the

drilling operations on the Odfjell rig Deepsea Nordkapp. Here you will be able

to see the same data as the offshore drilling supervisor in real time. This

includes the various drilling parameters and basic logs. The live stream can be

followed on www.okea.no. A well schematic is attached to this press release and

further information will be presented on www.okea.no

It is important to note that the data conveyed in real time during drilling, is

NOT sufficient to deduce the potential value of any hydrocarbon discovery. These

data need to be modelled into our reservoir 3D models before a final conclusion

is announced when the drilling campaign is concluded.

"The drilling campaign mark OKEAs commitment to long term development of the

Draugen Area. In addition, the live streaming of the drilling log positions OKEA

on the leading edge of data sharing as well as demystify what oil companies

actually do offshore" says CEO Erik Haugane.

"We are very satisfied with starting the drilling less the 12months after OKEA

became operator on Draugen. We look forward to an efficient and well executed

campaign" says VP Drilling & Wells, Ida Ianssen Lundh in a comment

Contact persons in OKEA:

Ida Ianssen Lundh, VP Drilling & Wells, + 47 452 54 562

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

About OKEA

OKEA is a fast-growing oil and gas producer operating on the Norwegian

Continental Shelf (NCS) aiming to bring undeveloped discoveries with less than

100 million boe in reserves into production. We are a trusted partner on a

local, regional and national level with a clear ambition to create value for

owners, employees and society as a whole.

Our overall vision is to be the leading company on the NCS in terms of

delivering safe and cost-effective field developments and operational

excellence, while maintaining a competent organization with direct management

engagement in all of our projects.

Our head office is based in Trondheim and includes most of our management

functions. Our offshore operational center for existing and future OKEA-operated

fields is based in Kristiansund.

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