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OKEA ASA

Earnings Release • Feb 28, 2019

3701_rns_2019-02-28_1018041e-e860-4c10-b60a-dfb46e26633d.html

Earnings Release

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OKEA AS Financial Report for Q4 2018

Total operating income for the fourth quarter 2018 was NOK 145.9 million, compared to NOK 17.6 million in the same period last year. Profit from operating activities was NOK 5.8 million (-10.7). Net loss for the third quarter was -51.7 (3.8).

The NOK 4,520 million acquisition including 44,56% working interest in the Draugen Field and 12% working interest in the Gjøa Field from A/S Norske Shell, was completed on 30 November 2018 and included for accounting purposes from that date. With this transaction, OKEA became operator of the Draugen Field and 153 previous Shell employees were transferred to OKEA and the company has built a strong organization capable of growing a profitable business to increase shareholder value in the years ahead.

Related to bond terms for OKEA01 and OKEA02, the company is in compliance.