OKEA ASA - Capital/Financing Update 2020

OKEA ASA - Summons to bondholders' meeting

Trondheim, 15 June 2020 - OKEA ASA ("OKEA" or the "Company") has requested

Nordic Trustee AS to summon a Bondholders' Meeting for each of the bond issues

OKEA02 (with ISIN NO 0010826852) and OKEA03 (with ISIN NO 0010869175) to make

certain amendments as set out in the attached summons. The Issuer has received

confirmation from a group of the largest bondholders in each of OKEA02 and

OKEA03, respectively, that they will irrevocably support the proposals as set

out in the summons and vote in favour.

The Norwegian Government has proposed temporary changes to the petroleum tax

regime in Norway in order to improve the liquidity of petroleum companies and

stimulate investments in the oil and gas industry. The proposal, which is

scheduled for passing this week, is expected to have a material positive effect

on the Company's near term liquidity. Based on the Company's estimates and the

current forward curve, the Company expects a positive liquidity effect for the

tax year 2020 of approximately USD 60 million.

The Bondholders' Meeting will be held on 29 June 2020 at 13:00 (CET).

DNB Markets, a part of DNB Bank ASA, has been engaged as financial advisor and

Advokatfirmaet Schjødt AS has been engaged as legal advisor in connection with

the amendment proposal.

For further info please contact:

Birte Norheim, CFO, + 47 952 93 321

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

About OKEA ASA

OKEA is an Exploration and Production (E&P) company and operator on the

Norwegian Continental Shelf with production of ~19 000 boe per day. OKEA aims to

grow through low-cost field developments of discoveries with reserves up to 100

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

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

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

More information on www.okea.no

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