OKEA ASA - Capital/Financing Update 2026

OKEA ASA - Realising value from the Mistral discovery

(Trondheim, 20 April 2026) OKEA ASA (OSE: OKEA or "the company") has entered

into a sale and purchase agreement with Japex Norge AS for a 20% WI in PL1119

(Mistral) for a fixed consideration of USD 30 million. Effective date for the

transaction is 1 January 2026.

OKEA is selling its 20% WI in PL1119 to Japex Norge AS for a fixed consideration

of USD 30 million. In addition, a contingent consideration ensures that OKEA

retains an upside given a commercial Mistral Nord discovery. The transaction is

subject to customary governmental approvals.

Located outside the company's core areas, the divestment of PL1119 strengthens

OKEA's balance sheet and maintains focus on core assets and high-grading of the

portfolio.

As a post-tax consideration, the positive net profit after tax impact of the

transaction is estimated to USD 25 million. The gain will be recognised upon

closing, which is expected by the end of Q3 2026.

PL1119 was an original OKEA idea where a missed discovery in the license was

suspected in a prolific legacy area in the Southern Norwegian Sea. Mistral has

been in OKEA's portfolio since APA2018, and Mistral Sør was discovered in Q1

2025 with recoverable resources of 38 mmboe (P50 estimate). The additional

exploration prospect, Mistral Nord, is planned to be drilled in the first

quarter of 2027.

Licence partners (post transaction) are: Equinor Energy AS (operator, 60% WI),

Inpex Idemitsu Norge AS (20% WI), and Japex Norge AS (20% WI).

This information is considered to be inside information pursuant to Regulation

EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR

article 17 and section 5-12 of the Norwegian Securities Trading Act. The

information was submitted for publication by Stig Hognestad, VP Investor

Relations, 20 April 2026 at 08:30 CEST.

For further information, please contact:

Stig Hognestad, VP Investor Relations

+47 902 59 040

About OKEA

OKEA ASA is a leading mid- and late-life operator on the Norwegian continental

shelf (NCS). OKEA finds value where others divest and has an ambitious strategy

built on growth, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE:OKEA)

More information at www.okea.no

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