OKEA ASA

Earnings Release • Nov 5, 2019

Dry well on Skumnisse near the Draugen field

Dry well on Skumnisse near the Draugen field

Result of well 6407/9-12

OKEA ASA has now completed drilling of appraisal well 6407/9-12 on the Skumnisse

prospect, north-east of the Draugen field. The well will now be permanently

plugged and abandoned as a dry well.

The well targeted an extension of the Upper Jurassic Rogn Formation sandstone

which forms the main reservoir of the producing Draugen field. The log data from

the well, as published on

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

.okea.no&data=02%7C01%7Cstale.myhre%40okea.no%7Cfc385926284049caa80108d761fb1669%

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k1H4Gupkn7B1kXDsObAJnYIxuS6%2FyggM%3D&reserved=0) during the drilling operation,

confirm the presence of a number of clay-rich sandstone layers in the expected

reservoir interval, thinner and with poorer reservoir quality than expected. No

traces of hydrocarbons were observed.

Core data have been acquired in the well and wireline log data form the rest of

the data acquisition programme. These data will be used to complete the

evaluation of the well results and will be important for further exploration

activity in the area around Draugen. Key questions about the regional

development of the Rogn Formation sandstone and hydrocarbon migration in the

area will be addressed.

The well was drilled to a vertical depth of 1742 m below sea level within the

Garn Formation. The water depth at the site is 243 m.

The well marks the conclusion of OKEA's first operated drilling campaign, less

than a year after the company took over operatorship of Draugen. The two wells,

which were based on a slim, two casing string design, have been drilled safely

and cost effectively.

The wells were drilled with the Odfjell rig Deepsea Nordkapp, with Halliburton

as the main service provider. All companies involved have contributed to the

safe and effective operation.

OKEA ASA is operator of the Draugen licences PL093 and PL093 D 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 Relations, +47 917 51 878

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