OKEA ASA

OKEA ASA - Yme New Development project update

Trondheim, 4 January 2020 - OKEA ASA ("OKEA" or the "Company") is pleased to

announce that the onshore work on the production unit for the Yme field - the

Mærsk Inspirer jack-up rig - has been completed and the rig has been safely

installed at the Yme field. Following sail away from the Aker Egersund yard

Mærsk Inspirer reached its targeted position at the Yme field in the evening of

31 December 2020.

The jack up process has been completed and Yme New Development project is now

moving into the phase for hook-up, commissioning and preparation for production

startup. Expected production start in 2021 remains unchanged and well within

reach.

Okea holds a 15% working interest in the Yme field which is expected to add

production of 7,500 boepd net to OKEA at plateau, and 4,900 boepd net to OKEA on

average over the first year.

"This event represents a major milestone for the Yme New Development project and

provides comfort to the targeted production start. Together with other ongoing

projects, production from Yme will secure OKEA's production growth in the years

to come", says Mr Erik Haugane, CEO of OKEA.

For further information, please contact:

Erik Haugane, CEO, +47?907 21 655

Knut Gjertsen, SVP Projects and Technology, +47 911 24 571

About OKEA

OKEA ASA is an independent Exploration and Production (E&P) company and operator

on the NCS with a current production of 15 000 boepd. OKEA targets profitable

production growth within the current portfolio combined with an opportunistic

approach to M&A.

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

information

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

www.okea.no%2F&data=04%7C01%7Cerik.haugane%40okea.no%7C49b9071d4cbf4dbec3fb08d89b

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