OKEA ASA

Earnings Release • Jan 18, 2022

Four licences awarded to OKEA in APA 2021

OKEA ASA has been offered interests in four new production licences on the Norwegian Continental Shelf, three of which as operator, through the Awards in Pre-Defined Areas (APA) for 2021.

The awards announced today by the Ministry of Petroleum and Energy further strengthen OKEA's portfolio of near-field exploration opportunities around its Draugen and Gjøa production hubs. The company now has interests in over 15 explorationfocussed licences.

The three new OKEA-operated licences are located in the Norwegian Sea. The fourth licence, to be operated by Spirit Energy, is located in the North Sea, north-east of the Aurora discovery.

''These new awards give OKEA a great opportunity to build further on the near-field exploration activities we have around Draugen, where we are drilling two wells this year, and the Gjøa area where we also operate the Aurora discovery'', comments SVP Subsurface & Wells, Andrew McCann. 'In addition, we have added acreage in the Norwegian Sea near our Mistral and Fagn exploration licences''.

Licence	Block(s)	Operator	Other partners	OKEA WI
PL1161	6407/6	OKEA ASA	M Vest	60%
PL1159	6406/5,6	OKEA ASA	Equinor	50%
PL1156	6407/11	OKEA ASA	Equinor, M Vest	40%
PL1150 S	35/8	Spirit Energy	Petrolia	30%

For further information please contact

SVP Subsurface & Wells, Andrew McCann, + 47 415 07 726

VP Investor Relations, Trond Omdal, +47 915 32 578

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental shelf (NCS) with a current target production of 18 000 - 19 000 boe per day in 2022. OKEA finds value where others divest and has an ambitious growth strategy built on accretive M&A activities, value creation and capital discipline.

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

More information is available at http://www.okea.no