OKEA ASA

Regulatory Filings • Mar 17, 2021

Hydrocarbons encountered in the Jerv exploration well in PL973

Hydrocarbons encountered in the Jerv exploration well in PL973

Reference is made to the OKEA press release of 18th February 2021.

Hydrocarbons have been observed from logs and cuttings on entering the reservoir

in the Chrysaor-operated Jerv exploration well (15/12-25), and coring will now

be initiated according to plan. The reservoir operations are at an early stage,

and final results are not yet available.

PL973 is south of the Grevling discovery operated by OKEA.

Chrysaor Norge AS (operator) holds 50%, OKEA ASA 30% and Petoro AS 20% in the PL

973 license.

For further information please contact:

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

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

About OKEA

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

on the NCS with a current production of ~16,000 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%2Fwww

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This information is considered to be inside information pursuant to the EU

Market Abuse Regulation, and is subject to disclosure requirements pursuant to

Section 5-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by Trond Omdal, VP Investor

Relations, OKEA ASA.