OKEA ASA — Regulatory Filings 2021

Jan 19, 2021

OKEA portfolio expands through six licence awards in APA 2020

OKEA portfolio expands through six licence awards in APA 2020

OKEA portfolio expands through six licence awards in APA 2020

Trondheim, 19 January 2020 - OKEA ASA ("OKEA" or the "Company") is pleased to

announce that the Company has been awarded six new production licences on the

Norwegian Continental Shelf by the Ministry of Petroleum and Energy under the

Award in Pre-Defined Areas (APA) for 2020. The awarded licences include

exploration and field development opportunities near the important Draugen and

Gjøa production hubs as well as other new areas.

OKEA will be the operator for four of the licences and a partner with operators

DNO and Wintershall Dea in the remaining two.

In the Norwegian Sea the new licences include, among others, the Falk, Cortina

and Spinell Sør discoveries where opportunities for further exploration and

field development have been identified, some of which are close to the OKEA

-operated Draugen field. In the northern North Sea, the new production licence

(PL1108) lies between the producing Gjøa field, where OKEA is a partner, and the

OKEA-operated Aurora discovery.

''We are very pleased with these awards which further strengthen OKEA's growing

portfolio of exploration and field development opportunities, also in areas new

for us'', comments Andrew McCann, SVP Subsurface & Wells in OKEA.  ''We are

especially satisfied this year to have built and entered into strong

partnerships with skilled and resourceful companies and we look forward to

developing value of these areas together with them.''

Two of the licences have a work programme leading to a drill or drop decision in

early 2022. The others have a two-year initial work programme.

Licence Block(s) Operator Other partners OKEA WI

PL1125 6608/10,1 OKEA ASA Lime Petroleum AS 50%

1

PL1119 6406/2,3, OKEA ASA Equinor Energy ASPandion Energy AS 40%

5,6

PL1117 6406/6, OKEA ASA Vår Energi ASONE-Dyas Norge AS 50%

6407/4

PL1116 6407/5,6 OKEA ASA M Vest Energy AS 60%

PL1115 6407/5,8 Wintershall - 40%

Dea Norge AS

PL1108 35/9 DNO Norge AS Pandion Energy AS 30%

For more 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 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

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