OKEA ASA

Regulatory Filings • Oct 3, 2023

First gas from Hasselmus

First gas from Hasselmus

(Trondheim, 3 October 2023) - OKEA ASA (OSE: OKEA):

Production from the Hasselmus gas discovery commenced on 1 October 2023. As a

subsea tie-back to the Draugen platform, Hasselmus is expected to add 4,400

barrels of oil equivalents per day in production at plateau.

The Hasselmus project is expected to recover approximately 1.65 GSm3 of natural

gas and will restart export of associated gas and NGL from Draugen.

"The Hasselmus project is the first development project for OKEA as operator.

The project is important for the long-term development of Draugen and

demonstrates our ability to extend the life of mature fields to maximize value

creation on the NCS. We appreciate the good collaboration with our partners,

suppliers and a dedicated organisation which has enabled the delivery of the

project ahead of schedule and below budget" says OKEA CEO, Svein J. Liknes.

The Hasselmus discovery and the Draugen licence

The Hasselmus gas discovery is located on the western edge of the Trøndelag

platform in the Norwegian Sea, 7 km northwest of the Draugen platform. A single

well (6407/9-9 T2) was drilled on the Hasselmus structure by A/S Norske Shell in

1999 which encountered a 16 meters gas column and a 6.8 meters oil column in

high quality sands at a depth of 1,700 meters.

OKEA ASA (44.56% WI) is the operator of the Draugen licence and the Hasselmus

project. Partners are Petoro AS (47.88% WI) and M Vest Energy AS (7.56% WI).

For further information, please contact:

VP IR and Communication, Anca Jalba, +47 410 87 988

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental

shelf (NCS). OKEA finds value where others divest and has an ambitious strategy

built on growth, value creation and capital discipline.

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

More information at www.okea.no