Hydrocarbons encountered in the Calypso exploration well (PL938) operated by Neptune Energy

16 Nov 2022 07:00 CET

(Trondheim, 16 November 2022) In reference to the announcement made by OKEA ASA
(OSE: OKEA) on 4 November 2022, OKEA has been informed by the operator, Neptune
Energy, that hydrocarbons have been encountered in the Calypso exploration well
in the Norwegian Sea, located within the PL938 licence.

Having entered the reservoir, logs proved hydrocarbons presence. Additional data
gathering of the reservoir will now be considered. The operations in the
reservoir section remain at an early stage and it has yet to be confirmed if
commercial volumes are present.

The Calypso prospect is located in the Norwegian Sea, 14 kilometres north-west
of the Draugen field and 22 kilometres north-east of the Njord A platform.

Calypso is being drilled by Deepsea Yantai, a semi-submersible rig owned by CIMC
and operated by Odfjell Drilling.

Partners: Neptune Energy Norge AS (operator, 30%), OKEA ASA (30%), Pandion
Energy AS (20%) and Vår Energi ASA (20%).

This information is considered to be inside information pursuant to Regulation
EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR
article 17 and section 5-12 of the Norwegian Securities Trading Act. The
information was submitted for publication by VP Investor Relations, Anca Jalba -
16 November 2022 at 07:00 CET.

For further information, please contact

Andrew McCann - SVP Subsurface

andrew.mccann@okea.no

+ 47?415 07?726

Anca Jalba - VP Investor Relations

anca.jalba@okea.no

+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 is available at www.okea.no

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