OKEA enters into the Brasse license

29 Dec 2022 08:00 CET

(Trondheim, 29 December 2022) (OSE: OKEA) OKEA ASA ("OKEA") and DNO Norge AS
("DNO") have yesterday signed an SPA through which OKEA enters into the Brasse
license (PL740) with a 50% WI effective 1 January 2023. Following the
transaction, DNO (Op.) and OKEA will each hold 50% WI in the license.

The target of the new partnership is to undertake a fast-track, low cost review
to assess whether a value accretive development concept can be found for the
estimated 30 mmboe recoverable volumes at Brasse, which is located only 13 km
from the OKEA-operated Brage field.

The transaction is subject to extension of the license and approval by the
Ministry of Petroleum and Energy. The transaction itself is executed at zero
cost to OKEA.

About Brasse

Brasse is an oil and gas discovery in the northern North Sea, 13 kilometres
south of the Brage field and 13 kilometres southeast of the Oseberg Field
Center. The water depth is 120 metres. The discovery was made in 2016 and
delineated by four wells in the period from 2017 to 2019. The reservoir contains
oil with a gas cap in the Upper Jurassic Sognefjord Formation.

For further information, please contact

Anca Jalba, VP Investor Relations & Communication

+47 410 87 988

anca.jalba@okea.no

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

More information:
Access the news on Oslo Bors NewsWeb site

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