Four licences awarded to OKEA in APA 2022

10 Jan 2023 14:44 CET

(Trondheim, 10 January 2023)

(OSE: OKEA) OKEA ASA ("OKEA") has been offered interests in four new production
licences on the Norwegian Continental Shelf, two of which as operator, through
the Awards in Pre-Defined Areas (APA) for 2022.

The awards announced today further strengthen OKEA's portfolio of near-field
exploration opportunities around its Draugen, Brage and Gjøa production hubs.
The company now has interests in over 16 exploration-focused licences.

The two new OKEA-operated licences are located in the Norwegian Sea and the
Northern North Sea, close to our operated Draugen and Brage assets. The third
licence, to be operated by Equinor, is located in the Norwegian Sea, west of
Njord, while the fourth licence, to be operated by Neptune, is located in the
Northern North Sea, south of Gjøa.

''These new awards give OKEA a great opportunity to build further on the near
-field exploration activities we have around Draugen, Brage, which is a newly
acquired asset for OKEA, and the Gjøa area where we also operate the Aurora
discovery'', comments OKEA VP Exploration, Morten Krogh. 'In addition, we have
added acreage in the Norwegian Sea near our Mistral and Fagn exploration
licences''.

The APA 2022 awards were announced by the Ministry of Petroleum and Energy on
Tuesday 10 January 2023. In total, 47 licences were offered to a total of 25
companies.

For more details on the awards, please see the announcement from the Ministry of
Petroleum and Energy at http://oed.dep.no.

Licence Block(s) Operator Other partners OKEA WI
PL1178 30/6 OKEA ASA Lime Petroleum 50%
PL1180 35/9,12 Neptune OKEA, Pandion 30%
36/7,10 Energy
Norge AS
PL1186 6406/9,12 Equinor OKEA, DNO, Wintershall Dea 20%
Energy AS
PL1187 6407/9 OKEA ASA DNO, M Vest, Wintershall Dea 40%

For further information please contact

VP Investor Relations & 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

More information:
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