OKEA ASA - Transaction where OKEA sells its 15% WI in Yme to Lime completed

29 Nov 2024 12:29 CET

(Trondheim, 29 November 2024) - OKEA ASA (OSE: OKEA) today announces completion
of the sale transaction of 15% WI in the Yme license to Lime Petroleum AS
(Lime).

Reference is made to the stock exchange announcement on 23 September 2024, where
OKEA announced that it had entered into an SPA with Lime for the sale of its 15%
working interest ("WI") in the Yme license for a post-tax cash consideration of
USD 15.65 million (the "Transaction"). Effective date of the Transaction is 1
January 2024.

In addition, Lime will pay OKEA a post-tax consideration of USD 9.2 million in
2027 which will be repaid to Lime in four 25 per cent tranches upon completion
of four pre-defined stages of abandonment of the field.

The Transaction has been approved by the relevant Norwegian authorities and all
related obligations, including decommissioning costs, have been transferred to
Lime.

For further information, please contact:
Birte Norheim, CFO

birte.norheim@okea.no

+47 952 933 21

About OKEA
OKEA ASA is a leading mid- and 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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