Eight production licences awarded to OKEA in APA 2024

14 Jan 2025 14:30 CET

(Trondheim, 14 January 2025) - OKEA ASA (OSE: OKEA) ("OKEA") has been offered
interests in eight new production licences on the Norwegian continental shelf,
through the Awards in Pre-Defined Areas (APA) for 2024.

The awards announced today further strengthen OKEA's portfolio of near-field
exploration opportunities around the Draugen, Gjøa, Brage and Ivar Aasen
production hubs. The company now holds interests in 21 exploration-focused
licences.

PL 1266 and PL 1252 are awarded with OKEA as the operator. The new OKEA-operated
licences are located close to the Draugen field in the Norwegian Sea, and close
to the Brage Field in the North Sea.

"The award demonstrates OKEA's ambition of building a robust portfolio of
opportunities, being an active explorer in our core areas. The award further
strengthens OKEA's position close to existing hubs. We will continue to seek
organic growth opportunities both in terms of potential new discoveries and
pursue new developments nearby OKEA's infrastructure", says OKEA SVP Subsurface,
Ida Lundh.

The APA 2024 awards were announced by the Ministry of Energy on Tuesday 14
January 2025. In total, 53 licences were offered to a total of 20 companies.

For more details on the awards, please see the announcement from the Ministry of
Energy at APA 2024: 53 new production licenses awarded -
regjeringen.no (https://www.regjeringen.no/en/aktuelt/tfo-2024-53-nye
-utvinningstillatelser/id3083489/)

+-------+--------------------+-------------+------------------+-------+
|Licence|Block(s) |Operator |Other partners |OKEA WI|
+-------+--------------------+-------------+------------------+-------+
|PL 1268|6406/6, 6407/4 |Aker BP |OKEA, Vår |20 |
+-------+--------------------+-------------+------------------+-------+
|PL 1267|6407/5, 6 & 9 |Sval |OKEA, M Vest |30 |
+-------+--------------------+-------------+------------------+-------+
|PL 1266|6407/5 & 8 |OKEA |M Vest, Petoro |44.56 |
+-------+--------------------+-------------+------------------+-------+
|PL 1260|35/4 & 5 |Vår |OKEA, Sval |20 |
+-------+--------------------+-------------+------------------+-------+
|PL 1256|35/9 |Petrolia |OKEA |40 |
+-------+--------------------+-------------+------------------+-------+
|PL 1255|35/11 |Wellesley |OKEA, DNO, Equinor|20 |
+-------+--------------------+-------------+------------------+-------+
|PL 1252|30/6 |OKEA |Petrolia, Lime |35.2 |
+-------+--------------------+-------------+------------------+-------+
|PL 1248|16/2 & 3, 25/11 & 12|ConocoPhilips|OKEA |40 |
+-------+--------------------+-------------+------------------+-------+

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

636484_Release.pdf