OKEA ASA - Discovery confirmed in Mistral exploration well

04 Mar 2025 08:00 CET

(Trondheim, 4 March 2025) - OKEA ASA (OSE: OKEA) announces a discovery in the
PL1119 Mistral exploration well 6406/6-7S located in the southern Norwegian sea.

Preliminary estimates of recoverable oil equivalents are between 3 and 7 million
standard cubic meters (MSm3), corresponding to 19 and 44 million barrels.

The well was drilled to a vertical depth of 4,024 meters and encountered a 47
meters thick gas/condensate column in a 99 meters thick middle Jurassic
sandstone with good reservoir properties. A comprehensive data acquisition has
been carried out to assess the reservoir and fluid properties.

The PL1119 licence group will now evaluate the commerciality of the discovery by
studying options for effective development using existing infrastructure in the
area.

The licence group comprises Equinor Energy AS (operator, 50% WI), Pandion Energy
AS (20% WI), DNO Norge AS (10% WI*) and OKEA ASA (20% WI*).

*Reference is made to OKEA's announcement on 19 December 2024 of the agreement
entered into with DNO Norge AS ("DNO") to swap a 10% working interest ("WI") in
PL 1119 containing the Mistral prospect, for a 10% WI in PL 1109 containing the
Horatio prospect. Effective date of the transaction is 1 January 2025. The
transaction is subject to formal approval by the Department of Energy.

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

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Gro Sønderland, Principal Legal Advisor at OKEA
ASA, on 4 March 2025 at 08:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

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