OKEA ASA - Increased recoverable resource estimates from the Talisker West discoveries at the Brage field (PL 055)

25 Mar 2026 07:00 CET

(Trondheim, 25 March 2026) - Reference is made to stock exchange notice dated 25
August 2025 with regards to the Talisker West discovery. Through further
subsurface maturation of the Talisker Statfjord formation, recoverable resource
estimates (P50) have increased from 19 to 28 million barrels of oil equivalents
(mmboe). The development plan remains unchanged, and with the increase in
volumes, expected break-even cost is less than USD 10 per barrel. Production is
expected already in 2027.

Total recoverable volume estimates from Statfjord and Cook formations combined
have increased from 16 - 33 to 23 - 44 mmboe.

The discovered volumes at Talisker West represent highly attractive, low-cost
barrels that can be developed efficiently and brought on stream rapidly. With
drilling and production handled directly from the Brage platform, the
development concept is both capital-efficient and robust. First oil is expected
already in 2027. The additional volumes will further enhance value generation
from the discoveries and from Brage, with an expected break-even cost below USD
10/boe.

The Talisker West discovery is located in the North Sea, at the Brage field,
10km east of the Oseberg field and about 120km west of Bergen. The wellbore was
drilled with the drilling rig onboard the Brage platform to measured depth of
10,223 meters.

The partners in the licence are OKEA ASA (operator, 35.2000%), Lime Petroleum AS
(33.8434%), DNO Norge AS (14.2567%), Petrolia NOCO AS (12.2575%) and M Vest
Energy AS (4.4424%).

This information is considered to be inside information pursuant to Regulation
EU 596/2014 (MAR) and is subject to the disclosure requirements pursuant to MAR
article 17 and section 5-12 of the Norwegian Securities Trading Act. The
information was submitted for publication by Stig Hognestad, VP Investor
Relations, 25 March 2026 at 07:00 CET.

For further information, please contact:
Stig Hognestad, VP Investor Relations
stig.hognestad@okea.no
+47 902 59 040

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

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669230_25_March_2026_Talisker_West_volume_update.pdf