(Trondheim, 8 April 2024) OKEA ASA (OSE: OKEA), in collaboration with its
partners, announces that final investment decision (FID) has been made for the
Brasse development. The field is estimated to contain 24 million barrels of oil
equivalent gross in recoverable reserves and will be developed as a tie-back to
the Brage field.

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The Brasse development (PL740) is located in the northern North Sea, 13
kilometers south of the Brage field (Brage Unit). Transactions amongst the
partners have resulted in an ownership structure with substantial overlap with
the Brage Unit. OKEA will continue as operator for both licenses.

The development plan for Brasse consists of a two-well subsea tie-back to the
Brage platform, which will serve as the host facility for production,
processing, and export. Use of standard solutions, well-proven technology, and
close cooperation with strategic partners will ensure an efficient and cost
-effective development.

"Brasse is an important addition to our portfolio and represents a significant
value creation opportunity for OKEA and our partners. As a tie-back to Brage,
both licences will benefit from synergies and economies of scale" said Knut
Gjertsen, SVP Projects and Technology at OKEA.

The Brasse development showcases OKEA's strategy to create additional value in
areas close to existing infrastructure by identifying cost-effective solutions
that enable extraction of further volumes from the area.

The plan for development and operation (PDO) will be submitted during April and
Brasse will be renamed Bestla upon approval of the PDO. The field is expected to
come on stream during the first half of 2027 and is anticipated to operate until
2031 with potential for extension. Plateau production is estimated at around 10
kboepd OKEA share (26 kboepd gross) and is expected within the first year of
production.

OKEA has awarded a contract to Aker Solutions for the topside scope and a
contract to Subsea7 and OneSubsea for the subsea scope. Contracts for rig and
drilling services will be awarded in the second quarter of 2024.

The PL740 partnership consists of OKEA ASA (operator 39.2788%), DNO Norge AS
(39.2788%), Lime Petroleum AS (17%), and M Vest Energy AS (4.4424%).

The Brage Unit partnership consists of OKEA ASA (operator 35.2%), Lime Petroleum
AS (33.8434%), DNO Norge AS (14.2567%), Petrolia Noco AS (12.2575%), and M Vest
Energy AS (4.4424%).

For further information, please contact:

VP IR, Anca Jalba: anca.jalba@okea.no, +47 41 08 79 88

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 is available at www.okea.no