OKEA ASA has been offered interests in four new production licences on the
Norwegian Continental Shelf, three of which as operator, through the Awards in
Pre-Defined Areas (APA) for 2021.

The awards announced today by the Ministry of Petroleum and Energy further
strengthen OKEA's portfolio of near-field exploration opportunities around its
Draugen and Gjøa production hubs. The company now has interests in over 15
exploration-focussed licences.

The three new OKEA-operated licences are located in the Norwegian Sea. The
fourth licence, to be operated by Spirit Energy, is located in the North Sea,
north-east of the Aurora discovery.

''These new awards give OKEA a great opportunity to build further on the near
-field exploration activities we have around Draugen, where we are drilling two
wells this year, and the Gjøa area where we also operate the Aurora discovery'',
comments SVP Subsurface & Wells, Andrew McCann. 'In addition, we have added
acreage in the Norwegian Sea near our Mistral and Fagn exploration licences''.

+--------+--------+-------------+---------------+-------+
|Licence |Block(s)|Operator     |Other partners |OKEA WI|
+--------+--------+-------------+---------------+-------+
|PL1161  |6407/6  |OKEA ASA     |M Vest         |60%    |
+--------+--------+-------------+---------------+-------+
|PL1159  |6406/5,6|OKEA ASA     |Equinor        |50%    |
+--------+--------+-------------+---------------+-------+
|PL1156  |6407/11 |OKEA ASA     |Equinor, M Vest|40%    |
+--------+--------+-------------+---------------+-------+
|PL1150 S|35/8    |Spirit Energy|Petrolia       |30%    |
+--------+--------+-------------+---------------+-------+

For further information please contact

SVP Subsurface & Wells, Andrew McCann, + 47415 07726

VP Investor Relations, Trond Omdal, +47915 32 578

About OKEA

OKEA ASA is a leading mid-to-late-life operator on the Norwegian continental
shelf (NCS) with a current target production of 18 000 - 19 000 boe per day in
2022. OKEA finds value where others divest and has an ambitious growth strategy
built on accretive M&A activities, value creation and capital discipline.

OKEA is listed on the Oslo Stock Exchange (OSE: OKEA).

More information is available at http://www.okea.no

[image]

[image]