Operator Neptune Energy and license partners Petoro, Wintershall Dea and OKEA
today announce that production has started from the Gjøa P1 development in the
Norwegian sector of the North Sea.

Gjøa P1 is developed via a new subsea template tied back to the existing
infrastructure at the Gjøa field. The P1 development enables the license to
recover significant quantities of oil and gas from deeper reservoirs, as well as
to utilize spare production capacity. The project is a two-well development with
one oil and one gas producer. The gas well was successfully started up yesterday
and thereby marks a key milestone for the Gjøa P1 project and for the Gjøa
license. The oil well is expected to come on stream within a few days.

The successful start-up of Gjøa P1 underlines the platform's position as an
important hub and increases total remaining developed reserves at Gjøa by 30 per
cent. This will further maximize resource utilization, reduce production costs
per barrel and add significant value to the Gjøa license partners and the
Norwegian society. Good reservoir management has already extended the field life
considerably, and Gjøa is now set to produce in excess of 100 million barrels of
oil equivalents more than what was estimated when production started in 2010.

"Gjøa is an important strategic hub for OKEA, and we are pleased to see the P1
development now coming on stream", says Knut Gjertsen, SVP Projects and
Technology in OKEA. "OKEA is also considering other tie-back options to the Gjøa
platform including last year's acquisition from Equinor of a 40% operated
interest in the neighboring Aurora discovery."

About the Gjøa field

Gjøa is a field in the northern part of the North Sea, 60 kilometres west of
Florø. The water depth is 360 metres. Gjøa was discovered in 1989, and the
development plan was approved by the Norwegian authorities in 2007. The field
comprises several segments. Gjøa is developed with a semi-submersible production
facility and includes five subsea templates. The field is supplied with power
from shore. Production started in 2010. Oil is exported by pipeline to Mongstad
and gas by pipeline to St. Fergus in the UK. The Gjøa P1 segment is located in
the northern part of the field and is tied back to the existing infrastructure
via a 5 km oil pipeline and a 2 km gas pipeline.

Licence partners: Neptune Energy Norge (30% and operator), Petoro AS (30%),
Wintershall Dea Norge AS (28%), OKEA ASA (12%).

For further info please contact

Knut Gjertsen, SVP Projects & Technology, +47 911 24 571

Trond Omdal, VP Investor Relations