Trondheim, 19 December 2024 - OKEA ASA (OSE: OKEA) ("OKEA") is pleased to
announce that it has entered into an agreement 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.

There is no consideration to be paid by either party for the swap of working
interests. Each party will carry its relative share of the drilling costs for
the respective wells.

The transaction will further diversify OKEA's exploration portfolio. Following
the transaction, OKEA will hold a 20% WI in the Mistral prospect and a 10% WI in
the Horatio prospect.

The Mistral prospect is located in the south Norwegian sea, between Draugen and
the Aasgard area. Mistral is operated by Equinor Energy AS (Equinor) (50% WI)
and is planned spudded in December 2024. Other Mistral partners include Pandion
Energy AS (20%), DNO (10% WI post transaction), and OKEA (20% WI post
transaction).

Horatio is located approximately 20 km north-west of the Gjøa platform. Horatio
is operated by OMV (Norge) AS (OMV) (30% WI) and is scheduled for drilling in
the first quarter of 2025. Other Horatio partners include Aker BP ASA (20% WI),
Pandion (20% WI), DNO (20% WI post transaction), and OKEA (10% WI post
transaction).

The transaction is subject to government approval.

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