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Completion of bond issue

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Okea AS has successfully completed an USD 180 million 5 years secured bond issue. An application will be made for the bonds to be listed on Oslo Børs. The net proceeds from the bond issue will be used to finance the acquisition of working interests in the Draugen (44.56% - operator) and Gjøa (12% - non-operator) fields from A/S Norske Shell, and for general corporate purposes. ABG Sundal Collier acted as manager in connection with the placement of the new bond issue.

For further information please contact:

OKEA, www.okea.no
Knut Evensen +47 95077622

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