OKEA ASA – Initiation of share acquisitions by primary insiders

Trondheim, 8 June 2022

Primary insiders and certain other employees of OKEA ASA (the "Company", ticker: "OKEA") have mandated Pareto Securities to carry out a collective purchase of up to 156,050 shares in the Company, in connection with settlement of shares under the established long-term incentive program for senior management and certain other employees. The collective share purchase will start today and is expected to be terminated on 10 June 2022 at the latest.

Shares awarded under the Company's long term incentive plan have ordinarily been issued to participants by the Company at par value, however, the board of directors has resolved that the share awards will instead be settled in cash that the participant's shall use to acquire shares in the market. The shares will be subject to a 12-month lock-up period from the date of purchase.  

All share purchases will be executed on Euronext Oslo Børs. The execution of any purchases will depend on market conditions, the share acquisitions may be discontinued at any time and it may be resolved to terminate the purchases before the threshold set above is reached.

For further information, please contact:

CFO, Birte Norheim, + 47 952 93 321

VP Legal, Marit Moen Vik-Langlie, +47 407 63 671

About OKEA

OKEA ASA is a leading mid- to late-life operator on the Norwegian continental shelf (NCS) with a current target production of 18,500 - 20,000 boe per day in 2022. 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