Three licences awarded to OKEA in APA 2023

(Trondheim, 16 January 2024) (OSE: OKEA) OKEA ASA (“OKEA”) has been offered interests in three new production licences on the Norwegian continental shelf, through the Awards in Pre-Defined Areas (APA) for 2023.

The awards announced today further strengthen OKEA’s portfolio of near-field exploration opportunities around the Draugen and Statfjord production hubs. The company now has interests in 19 exploration-focused licences.

The new OKEA-operated licence is located in the Norwegian Sea. PL 1223 holds the Galtvort discovery which will be considered developed towards the Draugen hub.

“The award demonstrates OKEA’s ambition of being an active explorer in our core areas, and we see growth opportunities both in terms of potential new discoveries and new developments towards OKEA infrastructure”, says OKEA VP Exploration, Morten Krogh.

“We are pleased to be awarded these licenses, which are important additions to our exploration – and development portfolio. Organic growth is an essential building block in OKEAs strategy, and we will continue developing a focused license portfolio in our core areas”, says OKEA SVP Subsurface, Ida Lundh.

The APA 2023 awards were announced by the Ministry of Energy on Tuesday 16 January 2024. In total, 62 licences were offered to a total of 24 companies.

For more details on the awards, please see the announcement from the Ministry of Energy at TFO 2023: 62 nye utvinningstillatelser - regjeringen.no

For further information please contact

VP Investor Relations & Communication, Anca Jalba, +47 410 87 988

About OKEA

OKEA ASA is a leading mid- to 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