OKEA ASA – Yme New Development project update

Trondheim, 7 October – Today, the Government published the Proposed National Budget which includes an updated investment estimate for the Repsol-operated Yme New Development project. OKEA ASA (“OKEA” or the “Company”) has previously provided market updates on the status of the project, including a revision of the estimated production start-up to 2021.

A significant part of the increased capex estimate since the PDO was reflected in the Company’s previous capex guiding. However, as a consequence of the recent updates, OKEA increases the full year capex guiding for 2020 by NOK 100 million to NOK 1,000 - 1,100 million.

For further information, please contact:

Birte Norheim, CFO, +47 952 93 321

Ståle Myhre, VP Investor Relations, +47 917 51 878

About OKEA

OKEA ASA is an independent Exploration and Production (E&P) company and operator on the NCS with a current production of ~20 000 boe/d. OKEA targets profitable production growth within the current portfolio combined with an opportunistic approach to M&A.

OKEA ASA is listed on the Oslo Stock Exchange under the ticker "OKEA". More information on www.okea.no