OKEA ASA announces that the sale of 20% of the Company's participating interest in Grevling (PL 038D) and 18.57% of the Company’s participating interest in Storskrymten (PL 974) following Chrysaor Norge AS' options exercise (as described in the Company's listing prospectus of 27 May 2019 has now been consented to by the Ministry of Petroleum and Energy. Completion of the transactions is expected to occur no later than 31 December 2019.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

About OKEA

OKEA ASA is an Exploration and Production (E&P) company and operator on the Norwegian Continental Shelf with production of ~20 000 boe per day. The company aims to grow through low-cost field developments of discoveries with reserves up to 100 million boe and mergers and acquisitions (M&A). The operating organisation is built on the acquisition of the producing field Draugen in 2018.

About Chrysaor

Chrysaor is a private company established in 2007 and focused on developing and commercialising oil and gas resources. The management team has a proven track record of success and seeks to acquire producing fields with associated undeveloped hydrocarbon resources. Chrysaor is now a self-sustaining full cycle E&P company, with a portfolio of assets balancing near term development with production growth, combined with significant gearing to appraisal and exploration success. Chrysaor is also working with the wider industry to ensure it is consistent with the necessary transition to a low carbon economy.
As part of this, Chrysaor is investing in the Acorn CCS project alongside partners in industry and government.