OKEA ASA – Dry exploration well (Horatio)

(Trondheim, 26 March 2025) - OKEA ASA (OSE: OKEA) (“OKEA”). Drilling operations on the 35/6-6 Horatio exploration well, operated by OMV (Norge) AS (“OMV”), have concluded.

The well was characterised as a dry well and has been plugged and abandoned.

The licence group comprises OMV (operator, 30% WI), Aker BP ASA (20% WI), Pandion Energy AS (20% WI), DNO Norge AS (20% WI*), and OKEA (10% WI*).

*Reference is made to OKEA's announcement on 19 December 2024 of the agreement entered into with DNO Norge AS ("DNO") to swap a 10% working interest ("WI") in PL1119 containing the Mistral prospect, for a 10% WI in PL1109 containing the Horatio prospect. Effective date of the transaction is 1 January 2025.