Notification order from the Petroleum Safety Authority

OKEA has received a notification order from the Petroleum Safety Authority (PSA) following an audit in September. The notification order relates to issues already incorporated in OKEAs plans relating to the Draugen extended field life project, and OKEA will now assess how to reschedule the activities to meet the PSA deadline.

The notification order is related to the three non-conformities and OKEA is ordered to:

• review, quality assure and update the well integrity status for the 22 wells on the Draugen field, and
• initiate measures to ensure that well barriers and barrier elements that has failed or is reduced are known and that activities are initiated to correct or compensate for failed or reduced well barriers

There were also four recommendations for improvement in PSA’s notice.

A plan for how this work will be carried out and followed up shall be submitted to the PSA by 1 December 2020. The deadline for complying with the notification order is 1 March 2021.

OKEA acknowledges the important work carried out by PSA and has a constructive dialogue regarding the notification order.

For further info please contact:

CEO, Erik Haugane, +47 907 21 655

VP IR, Ståle Myhre, +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 ~15000 boepd. 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