The 20-year-old initially signed until the end of the season when he arrived at Fir Park as a free agent last month.
But, after scoring four goals in five games, Well boss Stuart McCall moved quickly to secure the player on a longer contract.
Ojamaa told MFC TV: "I am delighted to get thing tied up.
"It was a goal of mine when I first came here to win a longer deal and it's great it has happened so quickly.
"I would like to think it has been a reward for me, not only for how things have gone, but how well the team have played as well.
"Working with great players and a great manager, in front of great fans, can only improve me as a player."
McCall added: "We are pleased to have it finally tied up.
"I must pay tribute to the chief executive, Leeann Dempster, for the amount of hard work she has put in both with Henrik and his representatives.
"The lad has put himself in the shop window a bit and there was a sniff of interest already from elsewhere but we were always hopeful he would sign with the club.
"He has said how much he enjoys it at the club and we like having him around.
"He can continue to develop here, become a better player and hopefully he'll play a big part from now until the end of the season and beyond."
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