DNO ASA - Board/Management Information 2018

DNO Withdraws Request for Faroe Petroleum Shareholders Meeting

Oslo, 27 August 2018 - DNO ASA, the Norwegian oil and gas operator, today

announced the withdrawal of its request to Faroe Petroleum plc for a meeting of

shareholders of the company in which it holds a 28.23 percent stake, and issued

the following statement:

DNO ASA withdraws the request for an Extraordinary General Meeting to consider

its representation on Faroe Petroleum plc's board of directors and notes with

deep disappointment Faroe Petroleum's repeated peremptory and disdainful

attitude to such representation for, and therefore greater engagement with, its

largest shareholder.

DNO requested a meeting of shareholders to seek suitable representation on the

board of directors of Faroe Petroleum and to raise concerns and dismay about the

wider governance culture and shareholder value strategies of a company in which

DNO has made a very substantial investment.

Now that DNO has highlighted these matters via an Extraordinary General Meeting

notice and given Faroe Petroleum's increasingly hostile public response on 16

August 2018, DNO will not pursue a meeting of shareholders at this time while it

considers its position.

Meanwhile, DNO hopes that Faroe Petroleum's directors will initiate without

further delay a constructive dialogue with DNO, as they should with any large

shareholder, on corporate governance culture and shareholder value strategies,

including board composition.

For further information, please contact:

Tel: +47 911 57 197

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the

North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company

holds stakes in onshore and offshore licenses at various stages of exploration,

development and production in the Kurdistan region of Iraq, Norway, Oman, the

United Kingdom and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

AI assistant