DNO ASA - Capital/Financing Update 2015

DNO ASA: Settlement of Bond Call Option

Oslo, 7 August 2015 - DNO ASA, the Norwegian oil and gas operator, today

announced settlement of its call of all outstanding bonds under FRN DNO ASA

Senior Unsecured Callable Bond Issue 2011/2016, including the USD tranche with

ticker DNO13 and ISIN NO0010606189 and the NOK tranche with ticker DNO14 and

ISIN NO0010606197. The bonds were redeemed at a price of 101.5 percent of par

value as provided for under Clause 10.2.2 of the Bond Agreement.

The settlement follows the company's exercise of its option to call outstanding

bonds on 24 June 2015. Through exercise of the call option, USD 124.6 million in

the USD tranche of the bonds and NOK 421 million in the NOK tranche were

redeemed on 6 August 2015. The company's remaining debt consists of USD 400

million of new, five-year senior unsecured bonds issued on 19 June 2015.

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 North

Africa. 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, Yemen, Oman, the

United Arab Emirates, Tunisia and Somaliland.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1944236]

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