DNO ASA - Capital/Financing Update 2018

DNO ASA: Summons to Bondholders Meeting for DNO01 Bond

15 June 2018 - DNO ASA, the Norwegian oil and gas operator, today instructed the

trustee for the DNO01 bond issue (ISIN NO 0010740392) to summon a bondholders

meeting to approve an alignment of the covenant structure and terms of the DNO01

bond issue with DNO's USD 400 million five-year senior unsecured bond issue

(ISIN NO 0010823347) settled on 31 May 2018. The current maturity date, semi-

annual coupon, coupon rate and outstanding amount of USD 200 million will not

change if the proposal is implemented. Under the alignment proposal, the

issuer's call options until maturity will be removed to the benefit of the

bondholders. A significant group of bondholders has already given their support

to the proposal.

A copy of the summons letter that will be distributed to DNO01 bondholders is

attached to this notice and will also be available at www.stamdata.no. The

bondholders meeting is scheduled for 29 June 2018.

Pareto Securities AS is acting as advisor to the Company in connection with the

bondholders meeting and is available to respond to queries directed as follows:

Christian Ramm: +47 2413 2133

Petter Sagfossen: +47 2287 8748

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,

Somaliland, Tunisia, the United Kingdom and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act and Oslo Børs regulations.

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