DNO ASA - Capital/Financing Update 2018

DNO ASA: Contemplated Bond Issue

16 May 2018 - DNO ASA, the Norwegian oil and gas operator, is contemplating the

issuance of a new, five-year senior unsecured bond with a minimum size of USD

400 million through a private placement. The coupon rate and the issue size will

be determined during the accelerated book building commencing today. The net

proceeds from the contemplated bond issue will be used towards the refinancing

of DNO's existing DNO01 bond (ISIN NO 0010740392) and for general corporate

purposes. Existing DNO01 bondholders that participate in the contemplated new

bond issue will be given the opportunity to offer part or all of their DNO01

bonds at 103.25 percent of par plus accrued interest at settlement of the

contemplated new bond issue.

Pareto Securities AS is acting as lead manager and bookrunner with Danske Bank

and SpareBank 1 Markets AS acting as co-managers and bookrunners.

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.

This release does not constitute any offer or solicitation to sell or purchase

any securities.

The release may not be released, published or distributed in the United States

of America or any other jurisdiction where release, publication or distribution

would be prohibited or require any registration or filing acts or similar.

AI assistant