DNO ASA - Capital/Financing Update 2021

DNO Completes USD 400 Million Bond Placement

1 September 2021 - DNO ASA, the Norwegian oil and gas operator, today completed

the private placement of USD 400 million of new five-year senior unsecured bonds

with a coupon rate of 7.875 percent. The placement met strong investor demand

across international markets and was significantly oversubscribed, leading the

Company to upsize the new bond issue from USD 300 million to USD 400 million.

Settlement is expected on or about 9 September 2021, subject to customary

conditions precedent, and an application will be made for listing of the new

bonds on the Oslo Stock Exchange. Net proceeds will be used towards refinancing

of the DNO02 bonds (ISIN: NO0010823347) and general corporate purposes. In

connection with the placement, the Company has agreed to buy back USD 154

million in nominal value of the DNO02 bonds with a call notice for the remaining

DNO02 bonds and other details to be announced upon settlement of the new

bond.

Pareto Securities AS acted as Global Coordinator and Joint Lead Manager together

with Danske Bank and SEB as Joint Lead Managers.

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, United

Kingdom, Netherlands, Ireland 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.

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