DNO ASA - Capital/Financing Update 2022

Approval of Prospectus and Commencement of Trading: 7.875 Percent Senior Unsecured USD 400 Million Bonds

Oslo, 20 January 2022 - DNO ASA, the Norwegian oil and gas operator, today

announced that the Financial Supervisory Authority of Norway on 18 January 2022

approved the prospectus prepared in connection with the listing on the Oslo

Stock Exchange of the Company's 7.875 percent USD 400 million senior unsecured

callable bonds issued on 9 September 2021 with maturity in September 2026 (ISIN:

NO0011088593). Trading in the bonds is expected to commence on or about 21

January 2022.

The prospectus dated 18 January 2022 is available on the Company's website

www.dno.no.

For further information, please contact:

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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