DNO ASA - Capital/Financing Update 2023

DNO Awarded Operated Blocks in UK Offshore Licensing Round

Oslo, 30 October 2023 - DNO ASA, the Norwegian oil and gas operator,

today announced that its wholly-owned subsidiary DNO North Sea (U.K.) Limited

has been awarded a 50 percent operated interest in Blocks 9/9f, 9/10c, 9/14c and

9/15d in United Kingdom's 33(rd) Offshore Licensing Round. Aker BP UK Limited

will hold the remaining 50 percent in the licensed area.

The area is located adjacent to the Norwegian border and just west of the Aker

BP operated Alvheim hub on the Norwegian Continental Shelf. The area also

comprises the Agar discovery from 2018, in which the Company held a 25 percent

interest until it was relinquished in 2020.

The technical work associated with the area will involve acquiring additional

3D seismic and potentially reprocessing the data to reduce risk and volume

uncertainty. The first phase will have a duration of up to two years after which

a decision on committing to a well will be made.

For further information, please contact:

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North

Sea and West 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, Norway,

the United Kingdom, Côte d'Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to §5-12 of

the Norwegian Securities Trading Act and the EU Market Abuse Regulation.

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