DNO ASA

DNO Completes USD 400 Million Bond Placement

24 May 2024 - 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 9.25 percent. The bond placement launched on 21 May 2024

met strong investor demand across Nordic and international markets and was

significantly oversubscribed.

Settlement is expected on or about 4 June 2024, subject to customary conditions

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

Oslo Stock Exchange. Net proceeds from the new bond issue will be used towards

partly refinancing of the DNO04 bonds (ISIN: NO0011088593) and general corporate

purposes. In connection with the bond placement, the Company has agreed to buy

back USD 50 million in nominal value of DNO04.

Among independent oil and gas companies, DNO was a pioneer of the Nordic bond

market and has a flawless track record with 19 successful bond issues over the

past 23 years.

DNB Markets, part of DNB Bank ASA, and Pareto Securities AS acted as Global

Coordinators and Joint Bookrunners for the bond issue with Arctic Securities AS

as Joint Bookrunner. AGP Advokater AS acted as legal advisor to the Company.

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 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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