DNO ASA - Capital/Financing Update 2025

DNO Agrees North Sea Oil Offtake with Exxon Mobil and Shell, Unlocks Attractive Financing

Oslo, 18 December 2025 - DNO ASA, the Norwegian oil and gas operator, today

announced that it has placed its North Sea oil production with subsidiaries of

Exxon Mobil Corporation and Shell plc effective 1 January 2026 and secured

related offtake financing facilities for up to USD 410 million.

The agreement with ExxonMobil Asia Pacific Pte. Ltd., covering around half of

DNO's North Sea oil output, has a tenor of two years and a related revolving

credit facility of up to USD 185 million. The agreement with Shell Trading and

Shipping Company Limited (STASCO), covering the other half of the output, has an

initial tenor of one year and a related prepayment facility with a European bank

of up to USD 225 million.

"The offtake agreements with Exxon Mobil and Shell unlock considerable

financing at very attractive rates, creating opportunities for continued growth

in nervous markets," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "The

terms are favorable, flexible and felicitous," he added.

Combined with the gas offtake agreement with France's ENGIE SA announced in

July, DNO has now put into place financing facilities of up to USD 910 million

tied to its North Sea oil and gas production.

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, DNO is Norway's oldest oil company

and the first to list on the Oslo Stock Exchange in 1981. 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 and Yemen. More information is available

at www.dno.no (http://www.dno.no/)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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