DNO ASA

DNO Completes USD 600 Million Bond Placement

14 March 2025 - DNO ASA, the Norwegian oil and gas operator, today completed the

private placement of USD 600 million of new five-year senior unsecured bonds

with a coupon rate of 8.5 percent. The bond placement met strong investor demand

across US, Nordic and international markets and was significantly

oversubscribed.

"With this issue, we extend our flawless record to 20 successful bond placements

over the past 24 years, with no waivers, no amendments and certainly no

defaults," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "The

enthusiastic response reflects this record and the growing diversification of

the Company with the transformative acquisition of Sval Energi Group AS

announced last week," he added.

Settlement is expected on or about 27 March 2025, subject to customary

conditions precedent. An application will be made to list the bonds on the Oslo

Stock Exchange. Proceeds from the new bond issue will be used to call the USD

350 million outstanding DNO04 bonds (ISIN: NO0011088593) and general corporate

purposes.

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

Coordinators and Joint Bookrunners with Clarksons Securities AS, Fearnley

Securities AS and SpareBank 1 Markets AS as Co-Lead Managers. 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. More information is

available at www.dno.no

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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