DNO ASA — Earnings Release 2014

May 8, 2014

DNO International Reports First Quarter 2014 Results

DNO International Reports First Quarter 2014 Results

Oslo, 8 May 2014 -- DNO International ASA, the Norwegian oil and gas company,

today announced first quarter 2014 net profit of USD 24 million on operating

revenue of USD 113 million. Production climbed by more than a quarter from the

previous quarter to 45,744 barrels of oil equivalent per day on a company

working interest (CWI) basis.

The first quarter production figure includes oil deliveries from the Tawke field

in Kurdistan to storage facilities in Ceyhan, Turkey. These deliveries were

stepped up commencing April 26 and have been averaging some 100,000 barrels per

day gross over the past ten days from a total field production of over 120,000

barrels per day, with the balance sold to the local market in Kurdistan.

"We have our foot firmly on the accelerator in Kurdistan where we are now the

fastest growing producer and also number one in proven and probable oil and gas

reserves," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman.

During the quarter, operational cash flow of USD 89 million exceeded capital

spending of USD 85 million. The Company's free cash balance at 31 March was USD

242 million in addition to which the Company held financial assets totalling USD

95 million. These financial assets include DNO International treasury shares and

a 4.2 percent stake in RAK Petroleum PCL, DNO International's largest

shareholder.

Operationally, horizontal drilling has continued to deliver exceptional results

at the Tawke field. During the first quarter, the Company brought two more high

deliverability horizontal wells on production as part of its back-to-back

drilling campaign that will see nine such wells completed by yearend. Elsewhere

in Kurdistan, the Company has initiated first sale of oil from the Benenan field

and first flow of gas from the Summail field.

Additionally, the Company has an active exploration and appraisal drilling

program over the next nine months targeting gross prospective resources of 570

million barrels of oil with seven wells across four countries.

DNO International will present its financial and operating results today in Oslo

at 10:00 CET (09:00 GMT). A live webcast of the presentation as well as the full

first quarter 2014 interim report will be available on the Company website

(www.dno.no).

--- DNO International ASA is an Oslo-listed, Middle East and North Africa

focused oil and gas company holding stakes in 20 blocks in various stages of

exploration, development and production both onshore and offshore in the

Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the

United Arab Emirates, the Tunisian Republic and Somaliland ---

Oslo, 8 May 2014

DNO International ASA

Corporate Communications

Queries: Bjorn Dale (bjorn.dale@dno.no or tel: +47 911 57 197)

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1783669]