DNO ASA - Earnings Release 2017 | FinancialReports.eu

DNO Steps Up Production from Peshkabir Field in Kurdistan

Oslo, 11 December 2017 - DNO ASA, the Norwegian oil and gas operator, today

announced a tripling of production from the Peshkabir field in the Tawke license

in the Kurdistan region of Iraq to 15,000 barrels of oil per day (bopd)

following completion of the Peshkabir-3 well testing, stimulation and cleanup

program.

A total of 11 zones in a 1.2 kilometer horizontal section of Cretaceous and

Jurassic reservoir in the Peshkabir-3 well were individually tested and flowed

successfully, of which ten were oil zones and one a gas zone. The oil zones

tested an average of 5,340 bopd per zone on a 64/64" choke, with the highest

individual test rate of 7,200 bopd. A multi-zone combined production test

totaled 12,500 bopd on a 128/64" choke from five zones.

Production from the previously drilled Peshkabir-2 well, in operation since May,

together with that of the new Peshkabir-3 well are currently processed through

temporary test package facilities and trucked to DNO's adjacent Tawke field

facilities for export.

As previously announced, the Tawke license partners are proceeding with fast

track plans to commission an early production facility by yearend and complete

installation of pipeline connections early in 2018 to allow ramp up of output at

the Peshkabir field.

Preparations are underway to drill the Peshkabir-4 well which will also be

designed to test the underlying Triassic reservoir.

DNO operates and has a 75 percent interest in the Tawke license, with partner

Genel Energy plc holding the remainder. The license contains the Tawke and

Peshkabir fields whose combined year-to-date production has averaged 110,000

bopd.

For further information, please contact:

Tel: +47 911 57 197

DNO ASA is a Norwegian oil and gas operator focused on the Middle East-North

Africa region and the North Sea. 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, Oman, Somaliland, Tunisia, Yemen and the United Kingdom.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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