DNO ASA — Earnings Release 2016

Jan 23, 2017

DNO Reports Payment for Tawke Deliveries

DNO Reports Payment for Tawke Deliveries

Oslo, 23 January 2017 - DNO ASA, the Norwegian oil and gas operator, today

reported receipt of USD 38.89 million from the Kurdistan Regional Government as

payment towards October 2016 crude oil deliveries to the export market from the

Tawke field.

The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include

USD 32.62 million toward monthly deliveries and USD 6.27 million toward recovery

of outstanding receivables.

Tawke production in October averaged 108,122 barrels of oil per day (bopd), of

which 107,450 bopd was delivered for export through Turkey.

In 2016, Tawke production averaged 107,299 bopd, of which 105,536 bopd was

delivered for export.

Tawke production during January to date has averaged 113,876 bopd.

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For further information, please contact:

Media: media@dno.no

Investors: investor.relations@dno.no

Tel: +47 911 57 197

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

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, Yemen, Oman, the

United Arab Emirates, Tunisia and Somaliland.

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This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.