DNO ASA - Earnings Release 2018 | FinancialReports.eu

DNO Passes Peshkabir Production Target

Oslo, 30 July 2018 - DNO ASA, the Norwegian oil and gas operator, today

announced that a fourth well has been put on production at the Peshkabir field

in the Kurdistan region of Iraq pushing total output past the previously

published target of 30,000 barrels of oil per day (bopd).

The Peshkabir-5 well is currently producing around 8,000 bopd from three

Cretaceous and two Jurassic zones through temporary test facilities and the oil

trucked to Fish Khabur for export. Seven Cretaceous zones and two Jurassic zones

were flow tested, with individual zones ranging between 3,600 bopd and 7,200

bopd.

"At around 35,000 bopd, Peshkabir has now leapfrogged into second place after

Tawke among the Kurdistan fields operated by the international oil companies,"

said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "We are setting our

sights on higher production and accelerating field development," he added.

The Peshkabir-5 well was designed to appraise the western extension of the field

and drilled to a measured depth of 2,918 meters in 57 days at a cost of USD

12.1 million.

Two other wells, Peshkabir-6 and Peshkabir-7, have now reached target depth of

4,250 meters and 3,750 meters, respectively, and will commence production

testing in August.

The Peshkabir field was brought on production in 2017 and the two drilled wells

last year, Peshkabir-2 and Peshkabir-3, have produced at a constant combined

rate of around 15,000 bopd. The Peshkabir-4 well, completed in July, is

currently producing around 12,000 bopd.

DNO operates and has a 75 percent interest in the Tawke license, which contains

the Tawke and Peshkabir fields, with partner Genel Energy plc holding the

remainder.

For further information, please contact:

Tel: +47 911 57 197

DNO ASA is a Norwegian oil and gas operator focused on the Middle East 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, the United Kingdom and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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