DNO ASA — Earnings Release 2021

Oct 14, 2021

Q3 2021 Trading Update and Invitation to Earnings Call

Q3 2021 Trading Update and Invitation to Earnings Call

Oslo, 14 October 2021 - DNO ASA, the Norwegian oil and gas operator, will

publish its Q3 2021 operating and interim financial results on Thursday, 4

November 2021. The Company today issued an update on production and sales

volumes for the quarter, as well as other key financial information that will be

further discussed on the Q3 2021 Earnings Call.

Volumes (boepd)

Gross operated production Q3 2021 Q2 2021 Q3 2020

Kurdistan 105,179 110,304 113,742

North Sea - - -

Net entitlement production Q3 2021 Q2 2021 Q3 2020

Kurdistan 26,749 27,661 30,674

North Sea 13,102 9,939 17,690

Sales Q3 2021 Q2 2021 Q3 2020

Kurdistan 26,749 27,661 30,674

North Sea 14,653 7,285 22,184

Cash flows and financial items

In Q3 2021, DNO received USD 120.1 million net from the Kurdistan Regional

Government (KRG), of which USD 88.2 million represents the entitlement share of

May and June 2021 Tawke license crude oil deliveries. Of the balance, USD 11.4

million represents override payments equivalent to three percent of gross May

and June 2021 Tawke license revenues and USD 20.5 million represents payments

towards arrears built up from non-payment of certain invoices in 2019 and 2020.

In Q3 2021, DNO received tax refunds of USD 36.8 million in Norway in relation

to tax losses in 2021.

Last quarter, DNO completed the placement of USD 400 million of new five-year

senior unsecured bonds with a coupon rate of 7.875 percent, of which USD 300

million was used to buy back and redeem the DNO02 bond. The buyback and

redemption were both priced at 103.5 percent of par value, plus accrued and

unpaid interest.

Exploration

DNO participated in three exploration or appraisal wells on the Norwegian

Continental Shelf. The Bergknapp appraisal program in PL 836S (30 percent

working interest) resulted in an upgrade of the recoverable resource estimate,

while the Black Vulture appraisal well in PL 159B (20 percent working interest)

did not encounter hydrocarbons. The Gomez well in PL006C (65 percent working

interest) encountered hydrocarbons, but there is uncertainty whether the

reservoir can be commercially produced.

Earnings call

The Company will publish its Q3 2021 operating and interim financial results on

4 November 2021 at 07:00 (CET). A videoconference call with executive management

will follow at 15:00 (CET). Please visit www.dno.no for login details ahead of

the call.

Disclaimer

The information contained in this release is based on a preliminary assessment

of the Company's Q3 2021 operating and interim financial results and may be

subject to change.

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For further information, please contact:

Media: media@dno.no

Investors: investor.relations@dno.no

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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, the United

Kingdom, Netherlands, Ireland and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.