DNO ASA — Earnings Release 2022

Oct 18, 2022

Q3 2022 Trading Update and Invitation to Earnings Call

Q3 2022 Trading Update and Invitation to Earnings Call

Oslo, 18 October 2022 - DNO ASA, the Norwegian oil and gas operator, will

publish its Q3 2022 operating and interim financial results on 3 November 2022

at 07:00 (CET). A videoconference call with executive management will follow at

10:00 (CET). The Company issues below an update on production and sales volumes

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

discussed in the earnings call.

Volumes (boepd)

Gross operated production Q3 2022 Q2 2022 Q3 2021

Kurdistan 109,054 107,178 105,179

North Sea - - -

Net entitlement production Q3 2022 Q2 2022 Q3 2021

Kurdistan 24,779 26,682 26,749

North Sea 13,970 11,579 13,102

Sales Q3 2022 Q2 2022 Q3 2021

Kurdistan 24,779 26,682 26,749

North Sea 11,569 12,594 14,653

Selected cash flow items

During the quarter, DNO received USD 220.2 million net from the Kurdistan

Regional Government, of which USD 133.8 million represents the entitlement share

of April and May 2022 Tawke license crude oil deliveries. Of the balance, USD

18.0 million represents override payments equivalent to three percent of gross

April and May 2022 Tawke license revenues and USD 68.4 million represents

payments towards arrears built up from non-payment of certain invoices in 2019

and 2020.

DNO paid one tax instalment of USD 1.8 million in Norway, the first of six

instalments related to estimated 2022 results on the Norwegian Continental Shelf

(NCS).

Other items

DNO participated in four exploration wells in the North Sea in the quarter. The

Ofelia well in PL 929 on the NCS (10 percent working interest) was spudded on

24 July and completed on 25 August and has been announced as a discovery. The

Edinburgh well in P255 on the UK Continental Shelf (45 percent working interest)

was spudded on 15 March and completed on 5 August. The Brage South well in PL

055 (14.3 percent working interest) on the NCS was spudded on 10 June and

completed on 26 July. Both Edinburgh (fully expensed in Q2) and Brage South have

been announced as dry wells. The Uer well in PL 943 on the NCS (30 percent

working interest) was spudded on 21 September and drilling was still ongoing as

of end of Q3 2022.

DNO announced on 22 August an agreement to acquire assets in West Africa in an

all-share transaction with RAK Petroleum plc. The transaction was completed on

11 October, and does as such not impact the Q3 2022 results.

Earnings call login details

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 2022 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 active in the Middle East, the North

Sea and West 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, Norway,

the United Kingdom, Côte d'Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.