DNO ASA — Earnings Release 2022

Jul 18, 2022

Q2 2022 Trading Update and Invitation to Earnings Call

Q2 2022 Trading Update and Invitation to Earnings Call

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

its Q2 2022 operating and interim financial results on Thursday, 11 August 2022

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

11:00 (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 Q2 2022 Q1 2022 Q2 2021

Kurdistan 107,178 106,465 110,304

North Sea - - -

Net entitlement production Q2 2022 Q1 2022 Q2 2021

Kurdistan 26,682 26,670 27,661

North Sea 11,579 12,700   9,939

Sales Q2 2022 Q1 2022 Q2 2021

Kurdistan 26,682 26,670 27,661

North Sea 12,594 10,689   7,285

Selected cash flow items

During the quarter, DNO received USD 264.6 million net from the Kurdistan

Regional Government, of which USD 183.8 million represents the entitlement share

of January through March 2022 Tawke license crude oil deliveries. Of the

balance, USD 30.5 million represents override payments equivalent to three

percent of gross December 2021 through March 2022 Tawke license revenues and USD

50.3 million represents payments towards arrears built up from non-payment of

certain invoices in 2019 and 2020.

DNO paid two tax instalments totaling USD 24.5 million in Norway as tax losses

for 2021 ended lower than estimated tax losses that were the basis for tax

refunds received during H2 2021.

Other

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

Kveikje well in PL 293B on the Norwegian Continental Shelf (NCS) (29 percent

working interest) was spudded 8 March and completed 8 April and has been

announced as a discovery. The Overly well in PL 1085 on the NCS (25 percent

working interest) was spudded 4 May and completed 25 May and resulted in a minor

discovery. The Edinburgh well in P255 on the UK Continental Shelf (45 percent

working interest) was spudded 15 March and had drilling activity throughout Q2

but has subsequently been announced as a dry well. The Brage South well in PL

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

was still ongoing as of end of Q2.

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 Q2 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 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 and Yemen.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act