DNO ASA — Earnings Release 2022

Apr 19, 2022

Q1 2022 Trading Update and Invitation to Earnings Call

Q1 2022 Trading Update and Invitation to Earnings Call

Oslo, 19 April 2022 - DNO ASA, the Norwegian oil and gas operator, will publish

its Q1 2022 operating and interim financial results on Thursday, 12 May 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 Q1 2022 Q4 2021 Q1 2021

Kurdistan 106,465 107,472 111,985

North Sea - - -

Net entitlement production Q1 2022 Q4 2021 Q1 2021

Kurdistan 26,670 29,367 28,593

North Sea 12,700 13,571 15,173

Sales Q1 2022 Q4 2021 Q1 2021

Kurdistan 26,670 29,367 28,593

North Sea 10,689 23,289 10,953

Selected cash flow items

During the quarter, DNO received USD 206.6 million net from the Kurdistan

Regional Government, of which USD 160.7 million represents the entitlement share

of October, November and December 2021 Tawke license crude oil deliveries. Of

the balance, USD 13.8 million represents override payments equivalent to three

percent of gross October and November 2021 Tawke license revenues and USD 32.1

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

invoices in 2019 and 2020.

DNO paid one tax instalment of USD 12.6 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.

The Company paid a dividend of NOK 0.20 per share, totaling USD 22.2 million.

Other

DNO participated in two exploration wells in the North Sea in the quarter, the

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

interest) and the Edinburgh well in P2401 on the UK Continental Shelf (45

percent working interest). After the end of the quarter, Kveikje was announced

as a discovery while drilling at Edinburgh is scheduled to continue through 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 Q1 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, Ireland and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.