DNO ASA — Earnings Release 2021

Feb 10, 2022

DNO Scores Record Revenue in 2021, Hikes Capital Spend in 2022

DNO Scores Record Revenue in 2021, Hikes Capital Spend in 2022

Oslo, 10 February 2022 - DNO ASA, the Norwegian oil and gas operator, today

reported record revenues exceeding USD 1 billion in 2021, up 63 percent from a

year earlier, on the back of high oil and gas prices and solid production

performance. Annual operating profit climbed to USD 321 million, reversing

operating loss of USD 315 million in 2020.

Strong 2021 free cash flow of USD 362 million drove a 68 percent reduction in

net debt to USD 153 million at yearend.

"Notwithstanding the continued impact of the pandemic, DNO became a billion-

dollar company last year on the fiftieth anniversary of its founding," said

DNO's Executive Chairman Bijan Mossavar-Rahmani. "We are as committed as ever to

explore for and produce oil and gas in a commercially attractive but also

socially responsible and environmentally sensitive manner," he said, adding,

"This is our business model, this is DNO's DNA."

As previously reported, gross production at the Company's flagship Tawke license

in Kurdistan averaged 108,700 barrels of oil per day (bopd) last year, of which

the Peshkabir field contributed 61,800 bopd and the Tawke field 46,900 bopd. Of

the total, 81,500 bopd were net to DNO's interest. North Sea net production

averaged 12,900 barrels of oil equivalent per day (boepd), bringing the

Company's total 2021 net production to 94,500 boepd.

In 2022, DNO plans an operational spend of USD 800 million across the portfolio.

In Kurdistan, DNO is ramping up its drilling activities to maintain Tawke

license gross production at around 105,000 bopd during the year, as well as a

contribution from the operated Baeshiqa license in excess of 4,000 bopd. In

December, the first phase field development plan for the license was approved by

the Kurdistan Regional Government, clearing the way for a fast-track project to

deliver early production from previously drilled but suspended discovery wells.

Three additional Baeshiqa development wells will also be drilled this year.

In the North Sea, DNO projects net production in 2022 to remain around 13,000

boepd. The Company will participate in drilling the highly anticipated Edinburgh

exploration well in the UK and six additional prospects offshore Norway, aiming

to build on last year's successes with the Røver Nord exploration well and the

Bergknapp appraisal well.

Also in Norway, the DNO-operated Brasse project as well as the partner-operated

Iris-Hades, Gjøk and Orion discovieries target 2022 project sanction, supporting

the Company's North Sea growth ambitions.

The Company's net reserves stood at 321 million barrels of oil equivalent

(MMboe) of proven and probable reserves (2P) at yearend 2021 with additional

contingent resources (2C) of 189 MMboe, according to preliminary numbers.

A videoconference call with executive management will follow today at 10:00

(CET). Please visit www.dno.no to access the call.

Other key figures

Q4 2021 2021 2020

Gross operated production (boepd) 107,472 108,713 110,282

Net production (boepd) 94,175 94,477 100,063

Revenues (USD million) 396 1,004 615

Operating profit/-loss (USD million) 128 321 -314

Net profit/-loss (USD million) 65 204 -286

Free cash flow (USD million) 227 362 150

Net debt (USD million) 153 153 473

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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.