DNO ASA — Earnings Release 2021

Jan 18, 2022

Q4 2021 Trading Update and Invitation to Earnings Call

Q4 2021 Trading Update and Invitation to Earnings Call

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

publish its Q4 and full-year 2021 operating and interim financial results on

Thursday, 10 February 2022 at 07:00 (CET). A videoconference call with executive

management will follow at 15:00 (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 Q4 2021 Q3 2021 Q4 2020

Kurdistan                                 107,472 105,179 110,176

North Sea  - - -

Net entitlement production Q4 2021 Q3 2021 Q4 2020

Kurdistan 29,367 26,749 33,417

North Sea 13,571 13,102 15,309

Sales Q4 2021 Q3 2021 Q4 2020

Kurdistan 29,367 26,749 33,417

North Sea 23,289 ?14,653? 21,731

Selected cash flow items

During the quarter, DNO received refunds of USD 75.4 million in relation to tax

losses in Norway and USD 15.3 million in the UK in relation to decommissioning

tax refunds.

DNO also received USD 182.8 million net from the Kurdistan Regional Government

(previously recognized in Q3 2021), of which USD 132.0 million represents the

entitlement share of July, August and September 2021 Tawke license crude oil

deliveries. Of the balance, USD 17.3 million represents override payments

equivalent to three percent of gross July, August and September 2021 Tawke

license revenues and USD 33.4 million represents payments towards arrears built

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

The Company paid a dividend of NOK 0.20 per share, totaling USD 22.1 million.

Other

The Mugnetind exploration well in PL906 (DNO 30 percent) in Norway encountered

limited hydrocarbons and is unlikely to be commercial.

DNO acquired seismic data at a cost of USD 15.8 million in support of its

Norwegian exploration program.

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 Q4 and full-year 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.