DNO ASA — Earnings Release 2023

Oct 16, 2023

Q3 2023 Trading Update and Invitation to Earnings Call

Q3 2023 Trading Update and Invitation to Earnings Call

Oslo, 16 October 2023 - DNO ASA, the Norwegian oil and gas operator, will

publish its Q3 2023 operating and interim financial results on 9 November 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)

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Gross operated production Q3 2023 Q2 2023 Q3 2022

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Kurdistan 25,984 65 109,054

North Sea - - -

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Net entitlement production Q3 2023 Q2 2023 Q3 2022

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Kurdistan 9,897 598 24,779

North Sea 14,292 10,841 13,970

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Sales Q3 2023 Q2 2023 Q3 2022

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Kurdistan 9,897 598 24,779

North Sea 15,749 9,056 11,569

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Equity accounted production (net) Q3 2023 Q2 2023 Q3 2022

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Côte d'Ivoire         3,373 3,532 -

Selected cash flow items

Following shutdown of DNO's operated fields in Kurdistan which commenced 25

March, the Tawke field was reopened on 18 July and production has since ramped

up. DNO's share of crude oil from the field during the quarter has been sold to

local buyers with payments received directly by DNO in advance. No crude oil was

delivered to the Kurdistan Regional Government for export by pipeline through

Türkiye.

DNO received USD 27.2 million in decommissioning tax refunds in the United

Kingdom. In Norway, there were neither tax payments nor refunds in the quarter.

Also during the quarter, the Company paid a dividend of NOK 0.25 per share

(totaling USD 23.0 million).

Other items and information

DNO participated in two exploration wells and one appraisal well in the North

Sea in the quarter. The Carmen well in PL1148 on the NCS (30 percent working

interest) was completed on 12 July and has been announced as the largest

discovery in Norway in 10 years. The Norma well in PL1148 on the NCS (30 percent

working interest) was spudded 18 July and completed 26 September and has been

announced as a play-opening discovery. The Bergknapp appraisal well in PL836S

(30 percent interest), the second well drilled to appraise this discovery, was

spudded 14 July; operations were temporarily suspended 3 August but resumed 1

October.

Earnings call login details

Please visit www.dno.no (http://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 2023 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.