DNO ASA — Earnings Release 2023

Sep 19, 2023

DNO Makes Play-Opening Discovery at Norma

DNO Makes Play-Opening Discovery at Norma

Oslo, 19 September 2023 - DNO ASA, the Norwegian oil and gas operator, today

announced a gas condensate discovery on the Norma prospect in the Norwegian

North Sea license PL984 in which the Company holds a 30 percent operated

interest.

Preliminary evaluation of the discovery indicates gross recoverable resources in

the range of 25-130 million barrels of oil equivalent (MMboe) on a P90-P10

basis, with a mean of 70 MMboe, in a Jurassic reservoir zone with high quality

sandstones. Located 20 kilometers northwest of the Balder hub and 30 kilometers

south of the Alvheim hub, Norma is situated in an area with extensive

infrastructure in the central part of the North Sea, with tie-back options

offering potential routes to commercialization.

Also within the same license, DNO has identified additional exploration

prospects that have been considerably de-risked by the Norma results.

"Coming on the heels of our six Troll-Gjøa area discoveries since 2021, three of

which were made this year including Carmen, Heisenberg and Røver Sør, Norma

opens up an exciting new play for DNO in the North Sea," said Executive Chairman

Bijan Mossavar-Rahmani. "At the risk of hoodooing our crack explorationists, the

string of recent discoveries validates DNO's offshore Norway exploration

strategy," he added.

Drilled to a vertical depth of 4,800 meters with the Deepsea Yantai drilling

rig, Norma is DNO's first operated high-pressure high-temperature exploration

well. At 4,650 meters, the discovery well encountered a 16-meter hydrocarbon

column in a 20-meter gross reservoir section in Jurassic sandstones. Several gas

condensate samples were collected in the reservoir. In addition, a water sample

was acquired. A bypass core of 33.7 meters was secured and an extensive data and

sampling program conducted.

This discovery is considered a play-opener for the deep turbiditic sands in this

area given the exceptionally good reservoir quality encountered. Plans are

underway to further delineate the discovery and the upside potential in the

license. Before further appraisal drilling, improved seismic imaging and

remapping will be undertaken to identify an optimal location for the next well.

Even with the additional extensive data collection protocols, the Norma well is

expected to be finished 15 days ahead of plan and at a cost eight percent below

budget. Plug and abandonment operations have commenced this week.

DNO was awarded an interest in PL984 in 2019 through its wholly-owned subsidiary

DNO Norge AS. The other partners in the license are Source Energy AS, Equinor

Energy AS, Vår Energi ASA (20 percent each) and Aker BP ASA (10 percent).

The Deepsea Yantai will move to drill the Company's next well, appraising the

2022 Ofelia discovery (DNO 10 percent).

-

For further information, please contact:

Media: media@dno.no

Investors: investor.relations@dno.no

-

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 announcement is considered to include inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act. This announcement was

published by Jostein Løvås, Communication Manager DNO ASA, at the date and time

set out above.