DNO ASA

Earnings Release • Nov 7, 2024

DNO Reports Solid Third Quarter Results

DNO Reports Solid Third Quarter Results

Oslo, 7 November 2024 - DNO ASA, the Norwegian oil and gas operator, today

reported a 24 percent increase in revenue to USD 170 million in the third

quarter of 2024, with operating profit also higher at USD 31 million, up from an

operating loss of USD 3 million in the previous quarter.

Third quarter net production averaged 77,200 barrels of oil equivalent per day

(boepd), to which Kurdistan contributed 63,200 boepd, North Sea 11,200 boepd and

West Africa 2,800 boepd. Kurdistan production was up and sold at higher prices

in the local market with payments received in advance to the Company's

international bank accounts. North Sea production was down due to maintenance,

primarily at Arran and Norne fields.

During the quarter, the Company completed the second successful appraisal well

on the 2023 Heisenberg discovery. Heisenberg is one of eight discoveries DNO has

made in the exploration hotspot close to the Troll and Gjøa hubs offshore Norway

since 2021. A final investment decision is expected by yearend 2025 for the

first of these finds to be developed, with concept selection for other

discoveries also expected at about the same time.

In the North Sea, active exploration continues with the drilling of Falstaff

(DNO 50 percent and operator) and Ringand (20 percent). Meanwhile, DNO is

growing the offshore operating organization in Stavanger as it picked up

operatorship of Marulk after closing of the Norne area acquisition in August.

"Agreeing on development concepts for our Norwegian discoveries with partners

and importantly with nearby platform operators should be accelerated," said DNO

Executive Chairman Bijan Mossavar-Rahmani. "If we were operating these assets,

we would work with partners to collapse time from discovery to production

startup by half," he added.

In Kurdistan, DNO continued to deliver strong production. At the Tawke license

(DNO 75 percent and operator), three wells that were drilled but not completed

due to the closure of the Iraq-Türkiye Pipeline last year were brought onstream

midyear 2024 to meet demand from local traders. These new wells, together with

well interventions such as workovers, helped increase gross production by six

percent to 84,200 boepd in the third quarter.

On its other operated license in Kurdistan, Baeshiqa (DNO 64 percent and

operator), the Company is reviewing results of well testing programs and

considering next steps.

DNO exited the third quarter with cash deposits of USD 919 million and net cash

of USD 134 million, essentially unchanged from the second quarter. Given the

continuing strength of the balance sheet, the Board of Directors has authorized

a dividend payment of NOK 0.3125 per share in November, maintaining quarterly

distributions at the level of last quarter's payout.

A videoconference call with executive management is scheduled today at 14:00

(CET). To access the call, please visit http://www.dno.no/

(https://www.dno.no/).

Key figures

Q3 2024 Q2 2024 Full-Year 2023

Gross operated production (boepd) 84,212 79,783 46,500

Net production (boepd) 77,238 79,415 52,566

Revenues (USD million) 170 137 668

Operating profit/-loss (USD million) 31 -3 218

Net profit/-loss (USD million) 20 35 19

Free cash flow (USD million) 5 16 -87

Net cash/-debt (USD million) 134 158 153

-

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 information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.