DNO ASA

Earnings Release • Sep 2, 2024

DNO Bulks Up in Norway with Acquisitions, Exploration Success

DNO Bulks Up in Norway with Acquisitions, Exploration Success

Oslo, 2 September 2024 - DNO ASA, the Norwegian oil and gas operator, today

announced the completion of the acquisition of stakes in five oil and gas

fields, including an operatorship, in the Norne area in the Norwegian Sea from

Vår Energi ASA. Following closing, DNO's wholly-owned subsidiary DNO Norge AS

holds interests in all producing and under development fields in the greater

Norne area, making it a core area for the Company on the Norwegian Continental

Shelf.

The transaction includes interests in four producing fields, Norne (6.9

percent), Skuld (11.5 percent), Urd (11.5 percent) and Marulk (20 percent and

operatorship) plus the ongoing Verdande development (10 percent). Prior to the

transaction, DNO held interests in Alve (32 percent), Marulk (17 percent), and

Andvare development (32 percent) in the Norne area.

Adjusting for cash flow between effective transaction on 1 January 2024 and

completion on 30 August 2024, the net cash consideration paid by DNO was

approximately USD 24 million. The transfer of DNO's 22.6 percent interest in

Ringhorne East to Vår Energi, the other element of the swap, was completed on

the same date.

The transaction adds more than eight million barrels of oil equivalent (MMboe)

in reserves and resources net to DNO. In terms of production, the acquired

assets delivered approximately 3,000 barrels of oil equivalent per day (boepd)

in the first half of 2024, expected to rise to above 5,000 boepd in 2026 as the

Verdande contribution kicks in.

All fields in the Norne area are tied back to the Equinor-operated Norne FPSO

that came onstream in 1997. Oil produced in the area is loaded from the FPSO to

tankers for export, while gas is exported by pipeline through the Åsgard

Transport System. Planned hub lifetime extends to 2036. With its expanded area

position, DNO has stepped up studies of near-field exploration targets and

infill well opportunities.

Coming on the heels of DNO's acquisition of a 25 percent stake in UK's Arran

field completed in May, the new Norne assets will support a ramp-up in DNO North

Sea's production next year, together with the restart of Trym (DNO 50 percent

and operator) in the fourth quarter of 2024 and start-up of Andvare (DNO 32

percent) in 2025.

Meanwhile, DNO continues its active exploration in the North Sea with the

ongoing drilling of the combined Heisenberg appraisal and Angel exploration well

(DNO 49 percent). Followed by Ringand (DNO 20 percent) and Falstaff (DNO 50

percent and operator) which are expected to spud in September. DNO will today

submit one of the largest applications in the Company's history for the upcoming

APA 2024 licensing round, with awards expected during the first quarter of 2025.

Last year, the Company was the third most active exploration driller on the

Norwegian Continental Shelf in number of wells drilled and ranked second in

discovered volumes with an estimated 100 MMboe net to DNO. Having prioritized

near-infrastructure exploration, DNO has been an early mover in acquiring

substantial acreage positions in selected areas which have since become

hotspots.

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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.