DNO ASA

DNO Kurdistan Operations Recover Rapidly from Torrential Flooding

Oslo, 4 April 2024 - DNO ASA, the Norwegian oil and gas operator,

today announced that production and field operations at its operated Tawke

license (DNO 75 percent) in the Kurdistan region of Iraq have recovered from

torrential flooding that also washed away large sections of the banks of the

Khabur River, damaging roads and interfering with loading of tanker trucks for

deliveries to buyers.

The flooding resulted from local downpours combined with snowmelt in neighboring

Türkiye in the latter half of March. This led DNO to temporarily shut in its

Tawke field for safety reasons while maintaining uninterrupted operations at the

less exposed Peshkabir field, also within the Tawke license. Gross license

production dropped from above 80,000 barrels per day (bopd) to an average of

65,000 during a 10-day period but was restored to its pre-flooding level on 30

March 2024 as DNO worked to minimize flooding exposure, inspect damage and take

remedial actions including installing additional truck loading facilities.

Given shortages of heavier crudes in regional markets, DNO negotiated with its

customers to nudge Tawke/Peshkabir prices to the mid-USD 30 per barrel level.

DNO share of sales continue to be paid directly to the Company in advance of

loadings and have averaged in excess of USD 25 million per month in 2024.

No DNO employees were hurt though several substantial pieces of equipment

weighing tons were washed away and have yet to be located. Notwithstanding major

damage in the town of Zakho, neighboring the Tawke field, the 2,000 year-old

Roman-era arched bridge, a popular tourist attraction, survived intact. The

Company provided relief to the local community by supplying home appliances,

including refrigerators, to families most impacted by the flooding.

Workovers and other field work at Tawke and Peshkabir have quickly resumed,

whilst the Company's Board of Directors has given the nod to plan for new

investments to maintain and then begin to bolster production. Elsewhere in

Kurdistan, DNO resumed drilling with the latest well (B-3) at the operated

Baeshiqa license (DNO 64 percent) spud on 21 February 2024. The well has reached

1,850 meters or nearly one-half of the target depth.

For further information, please contact:

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 §5-12 of

the Norwegian Securities Trading Act.

AI Terminal