DNO ASA

Earnings Release • Jan 16, 2025

Q4 2024 Trading Update and Invitation to Earnings Call

Q4 2024 Trading Update and Invitation to Earnings Call

Oslo, 16 January 2025 - DNO ASA, the Norwegian oil and gas operator, will

publish its Q4 2024 operating and interim financial results on 6 February at

07:00 (CET). A videoconference call with executive management will follow at

14:00 (CET). Today the Company provides an update on production, sales volumes

and other selected information for the quarter.

Volumes (boepd)

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Gross operated production Q4 2024 Q3 2024 Q4 2023

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Kurdistan 74,163 84,212 65,773

North Sea 6,602 - -

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Net entitlement production Q4 2024 Q3 2024 Q4 2023

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Kurdistan 17,424 17,607 26,057

North Sea 19,031 11,236 16,879

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Sales Q4 2024 Q3 2024 Q4 2023

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Kurdistan 17,424 17,607 26,057

North Sea 17,088 15,307 15,628

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Equity accounted production (net) Q4 2024 Q3 2024 Q4 2023

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Côte d'Ivoire         2,988 2,842 3,476

Selected cash flow items

DNO's share of crude oil from the Tawke license during the quarter has been sold

to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments are

made in advance of loadings with the vast majority transferred directly into

DNO's international bank accounts.

In the fourth quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD

27.4 million), which represents NOK 1.25 per share on an annualized basis. The

Company also had a tax payment of USD 0.9 million in Norway, which relates to

the tax assessment for 2023.

North Sea exploration

DNO participated in three exploration wells on the Norwegian Continental Shelf

in the quarter. The operated Othello/Falstaff well in PL1086 (50 percent

interest) was spudded on 20 September and completed on 27 November, while the

Ringand well in PL923/923B (20 percent interest) was spudded on 5 November and

completed on 7 December. Both Othello and Ringand have been announced as

discoveries while the deeper Falstaff prospect was dry. The Mistral well was

spudded on 22 December and drilling was ongoing as of end of Q4 2024. As

previously announced, DNO entered into an agreement to farm into a 10 percent

interest in PL1119 containing the Mistral prospect earlier in December.

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 Q4 2024 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.