DNO ASA

Earnings Release • Feb 6, 2025

DNO Results Reflect Robust Kurdistan Production, North Sea Expansion

DNO Results Reflect Robust Kurdistan Production, North Sea Expansion

Oslo, 6 February 2025 - DNO ASA, the Norwegian oil and gas operator, today

reported 2024 revenues of USD 667 million on the back of stellar production in

the Kurdistan region of Iraq in a year marked by continuing North Sea expansion.

Cash from operations increased nearly 50 percent to USD 433 million year-on-

year. Operating profit dropped to USD 6 million reflecting the Company's

decision to take non-cash impairments of USD 146 million in its accounts, part

of which was previously reported.

Net production climbed 50 percent year-on-year to 77,300 barrels of oil

equivalent per day (boepd), to which Kurdistan contributed 59,000 boepd, North

Sea 15,200 boepd and West Africa 3,100 boepd.

At Kurdistan's Tawke license (75 percent and operator), DNO increased gross

production from the Tawke and Peshkabir fields by 70 percent year-on-year to

78,600 boepd in 2024, with oil sold at its Fish Khabur terminal as the Iraq-

Türkiye export pipeline remained shut in. Sales prices averaged USD 35 per

barrel with payments deposited into DNO's international bank accounts ahead of

deliveries. At these prices, Tawke license sales generate around USD 10 million

per month of free cash flow to DNO.

Maintaining strict capital spending discipline, DNO drilled no new wells on the

Tawke license in 2024. Notwithstanding, output was increased by bringing three

previously drilled wells onstream and by workovers and interventions on more

than 20 other wells across the license.

"Our Kurdistan team is doing a terrific job. Maintaining, never mind increasing,

production from mature carbonate reservoirs without new drilling is rare, even

exceptional," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "In Norway,

we are applying a similar 'can-do' spirit to get our barrels from a string of

recent discoveries out of the ground and into the market and do so faster than

is the norm here," he added.

In 2024, DNO took steps to expand its North Sea business by acquiring a 25

percent interest in the producing Arran field in the United Kingdom and

interests in four producing fields and one development asset in the Norne area

offshore Norway. Driven by contribution from these acquisitions, recovery of

production in some fields following maintenance and Trym field restart, net

North Sea production climbed to 19,000 boepd in the fourth quarter.

Meanwhile, DNO is taking part in four ongoing North Sea field development

projects expected to come online between 2025 and 2028 that represent proven and

probable reserves of some 30 million barrels of oil equivalent net to the

Company. Two other discoveries, namely Ofelia/Kyrre (10 percent) and Cuvette (20

percent) are nearing development decisions.

Among the 2024 exploration highlights was the play-opening Othello light oil

discovery (50 percent and operator), Norway's second largest find last year.

Prior to the discovery, DNO had already taken a strong acreage position in this

area in close collaboration with Aker BP, host operator of nearby Valhall hub.

Overall, the Company plans to drill between four (firm) and six North Sea

exploration wells in 2025. Meanwhile, complementing its ongoing exploration

activities, last month DNO was awarded 13 new licenses in Norway's 2024 Awards

in Predefined Areas (APA) licensing round, including four operatorships, by the

Norwegian Ministry of Energy.

Planned 2025 operational spend is ramped up to USD 750 million driven by

increased North Sea activity.

DNO's robust balance sheet supports growth and distributions to shareholders.

The Board of Directors yesterday authorized a dividend of NOK 0.3125 per share

in February, maintaining the quarterly distribution at the same level as last

quarter.

A videoconference call with executive management will follow today at 14:00

(CET). Please visit www.dno.no to access the call.

Key figures

Full-Year 2024 Q4 2024 Q3 2024

Gross operated production (boepd) 80,280 80,765 84,212

Net production (boepd) 77,269 77,646 77,238

Revenues (USD million) 667 177 171

Operating profit/-loss (USD million) 6 -82 31

Net profit/-loss (USD million) -27 -98 20

Free cash flow (USD million) 59 -5 35

Net cash/-debt (USD million) 99 99 134

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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.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act