DNO ASA

Earnings Release • Mar 26, 2025

DNO Bags Kjøttkake with a Bang

DNO Bags Kjøttkake with a Bang

Oslo, 26 March 2025 - DNO ASA, the Norwegian oil and gas operator, today

announced an important oil and gas discovery in Northern North Sea license

PL1182 S in which the Company holds a 40 percent operated interest.

The discovery was made in Paleocene injectite sandstones of excellent reservoir

quality with preliminary estimates of gross recoverable resources in the range

of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe.

The Kjøttkake exploration well encountered a 41-meter oil column and a 9-meter

gas column. A sidetrack drilled horizontally 1,350 meters westwards along the

reservoir in the Sotra Formation confirmed the presence of the oil column

throughout the discovery.

"We are on a hot streak in Norway," said Executive Chairman Bijan Mossavar-

Rahmani. "Our latest and most exciting discovery this year, Kjøttkake, is close

to existing infrastructure in the Troll-Gjøa area, and we will be relentless in

pursuing its commercialization."

Located 27 kilometers northwest of the Troll C platform and 44 kilometers

southwest of the Gjøa platform, Kjøttkake is DNO's tenth discovery since 2021 in

the Troll-Gjøa exploration and development hotspot, following

Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre, Cuvette and

Ringand.

The Company has also racked up discoveries in other parts of the Norwegian

Continental Shelf, including Norma (2023) and Othello (2024), both play-opening

finds and both operated by DNO.

Partners in license PL1182 S include Aker BP ASA (30 percent), Concedo AS (15

percent) and Japex Norge AS (15 percent). The wells were drilled using the

Deepsea Yantai rig.

Following its exploration success, the Company has stepped up purchases of

producing assets to balance its Norwegian portfolio and help fund coming

developments. In early March, DNO announced the transformative acquisition of

Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million

barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources

from 144 million boe to 246 million boe (pro forma figures as of yearend 2024).

The acquisition, which is expected to close by mid-year, will turn the North Sea

into the biggest contributor to Company's net production with some 60 percent of

the total, with the balance coming predominantly from two operated fields, Tawke

and Peshkabir, in the Kurdistan region of Iraq.

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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. More information is

available at www.dno.no

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.