DNO ASA — Earnings Release 2025

Jan 19, 2026

Q4 2025 Trading Update and Invitation to Earnings Call

Q4 2025 Trading Update and Invitation to Earnings Call

Oslo, 19 January 2026 - DNO ASA, the Norwegian oil and gas operator, will

publish its Q4 2025 operating and interim financial results on 5 February at

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

10:00 (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 2025 Q3 2025 Q4 2024

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Kurdistan 77,268 46,572 74,163

North Sea 10,555 11,508 6,602

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Net entitlement production Q4 2025 Q3 2025 Q4 2024

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Kurdistan 20,019 14,449 17,424

North Sea 88,271 77,324 19,031

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Sales Q4 2025 Q3 2025 Q4 2024

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Kurdistan 20,019 14,449 17,424

North Sea 74,952 79,419 17,088

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Equity accounted production (net) Q4 2025 Q3 2025 Q4 2024

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Côte d'Ivoire         3,456 3,143 2,994

Selected cash flow items

DNO's share of oil from the Tawke license during the quarter was sold to local

buyers. All payments were made to the Company in advance of oil deliveries.

In the fourth quarter, DNO paid a dividend of NOK 0.375 per share (totaling USD

35.8 million), which represents NOK 1.50 per share on an annualized basis. DNO

also paid taxes totaling USD 96.5 million in Norway related to installments for

estimated taxable profit for 2025 and final tax assessment for 2024.

North Sea exploration

DNO participated in three exploration wells on the Norwegian Continental Shelf

in the quarter. The Page well in PL1086 (50 percent operated interest) was

spudded on 1 September, completed on 23 November, and was classified as dry with

hydrocarbon shows. The Tyrihans Øst well in PL1121 (30 percent) was spudded on

16 September and completed on 22 December, while Camilla Nord in Vega Unit (5.5

percent) was spudded on 11 October and completed on 23 November. These two wells

discovered 1-8 million barrels of oil equivalent (MMboe) and 2.2-4.7 MMboe,

respectively, and are potential tie-back candidates to existing infrastructure.

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 2025 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, DNO is Norway's oldest oil company and the

first to list on the Oslo Stock Exchange in 1981. 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 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.