DNO ASA — Earnings Release 2026

Apr 20, 2026

Q1 2026 Trading Update and Invitation to Earnings Call

Q1 2026 Trading Update and Invitation to Earnings Call

Oslo, 20 April 2026 - DNO ASA, the Norwegian oil and gas operator, will publish

its Q1 2026 operating and interim financial results on 7 May 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, prices and

other selected information for the quarter.

Volumes (boepd)

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Net production Q1 2026 Q4 2025 Q1 2025

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North Sea 88,647 88,271 19,296

Kurdistan 39,600 57,951 61,561

West Africa 3,424 3,456 3,375

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Sales Q1 2026 Q4 2025 Q1 2025

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North Sea 82,936 74,952 17,216

Kurdistan 14,753 20,019 18,464

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Gross operated production Q1 2026 Q4 2025 Q1 2025

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North Sea 7,145 10,555 8,864

Kurdistan 52,800 77,268 82,081

Realized prices (USD/boe)

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North Sea Q1 2026 Q4 2025 Q1 2025

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Oil 87.0 63.6 77.9

Gas 81.0 60.5 91.5

NGL 36.2 38.9 49.8

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Kurdistan Q1 2026 Q4 2025 Q1 2025

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Oil 31.0 31.6 34.7

North Sea

On 16 March 2026, DNO announced a non-cash swap of Norwegian Continental Shelf

assets with Equinor Energy AS covering DNO's stakes in four non-core discoveries

in exchange for interests in the Kvitebjørn area in the Northern North Sea. The

swap accelerates production from discoveries in DNO's portfolio.

Post quarter end, DNO announced start-up of the Symra field offshore Norway nine

months ahead of schedule. The field is expected to deliver 4,000-5,000 boepd net

to DNO at plateau.

DNO did not participate in any exploration wells in the quarter, but plans to

drill seven exploration or appraisal wells on the Norwegian Continental Shelf

later this year.

Kurdistan

Two wells drilled in December 2025 and January 2026 were brought on production

in the Tawke field early in the first quarter. But immediately following the

start of the U.S.-Israeli air campaign against Iran on 28 February 2026, DNO

ceased production and drilling in Kurdistan as a temporary safety measure. On 9

April 2026, the Company restarted field operations, including workovers of

existing wells, and relaunched its previously announced eight-well drilling

campaign in preparation for resumption of production from the Tawke and

Peshkabir at stepped up rates.

Selected cash flow items

DNO's net entitlement production of oil from the Tawke license during the

quarter was sold to a local buyer. All payments continued to be received by the

Company in advance of oil deliveries.

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

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

also paid taxes totaling USD 64 million in Norway related to installments for

taxable profit for 2025.

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 Q1 2026 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 North Sea, the Middle

East 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 Norway, the Kurdistan region of Iraq, 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.