DNO ASA

Investor Presentation • Nov 7, 2024

Q3 2024 Interim Results Presentation

Q3 2024 summary and post-quarter developments

• Revenue increased to USD 170 million and operating profit to USD 31 million
• Q3 2024 net production averaged 77,200 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 63,200 boepd, North Sea 11,200 boepd and West Africa 2,800 boepd
• Kurdistan production rose, while realized prices, too, were up from past quarters
• North Sea production down due to maintenance, primarily at Arran and Norne
• Second successful appraisal well completed on 2023 Heisenberg discovery
• Exited Q3 with cash deposits of USD 919 million; net cash of USD 134 million
• Projected 2024 total operational spend cut by USD 45 million to USD 570 million, of which USD 369 million (65 percent) incurred as of end-Q3 2024
• Dividend of NOK 0.3125 per share in November, maintaining quarterly distributions on par with last quarter (which was up 25 percent from prior level)

North Sea on a growth path

• Q4 2024 output to rise with contribution from newly acquired Norne assets and resumed production after maintenance
• Further growth with Trym restart in 2025, followed by first production from Andvare and Verdande field developments
• Bestla start-up expected early in 2027, while Trym Sør (to-besanctioned) may follow later in the year
• After 2027, new volumes to come from Berling (ongoing project) and to-be-sanctioned developments of existing discoveries, primarily in Troll-Gjøa area
• By yearend 2025, final investment decision scheduled for first DNO project in Troll-Gjøa area (Ofelia/Kyrre) with concept selection for key nearby discoveries due around the same time
• Growing offshore operating organization in Stavanger as DNO gained operatorship of Marulk after closing of Norne area acquisition in August

Under development	Trym restart, Andvare, Verdande and Bestla
To-be-sanctioned developments	Trym Sør

Production to yearend 2027 from existing fields and discoveries

Thousand boepd net to DNO

Kurdistan operations update

• At Tawke license (DNO 75 percent and operator), three wells that were drilled but not completed due to the closure of the Iraq-Türkiye Pipeline last year were brought onstream midyear 2024 to meet demand from local traders
• The three new wells contributed 7,800 boepd to gross production in the quarter
• Further spending on well interventions such as workovers helped add an estimated 3,400 boepd
• Gross Tawke license production rose six percent to 84,200 boepd in the third quarter
• Payments continue to be made by local traders in advance to our international bank accounts
• On its other operated license in Kurdistan, Baeshiqa (DNO 64 percent and operator), the Company is reviewing results of well testing programs and considering next steps
• DNO will cease new Kurdistan investments, including drilling of new wells, should restrictions be applied to current pricing, revenue split and advance payment arrangements in hard currency
• Company also in discussions with Kurdistan Regional Government to arrange to recover unpaid arrears for oil delivered in 2022-2023

Financial results – key figures

• Revenue increase from previous quarter driven by overlift and higher prices in North Sea
• Operating profit in the quarter was negatively impacted by expensing of costs related to drilling of the Angel and Hummer prospects

Cash flow

• Q3 2024 operational cash flow of USD 112 million (USD 139 million in Q2 2024)
• No tax payments or refunds during Q3 2024
• Net investing activities of USD 99 million (USD 121 million in Q2 2024) largely consist of USD 75 million in organic asset investments and USD 24 million in acquisitions
• Net cash outflow from financing activities of USD 37 million driven by dividend of USD 29 million

Q3 2024 cash flow USD million

Capital structure

Important notice

This presentation (the "Presentation") has been prepared and delivered by DNO ASA ("DNO" or the "Company"). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or industry and markets in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements and other information contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts based on the current expectations, estimates and projections of the Company or assumptions based on information currently available to the Company, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development.

Although the Company believes that its expectations and the Presentation are based upon reasonable assumptions, neither the Company, nor any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking information and statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

Any investment involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers. More generally an investment will involve risks related to general economic, political and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation.

DNO is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither DNO nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

The Presentation speaks and reflects prevailing conditions and views as of the date of this release. It may be subject to corrections and change at any time without notice except as required by law. The delivery of this Presentation - or any further discussions of the Company with any recipient - shall not, under any circumstances, create any implication that the Company assumes any obligation to update or correct the information herein, nor any implication that there has been no change in the affairs of the Company since such date.