Q2 2024 Interim Results Presentation

Q2 2024 summary and post-quarter developments

Doubling of net profit to USD 35 million on revenue of USD 137 million in Q2 2024
Net production rose six percent to 79,400 barrels of oil equivalent per day (boepd), of which Kurdistan 59,800 boepd, North Sea 16,300 boepd and West Africa 3,300 boepd
Gross production from Tawke license of 79,800 barrels of oil per day (bopd)
On its other operated license in Kurdistan, Baeshiqa (DNO 64 percent), a 72-day testing program has commenced on the newly drilled B-3 well
Cuvette (DNO 20 percent) marked DNO's eighth discovery since 2021 in the highly prolific area surrounding the Troll and Gjøa production hubs in Norway
Acquired stake in UK's Arran field and Norne area assets in Norway
Issued USD 400 million five-year bond with coupon rate of 9.25 percent
Exited Q2 2024 with cash deposits of USD 943 million and net cash of USD 158 million
Dividends of NOK 0.3125 per share in August, up 25 percent from prior quarterly level

Net production

Q2 2023

2023

2024

Scaling up in Kurdistan

Increased spending in Kurdistan to optimize production from existing wells at the flagship Tawke license (Tawke and Peshkabir fields) (DNO 75 percent and operator)
Gross Tawke license production continuing to rise, averaging 83,500 boepd in the first half of Q3 2024, up five percent from Q2 2024 and nine percent from Q1 2024
To help address natural field decline, in addition to placing previously drilled wells into production, DNO prepares to mobilize a rig to drill the first new well on the license since early 2023
As export pipeline remains shut, Kurdistan sales to local traders continue at prices in upper USD 30s per barrel with payment in advance to our international bank accounts
On its other operated license in Kurdistan, Baeshiqa (DNO 64 percent), a 72-day testing program has commenced on the newly drilled B-3 well

North Sea operations update

				Pre-drill volumes	Chance of	DNO		2024			Post-drill volumes
	License	Name	Type	(MMboe)	Success*	interest	Q1	Q2	Q3	Q4	(MMboe)
1	PL827S	Hummer/ Heisenberg	Exploration/ appraisal	19-34	Medium	49%					Hummer: 1-4 Heisenberg: 24-56
2	P248F/ 248G	Cuvette	Exploration	7-28	High	20%					16-38
3	PL827S	Angel/ Heisenberg	Exploration/ appraisal	14-39	Medium	49%
4	PL923	Ringand	Exploration	10-37	High	20%
5	PL1086	Falstaff	Exploration	25-184	Medium	50%
6	PL1182S	Kjøttkake	Exploration	22-53	Medium	40%				Postponed	to 2025
7	PL1109	Horatio	Exploration	44-125	Low	30%		Postponed to 2025
*Low: <20% Medium: 20%-50% High: >50%								Drilling planned/ongoing Successful appraisal/discovery

Two wells drilled so far in 2024, both successful, with Angel, Ringand and Falstaff wells expected to spud in Q3 2024
Kjøttkake and Horatio moved to 2025 due to revised rig schedule, reducing projected 2024 exploration spend to USD 150 million from USD 180 million
North Sea production set to grow significantly next year on back of recent acquisitions, restart of Trym (DNO 50 percent and operator) in Q4 2024 and start-up of Andvare (DNO 32 percent), now scheduled for 2025

Page 4

Financial results – key figures

Revenue decline since Q1 2024 due to underlift and lower prices in North Sea and lower entitlement production in Kurdistan
Q2 2024 operating profit negatively impacted by goodwill impairment related to Arran acquisition
On net profit, Arran impairment more than offset by associated tax income (net positive effect of USD 20 million)

Cash flow

Q2 2024 operational cash flow of USD 139 million (USD 100 million in Q1 2024)
There were no tax payments or refunds during Q2 2024 (same as in Q1 2024)
Net investing activities of USD 121 million (USD 51 million in Q1 2024) largely consist of USD 61 million in organic asset investments and USD 60 million in acquisitions
Net cash inflows from financing activities of USD 318 million (outflow of USD 162 million in Q1 2024) driven by bond issue of USD 350 million (net of partial redemption of DNO04)

Capital structure

Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Solid balance sheet with cash deposits increased by bond issue, leaving net cash largely unchanged
Equity ratio reduced as new bond increases size of balance sheet with unchanged equity level

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.

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