DNO ASA

Investor Presentation • Feb 8, 2024

2023 Interim Results Presentation

2023 production rebound, North Sea exploration success

• Total DNO 2023 revenues of USD 668 million and operating profit of USD 218 million
• Net production picked up as from Q3 2023 and averaged 52,600 barrels of oil equivalent per day (boepd) for the full year, of which Kurdistan 34,900 boepd, North Sea 14,200 boepd and West Africa 3,500 boepd
• At yearend, gross production from DNO-operated Tawke license had largely recovered from March 2023 export pipeline shutdown and was averaging 80,000 boepd
• DNO's net entitlement is sold in the low-to-mid USD 30s per barrel on a cash and carry basis and transported by traders by road tankers or pipelined to local refineries
• With operational spend down 65 percent, Tawke sales now generate some USD 10 million per month of free cash flow to DNO, notwithstanding lower realized prices
• Pivot towards North Sea, accelerated in 2019, delivered string of discoveries in 2023 with combined recoverable volumes estimated at 100 million barrels of oil equivalent
• This week, announced bolt-on acquisition of 25 percent stake in producing UK field
• Dividend of NOK 0.25 per share in February, maintaining quarterly distributions

Ranked among top explorers on Norwegian Continental Shelf

• DNO third most active exploration driller on Norwegian Continental Shelf (NCS) in 2023 and second in discovered volumes
• The 2023 discoveries totaling 100 million barrels included Carmen (DNO 30 percent), largest NCS discovery in 10 years, as well as Norma (30 percent), Heisenberg (49 percent) and Røver Sør (20 percent)
• Additionally, successful appraisal drilling moved previous discoveries Bergknapp (30 percent) and Ofelia (10 percent) closer to development
• DNO to continue active exploration program in 2024
• With 14 licenses awarded in latest annual licensing round (APA), DNO among the top five recipients as it has been in each of the last four years
• Bolt-on acquisition of a 25 percent stake in the producing UK field Arran will add another 2,000-2,500 boepd once completed
• Additional production from ongoing developments, commencing with Trym Restart (50 percent and operator) and Andvare (32 percent) in 2024 followed by Berling (30 percent) in 2028

19 companies with discoveries on NCS in 2023 Net million boe discovered ranked by company

North Sea 2024 exploration program

				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%
2	P248F/ 248G	Cuvette	Exploration	7-28	High	20%
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%
7	PL1109	Horatio	Exploration	44-125	Low	30%
	*Low: <20% Medium: 20%-50% High: >50% Drilling planned/ongoing

Norway 5 1 2 4 7 3 6 Troll Gjøa DNO operated license DNO partner operated

ment costs for previous discoveries

Annual financial results 2019-2023

• 2023 figures negatively impacted by March 2023 export pipeline shutdown resulting in reduced Kurdistan production with volumes sold in local market at lower realized oil prices than previously achieved through export

Financial results – detailed summary by quarter and year

USD million	Q4 2023	Q3 2023	Full-Year 2023	Full-Year 2022
Revenues	199.3	141.0	667.5	1,377.0
Production costs	-54.4	-49.1	-224.1	-252.3
Movement in overlift/underlift	-0.7	-7.4	5.6	8.1
Depreciation, depletion and amortization	-60.6	-31.0	-146.4	-216.7
Cost of goods sold	-115.7	-87.5	-364.8	-460.9
Gross profit	83.6	53.5	302.7	916.1
Share of profit/-loss from Joint Venture	3.9	2.9	11.9	6.0
Expensed exploration	-18.3	-6.4	-47.7	-96.5
Administrative expenses	-7.3	-9.1	-23.8	-17.9
Other operating income/-expenses	-5.7	-0.1	-0.5	-5.0
Impairment of oil and gas assets	-18.9	-5.9	-24.9	-371.3
Net gain on disposal of licenses	0.3	5.5	5.8	-
Profit/-loss from operating activities	37.6	40.3	218.3	431.4
Net finance	-9.2	-60.0	-67.0	-84.9
Profit/-loss before income tax	28.5	-19.7	151.3	346.5
Tax income/-expense	-24.3	-34.8	-132.7	38.4
Net profit/-loss	4.2	-54.5	18.6	384.9

2023 cash flow

• 2023 operational cash flow of USD 295 million (USD 1,123 million in 2022)
• North Sea tax instalments of USD 90 million paid (net) in 2023 (USD 21 million net in 2022)
• Investing activities of USD 281 million (USD 415 million in 2022) consist of USD 283 million in asset investments and USD 18 million in decommissioning, partly offset by USD 20 million cash inflow from financial and equity accounted investments (West Africa)
• Net cash outflow from financing activities of USD 160 million (USD 469 million in 2022) driven by shareholder distributions (dividends and share buybacks) of USD 143 million

2023 cash flow USD million

Capital structure 2019-2023

• Exited the year with cash deposits of USD 719 million and net cash of USD 153 million
• Balance sheet in net cash position remains robust and equity ratio is stable

Lower debt has driven reduction in net interest expense

* Interest expense less interest income

2024 outlook

• Planned operational spend of USD 645 million in 2024, up 15 percent from 2023
• Increase in 2024 operational spend reflects higher development activity in Norway on the back of previous discoveries
• Projected North Sea net production of 15,000-16,000 boepd in 2024 (prior to Arran acquisition)
• In Kurdistan, DNO expects gross operated production at the Tawke license to continue to average 80,000 boepd
• That figure could change depending on the outcome of ongoing discussions related to recovery of arrears for past deliveries to the Kurdistan Regional Government and payment terms and conditions for any future oil exports, which in turn will drive investments in wells

Capex Expex Opex Abex

Putting investors first

• Continuing to grow a bold and nimble international oil and gas company into our second semi-centennium
• With prioritization of shareholders who ultimately rank highest among our stakeholders
• Since resumption of dividend distributions in late 2021, returned USD 187 million to shareholders
• In addition to USD 62 million in share buybacks
• Flawless bond track record for more than 20 years with no waivers, no amendments and early repayments
• Recently called DNO03 bond with only DNO04 bond outstanding
• In sum, a company characterized by low-cost production, successful exploration, attractive growth prospects and robust balance sheet

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.