DNO ASA

Investor Presentation • Mar 7, 2025

Acquisition of Sval Energi Group AS

7 March 2025

Sval Energi acquisition is transformational for DNO

• Sval Energi Overview Key figures1 • USD 1.6 billion acquisition of Sval Energi Group AS from HitecVision
• Non-operated interests in 16 Norwegian Continental Shelf (NCS) producing fields including in Greater Ekofisk and Gjøa areas and Martin Linge and Kvitebjørn fields
• With net 2024 production of 64,100 barrels of oil equivalent per day (boepd) and proven and probable (2P) reserves of 141 million of barrels of oil equivalent (MMboe) and 2C resources of 102 MMboe
• Portfolio, split about equally between liquids and gas, is highly cash generative (cash flow from operations totaled USD 565 million in 2024) with low production cost (USD 14 per boe) and limited near-term investments
• Acquisition will be financed with existing cash and other debt financing facilities available to DNO
• At yearend 2024, the Company held USD 900 million in cash and a further USD 100 million liquidity under its reserve-based lending (RBL) facility to be supplemented by combination of new bond and RBL debt as well as offtake-based financing
• Capital structure to be optimized prior to completion

Note: 2P reserves based on RNB resource class 1-3 and 2C resources based on RNB resource class 4-7. EBITDAX is earnings before interest, tax, depreciation, amortization and exploration expenses. CFFO is cash flow from operations. Both EBITDAX and CFFO are unaudited figures for Sval Energi's E&P business.

Sval Energi's portfolio fits like a glove on DNO's hand

• Sval Energi is a rare opportunity to acquire a portfolio of high-quality oil and gas NCS assets
• And DNO has moved fast to capture it
• Brings scale and diversification to the Company
• Boosts global production by two thirds to around 140,000 boepd and 2P reserves by 50 percent to 423 million boe
• Turns the North Sea into the biggest contributor to DNO's net production with some 60 percent of the total with the balance coming predominantly from two operated fields in the Kurdistan region of Iraq
• North Sea production quadruples to around 80,000 boepd, which will help underpin development of DNO's numerous recent discoveries in Norway
• Sval Energi's extensive portfolio, which includes interests in hubs and existing tiebacks in DNO's core areas, provides potential development synergies with these discoveries
• Also provides tax synergies, G&A savings and lower DNO's borrowing costs

Propels DNO to the upper ranks of NCS companies

Source: Norwegian Offshore Directorate

Highly complementary North Sea portfolios

Source: DNO preliminary 2024 yearend figures. Sval Energi's 2P reserves based on RNB resource class 1-3 and 2C resources based on RNB resource class 4-7

Active program to maintain the higher North Sea output

• Step change acquisition of Sval Energi follows the 2024 Arran and Norne area acquisitions in the North Sea
• Post acquisition, DNO will have multiple ongoing field developments including Andvare, Verdande, Bestla, Berling (DNO) and Maria Revit, Symra and Dvalin North (Sval Energi)
• Plus a material pipeline of discoveries and infill opportunities being matured for project sanction
• In addition to acquisitions, DNO remains committed to organic growth through exploration

Sval Energi portfolio overview

Area	Field	Stake	Operator	Reserves and resources1	Status
	Maria	20%		17.5	Producing
1	Fenja	17.5%		9.6	Producing
Norwegian Sea	Dvalin	10%		8.6	Producing
	Dvalin North	10%		8.4	Development
2	Kvitebjørn	19%		21.0	Producing
	Nova	45%		30.2	Producing
Northern North	Duva & Cerisa	10%		5.5	Producing/Disc.
Sea	Vega	5.5%		2.2	Producing
	Heimdal/Vale	29%/50%		-	Decommissioning
	Beta	20%		3.9	Discovery
3	Ivar Aasen	12.3%		7.4	Producing
	Hanz	15%		0.8	Producing
Central North	Symra	20%		20.4	Development
Sea	Ringhorne North	15%		3.9	Discovery
	Martin Linge	19%		24.5	Producing
4	Ekofisk	7.6%		43.6	Producing
	Eldfisk/Embla	7.6%		27.9	Producing
Southern North Sea	Tor Unit	6.6%		2.1	Producing
	Oda	70%		1.1	Producing
	Trym	50%		4.4	Producing
	Total			243

1) 2P reserves and 2C resources based on RNB resource class 1-7 1) 2P reserves and 2C resources based on RNB resource class 1-7. Figures in MMboe

Page 7 Acquisition of Sval Energi AS

Solidifying DNO's position as a leading European independent

1) European listed non-investment grade issuers

2) Reported production for 2024 or Q1-Q3'24 if full year not available. Pro forma for M&A transactions if numbers provided

3) Most recent reported 2P reserves. Yearend 2024 if available, otherwise yearend 2023 or mid 2024. Pro forma for M&A transactions if numbers provided. DNO's 2P reserves are preliminary

Transformative impact on DNO across key metrics

CFFO (Cash flow from operations) includes net working capital changes and tax but excludes interest DNO 2P reserves based on preliminary 2024 yearend figures. Sval Energi's 2P reserves based on RNB resource class 1-3 Includes fields who are producing and under development Sources: Unaudited Q4 2024 management accounts for Sval Energi

Acquisition increases scale and rebalances portfolio

Source: DNO 2P reserves based on preliminary 2024 yearend figures. Sval Energi's 2P reserves based on RNB resource class 1-3

Highlights

• DNO moved fast to capture a rare opportunity to acquire Sval Energi's portfolio of high-quality oil and gas assets
• Bringing scale and diversification to DNO
• Boosts global production by two thirds to around 140,000 boepd and 2P reserves by 50 percent to 423 million boe
• At 80,000 boepd, combined North Sea production will help underpin development of DNO's numerous recent discoveries in Norway
• Sval Energi's extensive portfolio provides potential development synergies with these discoveries
• Acquisition will be financed with existing cash and other debt financing facilities available to DNO
• DNO will continue to seek growth through acquisitions and active exploration

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 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.

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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.