Q1 2025 Interim Results Presentation

Q1 2025 summary and post-quarter developments

Revenue of USD 188 million and operating profit of USD 28 million
Q1 2025 net production of 84,200 barrels of oil equivalent per day (boepd), up eight percent from previous quarter
Kurdistan contributed 61,600 boepd, North Sea 19,300 boepd and West Africa 3,400 boepd in Q1 2025
Continued successful exploration with two discoveries offshore Norway in the quarter (Kjøttkake and Mistral) together adding recoverable resources of 26 million barrels of oil equivalent (MMboe) net to the Company
Announced transformative USD 1.6 billion acquisition of Sval Energi Group AS in Norway in early March
New USD 600 million bond, DNO's 20th successful bond issue in 24 years
Ended the quarter with cash of USD 1,473 million
Board of Directors approved another dividend of NOK 0.3125 per share payable in June, representing NOK 1.25 per share on an annualized basis

(MMboe at end 2024) On track to close Sval acquisition

Acquisition on track to close mid-year 2025
Post-closing, DNO's North Sea proven and probable (2P) reserves quadruple to 189 MMboe and 2C resources climb to 246 MMboe from 144 MMboe (yearend 2024 basis)
North Sea production also quadruples to 80,000 boepd
Turns the North Sea into the biggest contributor to DNO's net production with some 60 percent of the total
New DNO will rank in top ten among producers in Norway
Active program to maintain the higher North Sea output from a material pipeline of discoveries and infill opportunities being matured for project sanction
In addition to further acquisitions, DNO remains committed to organic growth through exploration

DNO quickly moves to commercialize Kjøttkake discovery

Q1 2025 oil and gas discovery in Northern North Sea license PL1182 S (40 percent and operator)
Estimated to hold 39 to 75 MMboe in Paleocene injectite sandstones of excellent reservoir quality (mean of 55 MMboe)
Located 27 kilometers northwest of the Troll C platform and 44 kilometers southwest of the Gjøa platform in area with extensive infrastructure
Delineated through a horizontal appraisal sidetrack, DNO has now launched development concept studies
Kjøttkake is DNO's tenth discovery since 2020 in the Troll-Gjøa exploration and development hotspot with another five discoveries elsewhere in Norway

North Sea 2025 exploration program

				Pre-drill volumes	Chance of	DNO	2025			Post-drill volumes
	License	Name	Type	(MMboe)	Success*	interest	Q1	Q2	Q3	Q4	(MMboe)
1	PL1119	Mistral	Exploration	21-63	Medium	10%					19-44
2	PL1182S	Kjøttkake	Exploration	22-53	Medium	40%					39-75
3	PL1109	Horatio	Exploration	32-123	Medium	20%					-
4	PL586	Vidsyn	Exploration	10-30	Low	7.5%
5	PL1086	Page	Exploration	27-75	Medium	50%
	*Low: <20% Medium: 20%-50% High: >50%								Discovery
									Drilling planned
									Dry well

Three exploration wells drilled in 2025 of which two deemed commercial discoveries
Recently secured rig to drill Page prospect in second half of 2025, following up on the 2024 Othello discovery within the same operated license

Kurdistan operations update

At Tawke license (75 percent and operator), DNO increased gross production from its Tawke and Peshkabir fields to 82,100 boepd in Q1 2025
With uninterrupted operations, Kurdistan production rose 11 percent quarteron-quarter
In Q1 2025, DNO conducted 17 rigless well interventions and one well workover on the license
Incremental contribution from the well interventions helped stabilize production in reservoirs that typically decline 15-20 percent per year
DNO's oil was sold at its Fish Khabur terminal at USD 35 per barrel with payments made ahead of deliveries
Tawke license sales averaged USD 20 million net to DNO per month, generating around USD 10 million of free cash flow
Continue strict capital spending discipline with no Kurdistan drilling planned in 2025

Financial results – key figures

Revenue increase from previous quarter driven by higher sales volumes and prices in both Kurdistan and North Sea
Improvement in operating and net profit driven by no impairments in the quarter

Cash flow

Q1 2025 operational cash flow of USD 100 million (USD 82 million in Q4 2024)
There were no tax payments or refunds during Q1 2025 (USD 1 million payment in Q4 2024)
Net investing activities of USD 109 million (USD 85 million in Q4 2024) largely consist of USD 113 million in organic asset investments, offset by dividends from equity accounted investments (West Africa)
Net cash inflow from financing activities of USD 583 million (outflow of USD 17 million in Q4 2024) driven by proceeds of USD 630 million from new bond and drawdown of reserve based lending facility)

Q1 2025 cash flow USD million

Capital structure

606 ⁹⁴³ ⁹¹⁹ ⁸⁹⁹ 1473 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash deposits USD million ¹⁷¹ ¹⁵⁸ ¹³⁴ 99 43 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net cash USD million 49 ⁴² ⁴⁰ 36 29 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Equity ratio percent

• Cash build-up in Q1 2025 following new bond issue in March; deposits reduced following the end of the quarter by redemption of DNO04 bond (outstanding amount of USD 350 million) in April

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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