DNO ASA - M&A Activity 2014 | FinancialReports.eu

DNO International Completes Tunisian Acquisition

Oslo, 20 January 2014 -- DNO International ASA, the Norwegian oil and gas

company, today announced completion of the farm-in by its wholly-owned

subsidiary DNO Tunisia AS to the Sfax Offshore Exploration Permit and the Ras El

Besh Concession in the Republic of Tunisia, pursuant to the previously announced

agreement with Eurogas International Inc. and Atlas Petroleum Exploration

Worldwide Ltd.

DNO Tunisia AS now holds an 87.5 percent participating (100 percent paying)

interest in the permit and the concession, in respect of which it has assumed

operatorship and a significant share of the existing cost pool.

The Sfax Offshore Exploration Permit and the Ras El Besh Concession are located

in the prolific Gulf of Gabes and cover 3,296 square kilometres, mostly offshore

in shallow waters. To date, three discoveries have been made with combined gross

recoverable resources ranging between 35 million to 60 million barrels of oil.

These assets hold significant exploration potential with 29 identified prospects

which in the aggregate are estimated to contain between 500 million to 700

million barrels of oil of gross unrisked resources.

"Having finalised the transaction and received government approvals we will

proceed now with a fast track exploration and development program designed to

materially expand our footprint in Tunisia," said Bijan Mossavar-Rahmani, DNO

International's Executive Chairman.

The company also holds interests in the Hammamet Exploration Permit and the

Fkirine Prospecting Permit, both offshore Tunisia.

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DNO International ASA is an Oslo-listed, Middle East and North Africa focused

oil and gas company holding stakes in 20 blocks in various stages of

exploration, development and production both onshore and offshore in the

Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the

United Arab Emirates, the Tunisian Republic and Somaliland. http://www.dno.no

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Oslo, 20 January 2014

DNO International ASA

Corporate Communications

Queries: Bjørn Dale ([email protected] or +47 909 79 889)

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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