DNO ASA - M&A Activity 2016 | FinancialReports.eu

DNO Signs MoU to Develop Iran's Changuleh Oil Field

Oslo, 16 November 2016 - DNO ASA, the Norwegian oil and gas operator, today

announced the signing of a memorandum of understanding (MoU) with the National

Iranian Oil Company (NIOC) to conduct a study concerning the development of the

Changuleh oil field in western Iran.

Changuleh, discovered in 1999 but never developed, is estimated to hold more

than 2 billion barrels of oil-in-place.

"Iran presents an obvious and exciting next step in expanding DNO's footprint in

the region," said DNO's Managing Director Bjørn Dale. "Our low-cost, fast-track

development strategy and our fractured carbonate reservoir experience in the

Kurdistan region of Iraq can be easily applied and leveraged in Iran," he added.

The Company has established a wholly owned subsidiary DNO Iran AS amid

preparations to increase its presence in Iran.

For further information, please contact:

Tel: +47 911 57 197

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North

Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds

stakes in onshore and offshore licenses at various stages of exploration,

development and production in the Kurdistan region of Iraq, Yemen, Oman, the

United Arab Emirates, Tunisia and Somaliland.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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