DNO ASA - M&A Activity 2017 | FinancialReports.eu

DNO Acquires Origo Exploration, Returns to Norwegian Continental Shelf

Oslo, 4 May 2017 - DNO ASA, the Norwegian oil and gas operator, today announced

the acquisition of Origo Exploration Holding AS (Origo), a privately-held oil

and gas exploration company with a focus offshore Norway and the United Kingdom.

Following the acquisition, DNO picks up stakes in 11 exploration and appraisal

licenses in the North Sea, of which seven are on the Norwegian Continental Shelf

and four on the UK Continental Shelf. As consideration, DNO assumes Origo's

drilling commitments and license obligations with an effective date of 31 March

2017, with certain working capital adjustments. DNO will retain Origo's

management, staff and headquarters in Stavanger, Norway and rebrand the company

DNO Norge AS.

The transaction, subject to regulatory approval, fast-tracks DNO's reentry into

Norway after a six-year hiatus during which the Company has built a successful

Middle East presence, anchored by the DNO-operated flagship Tawke field in the

Kurdistan region of Iraq.

"Origo presented a unique and timely opportunity to partner with an experienced

team with a strong record of exploration success and value creation," said DNO's

Executive Chairman Bijan Mossavar-Rahmani. "We are now positioned to pursue

further asset acquisitions and, importantly, to compete in future exploration

bid rounds offshore Norway."

Origo was launched in 2014 by founding members of two private equity-funded

exploration companies, Revus Energy ASA and Agora Oil & Gas AS.

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, Oman, Somaliland,

Tunisia and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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