DNO ASA - M&A Activity 2018 | FinancialReports.eu

DNO Subscribes to Shares in Panoro Energy, Completes Sale of Tunisia Assets

Oslo, 30 July 2018 - DNO ASA, the Norwegian oil and gas operator, today

announced it has subscribed to 2,641,465 shares in Oslo-listed Panoro Energy

ASA, representing 5.65 percent of the outstanding shares, at a price of NOK

12.82 per share.

The share subscription follows a transaction in which DNO sold its Tunisia

subsidiary, DNO Tunisia AS, to Panoro as the Company continues its divestment of

non-core assets and focuses on expanding its operations in the Kurdistan region

of Iraq and offshore Norway.

All DNO Tunisia employees have transferred to Panoro as part of the transaction.

Panoro has assumed all existing permit interests, rights and remaining work

obligations at the Sfax Offshore Exploration Permit, Ras El Besh Concession and

Hammamet Offshore Exploration Permit. Panoro has retained a cash balance of USD

8.6 million in DNO Tunisia AS, reflecting DNO's partial contribution toward the

remaining work obligations and in support of Panoro's ability to develop and

unlock value in the assets. Through its shareholding in Panoro, DNO maintains

exposure to the Tunisian permits and will in addition receive a deferred

consideration of up to USD 13.2 million paid through future production from the

Sfax Offshore Exploration Permit.

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 the

North Sea. 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, Norway, Oman, the

United Kingdom 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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