DNO ASA - M&A Activity 2021 | FinancialReports.eu

DNO Spuds Gomez

Oslo, 9 August 2021 - DNO ASA, the Norwegian oil and gas operator, today

announced that the Gomez exploration well on the PL006C license offshore Norway

was spudded this weekend and will be drilled to a depth of approximately 3,300

meters below sea level, targeting Paleocene age formations.

DNO Norge AS holds a 65 percent operated interest in the license with the

balance held by Aker BP. Aker BP originally had a 15 percent interest but

recently acquired another 20 percent interest in PL006C from DNO under a swap

agreement in which DNO picked up a 25 percent participating interest in PL1085

(Tanumåsen) and increased its share from 20 to 30 percent in PL906 (Mugnetind),

diversifying its position in the southern North Sea. The swap is subject to

government approval.

The Borgland Dolphin rig arrived on location on 7 August following the

successful completion of plugging and abandonment of the three wells at the

Oselvar field on the DNO-operated license PL274 and commenced drilling the Gomez

well which is expected to take 45 days. Pre-drill estimates range 26-80 million

barrels of oil equivalent. The well is close to existing infrastructure,

including the Tor and Ekofisk complexes.

The Gomez well is one of three exploration wells scheduled in 2021. The first

well, Røver Nord (DNO 20 percent), resulted in what is likely a commercial

discovery. Following Gomez, the third exploration well is Mugnetind expected to

spud in the fourth quarter of this year.

DNO is also currently participating in two appraisal drilling campaigns covering

previous discoveries made since 2019, namely Bergknapp (DNO 30 percent) and

Black Vulture (DNO 32 percent).

For further information, please contact:

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, the United

Kingdom, Netherlands, Ireland 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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