DNO ASA — Major Shareholding Notification 2022

Oct 11, 2022

Disclosure of Shareholdings by Close Associate of Primary Insiders

Disclosure of Shareholdings by Close Associate of Primary Insiders

Oslo, 11 October 2022 - Reference is made to the stock exchange announcement

made earlier today by RAK Petroleum plc ("RAK Petroleum") on the ticker "RAKP"

regarding completion of RAK Petroleum's plan to transfer its interest in Mondoil

Enterprises LLC to DNO ASA in exchange for 78,943,763 new DNO shares (the

"Transfer"), following which RAK Petroleum will distribute all its DNO shares

and USD 20 million in cash to its shareholders through a UK court-approved

capital repayment (the "Capital Repayment").

The completion of the Transfer and the Capital Repayment trigger several

obligations to disclose shareholdings by Persons Discharging Managerial

Responsibilities ("PDMRs") in DNO and Close Associates of such persons. Both

Bijan Mossavar-Rahmani, Executive Chairman of RAK Petroleum and Shelley Watson,

Chief Operating Officer and Chief Financial Officer of RAK Petroleum, are PDMRs

with regard to DNO in their capacity as Executive Chairman of the board of

directors of DNO and board member of DNO, respectively. RAK Petroleum is

considered a Close Associate of these individuals due to their roles in this

company.

RAK Petroleum has subscribed for 78,943,763 new DNO shares as consideration for

the Transfer (the "Consideration Shares"). Following the Transfer, RAK Petroleum

will hold 517,323,181 shares in DNO, corresponding to 49.06 percent of the

issued and outstanding shares of DNO.

Pursuant to the Capital Repayment, RAK Petroleum will distribute all the DNO

shares to its shareholders. As a result, RAK Petroleum's shareholding in DNO

will cross below several thresholds for disclosure of large shareholdings,

including the 5 percent threshold, and RAK Petroleum will following the Capital

Repayment hold no shares in DNO.

Bijan Mossavar-Rahmani will beneficially own 125,683,241 DNO shares,

representing 11.92 percent  of the issued and outstanding shares and votes in

DNO after issuance of the Consideration Shares. Accordingly, pursuant to the

Capital Repayment, he will cross the 5 percent and 10 percent thresholds for

disclosure of large shareholdings. Bijan Mossavar-Rahmani does not directly or

indirectly hold any other DNO shares.

Shelley Watson will beneficially own 593,700 DNO shares, equivalent to 0.06

percent of the issued and outstanding shares and votes in DNO after issuance of

the Consideration Shares. Shelley Watson does not directly or indirectly hold

any other DNO shares.

Please see the forms of notification by PDMRs and their Close Associates

attached.

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For further information, please contact:

Media: media@dno.no

Investors: investor.relations@dno.no

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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 and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.