DNO ASA - Regulatory Filings 2021

Update on Kurdistan Payments

Oslo, 13 May 2021 - DNO ASA, the Norwegian oil and gas operator, today

reported that Kurdistan's Minister of Natural Resources has informed the

international oil companies operating in the region of an intention to extend

the payment period for arrears built up from non-payment of certain invoices in

2019 and 2020.

As widely reported, last December the Prime Minister of Kurdistan announced a

decision to pay the companies 50 percent of incremental revenue in any month in

which Brent prices exceed USD 50 per barrel towards the arrears. The revised

terms reduce the payment of the withheld amounts to 20 percent of incremental

revenue above USD 50 per barrel.

The Minister also advised that all international oil company invoices, including

towards withheld amounts, will now be settled within 60 days of receipt.

DNO is reviewing its position and will engage with Kurdistan to seek agreement

regarding payment terms, interest on the arrears and revised lifting

arrangements.

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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