DNO ASA

Regulatory Filings • Aug 6, 2024

Q2 2024 Trading Update and Invitation to Earnings Call

Q2 2024 Trading Update and Invitation to Earnings Call

Oslo, 6 August 2024 - DNO ASA, the Norwegian oil and gas operator, will publish

its Q2 2024 operating and interim financial results on 15 August at 07:00 (CET).

A videoconference call with executive management will follow at 14:00 (CET).

Today the Company provides an update on production, sales volumes and other key

information for the quarter.

Volumes (boepd)

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Gross operated production Q2 2024 Q1 2024 Q2 2023

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Kurdistan 79,783 76,310 65

North Sea - - -

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Net entitlement production Q2 2024 Q1 2024 Q2 2023

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Kurdistan 17,167 20,503 598

North Sea 16,321 14,217 10,841

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Sales Q2 2024 Q1 2024 Q2 2023

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Kurdistan 17,167 20,503 598

North Sea 12,872 17,710 9,056

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Equity accounted production (net) Q2 2024 Q1 2024 Q2 2023

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Côte d'Ivoire         3,256 3,323 3,532

Selected cash flow items

DNO's share of crude oil from the Tawke license during the quarter has been sold

to local buyers as the Iraq-Türkiye Pipeline remained closed. Payments are

deposited directly into DNO's international bank accounts in advance of

loadings.

Operational cash flow in Q2 2024 will be positively impacted by net working

capital movements of USD 62 million, driven by trade payables, prepayments from

customers and sales/lifting arrangements for the Tawke license.

In the second quarter, DNO paid a dividend of NOK 0.25 per share (totaling USD

23.0 million). The Company had no tax payments or refunds during the quarter.

Also during the quarter, DNO completed the private placement of USD 400 million

of five-year senior unsecured bonds with a coupon rate of 9.25 percent. In

connection with the bond placement, the Company redeemed USD 50 million in

nominal value of the existing DNO04 bond. Outstanding loan amount for DNO04

after the redemption is USD 350 million.

Other items and information

DNO participated in one exploration well in the Norwegian North Sea in the

quarter. The Cuvette well in PL248F/PL248GS (20 percent interest) was spudded on

28 April and completed on 15 June and resulted in a discovery with estimated

gross recoverable resources of 16-38 million barrels of oil equivalent.

Other drilling activities during the quarter included the B-3 well in Kurdistan

at the operated Baeshiqa license, which was spud on 21 February and continued

throughout Q2 2024.

The acquisition of a 25 percent interest in the Arran field on the UK

Continental Shelf announced in February was completed on 15 May. Consideration

paid upon completion was approximately USD 60 million and the acquired asset

will contribute to reported production and financial results from completion

date.

In May, DNO announced an agreement to acquire stakes in five oil and gas fields

in the Norne area in the Norwegian Sea from Vår Energi ASA. This transaction is

expected to close in the third quarter of 2024 so it will not impact the Q2

2024 results.

Earnings call login details

Please visit www.dno.no (http://www.dno.no) for login details ahead of the call.

Disclaimer

The information contained in this release is based on a preliminary assessment

of the Company's Q2 2024 operating and interim financial results and may be

subject to change.

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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 active in the Middle East, the North

Sea and West 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, Norway,

the United Kingdom, Côte d'Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.