DNO ASA

Report Publication Announcement • Oct 14, 2024

Q3 2024 Trading Update and Invitation to Earnings Call

Q3 2024 Trading Update and Invitation to Earnings Call

Oslo, 14 October 2024 - DNO ASA, the Norwegian oil and gas operator, will

publish its Q3 2024 operating and interim financial results on 7 November 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 Q3 2024 Q2 2024 Q3 2023

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Kurdistan 84,212 79,783 25,984

North Sea - - -

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Net entitlement production Q3 2024 Q2 2024 Q3 2023

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Kurdistan 17,607 17,167 9,897

North Sea 11,236 16,321 14,288

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Sales Q3 2024 Q2 2024 Q3 2023

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Kurdistan 17,607 17,167 9,897

North Sea 15,306 12,871 15,749

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Equity accounted production (net) Q3 2024 Q2 2024 Q3 2023

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Côte d'Ivoire         2,843 3,256 3,373

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.

In the third quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD

29 million), which was up 25 percent from prior quarterly distributions. The

Company had no tax payments or refunds during the quarter.

The acquisition of stakes in five oil and gas fields in the Norne area in the

Norwegian Sea announced in May was completed on 30 August. Net cash

consideration paid by DNO was approximately USD 24 million. The transfer of

DNO's 22.6 percent interest in Ringhorne East to Vår Energi, the other element

of the swap, was completed on the same date.

Other items and information

DNO participated in two exploration wells in the Norwegian North Sea in the

quarter. The Heisenberg/Angel well in PL827SB (49 percent interest) was spudded

on 18 August and completed on 16 September. The well delineated the play-opening

2023 Heisenberg oil and gas discovery and confirmed the volume estimate of 24 to

56 MMboe but the deeper Angel exploration target was found to be mainly water

wet. The operated Falstaff well (50 percent interest) was spudded on 20

September and drilling was ongoing as of end of Q3 2024.

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

at the DNO-operated Baeshiqa license (64 percent interest), which was spudded on

21 February, completed on 26 July and was ongoing a testing program as of end of

Q3 2024.

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 Q3 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.