DNO ASA

Report Publication Announcement • Apr 23, 2025

Q1 2025 Trading Update and Invitation to Earnings Call

Q1 2025 Trading Update and Invitation to Earnings Call

Oslo, 23 April 2025 - DNO ASA, the Norwegian oil and gas operator, will publish

its Q1 2025 operating and interim financial results on 15 May 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 selected

information for the quarter.

Volumes (boepd)

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Gross operated production Q1 2025 Q4 2024 Q1 2024

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Kurdistan 82,081 74,163 76,310

North Sea 8,864 6,602 -

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Net entitlement production Q1 2025 Q4 2024 Q1 2024

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Kurdistan 18,464 17,424 20,503

North Sea 19,296 19,031 14,217

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Sales Q1 2025 Q4 2024 Q1 2024

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Kurdistan 18,464 17,424 20,503

North Sea 16,981 17,088 17,710

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Equity accounted production (net) Q1 2025 Q4 2024 Q1 2024

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Côte d'Ivoire         3,375 2,994 3,323

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. All payments are

made in advance of loadings with the vast majority transferred directly into

DNO's international bank accounts.

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

27.4 million), which represents NOK 1.25 per share on an annualized basis. The

Company had no tax payments or refunds during the quarter.

In early March, DNO announced the transformative acquisition of Sval Energi

Group AS and DNO subsequently paid a deposit of USD 22.5 million to the seller.

The transaction is expected to be completed mid-year 2025.

Also in March, DNO completed the private placement of USD 600 million of new

five-year senior unsecured bonds. The early redemption of another bond, DNO04

(originally maturing in 2026), was completed on 10 April and did not impact the

Q1 2025 cash flow.

North Sea exploration

DNO participated in two discoveries on the Norwegian Continental Shelf in the

quarter, with combined recoverable resources of 26 million barrels of oil

equivalent net to DNO (mid-points of ranges). The Mistral well in PL1119 (10

percent interest) was spudded on 22 December and completed on 25 March, and the

operated Kjøttkake well (including a sidetrack) in PL1182 S (40 percent

interest) was spudded on 26 January and completed on 27 March. A third well,

Horatio in PL1109 (20 percent interest), was spudded on 5 February, completed on

22 March, and was dry.

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 Q1 2025 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. More information is

available at www.dno.no

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.