DNO ASA - Share Issue/Capital Change 2022

DNO Extraordinary General Meeting Approves Share Capital Increase

Oslo, 13 September 2022 - DNO ASA, the Norwegian oil and gas operator, today

held an Extraordinary General Meeting in Oslo at which the proposal to increase

the Company's share capital received near unanimous support of over 99 percent

of the votes cast.

The Company will issue 78,943,763 new shares for subscription by RAK Petroleum

plc, subject to the fulfilment of certain conditions set out in the transaction

agreement entered between DNO and RAK Petroleum by which the Company will

acquire assets in West Africa, as referenced in a 22 August 2022 stock exchange

announcement.

The total shares outstanding following the completion of the transaction will be

1,054,376,509?, each with a nominal value of NOK 0.25.

The minutes from the Extraordinary General Meeting are attached.

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 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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