Dno

TekBot · november 14, 2024, 6:00am

DNO Shares Traded Ex-Dividend

Oslo, 14 November 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced that the Company’s shares will be traded ex-dividend effective 14
November 2024.
…

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A dividend payment of NOK 0.3125 per share will be made on or about 22 November
2024 to all shareholders of record as of 15 November 2024.

For further information, please contact:

Media: media@dno.no
Investors: investor.relations@dno.no

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 and section 4.2.5.3 of Euronext
Oslo Rulebook II.

Kilde

TekBot · desember 2, 2024, 7:22am

DNO Strikes Oil in New Play Offshore Norway

Oslo, 2 December 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced an oil discovery in license PL1086 in which the Company holds a 50
percent operated interest with the balance held by partners Aker BP ASA (20
…

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percent), Petoro AS (20 percent) and Source Energy AS (10 percent).

Light oil was discovered in Palaeocene sandstones of good reservoir quality with
preliminary estimates of gross recoverable resources in the range of 27-57
million barrels of oil equivalent (MMboe) on a P90-P10 basis, with a mean of 41
MMboe.

As this is the first time moveable oil has been encountered in the Borr unit of
the Våle Formation in the Norwegian sector, the discovery is considered a play
opener. The well had two exploration targets, a deeper prospect (Falstaff) where
no reservoir was encountered and a shallower prospect (Othello) where a 16-meter
net oil bearing reservoir was encountered. This discovery was subsequently
confirmed in a sidetrack.

The Othello discovery marks the second new play DNO, as operator, has proven
recently in Norway, following last year’s Norma discovery (30 percent and
operator). Remarkably, Othello has discovered oil east in the basin where
migration risk was commonly thought to be too high. In recent years, the
industry has shown little exploration interest in this area, which has been
disparagingly called “the dry belt”.

Together with its partners, DNO is already considering tying back the discovery
to existing infrastructure, with the ConocoPhillips Ekofisk hub some 40
kilometers to the west and the Valhall hub operated by Aker BP some 55
kilometers to the southwest.

“DNO has become a North Sea playmaker,” said Executive Chairman Bijan Mossavar-
Rahmani. “We have proven persistent, purposeful and pertinacious and these
qualities pay in exploration. In addition to our ongoing exploration campaign,
we will focus on other identified, and now derisked by Othello, prospects in the
area,” he added.

Meanwhile, the licensees of nearby PL1085, comprising DNO (25 percent), Aker BP
(55 percent and operator) and Petoro (20 percent), are considering developing
the 2022 Overly discovery in the permit as a tieback to Aker BP’s Valhall hub
based on recently completed studies leading to increased estimates of
recoverable resources. Overly lies 10 kilometers north of Valhall.

The PL1086 well and the sidetrack were drilled by the Noble Invincible jackup
which will now move to drill a production well on the nearby Tambar East
oilfield in which DNO holds a 37.8 percent interest.

Also nearby, the 2026 Sunndal exploration well is planned to be drilled in
PL1171 by DNO (50 percent) and Aker BP (50 percent and operator).

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

Kilde

TekBot · desember 4, 2024, 11:01am

Financial calendar

TekBot · desember 9, 2024, 6:00am

Trym Reboot Boosts North Sea Output

Oslo, 9 December 2024 - DNO ASA, the Norwegian oil and gas operator,
today announced that its operated Trym field in the Norwegian North Sea license
PL147 (DNO 50 percent) is back on production after a five-year shutdown during
…

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which TotalEnergies redeveloped the Tyra field infrastructure in the Danish
North Sea to which Trym is tied back.

First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil
equivalent per day (boepd) net to DNO at plateau. Remaining reserves are
estimated at two million barrels of oil equivalent (MMboe) net to DNO.

Available capacity at the Trym subsea template represents further opportunities.
The Company is currently assessing a development of the 2013 Trym Sør discovery
containing recoverable resources of around two MMboe net to DNO, possibly adding
production from early 2027.

In addition, DNO has identified nearby exploration prospects that may be drilled
from the Trym subsea template, potentially extending its lifetime.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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 the Norwegian Securities Trading Act

Kilde

TekBot · desember 17, 2024, 7:33am

DNO Adds Its Ninth Discovery in North Sea Core Area

Oslo, 17 December 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced an oil and gas discovery on the Ringand prospect in the Norwegian
North Sea license PL923/923B in which the Company’s wholly-owned subsidiary DNO
…

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Norge AS holds a 20 percent interest.

Preliminary estimates of gross recoverable resources are in the range of 2-13
million barrels of oil equivalent (MMboe) on a P90-P10 basis with a mean of 10
MMboe. Together with its partners Equinor Energy AS (60 percent and operator)
and Petoro AS (20 percent), DNO will consider tying back the discovery to future
infrastructure in the area.

The discovery is DNO’s ninth discovery in the exploration hotspot surrounding
the Troll and Gjøa production hubs since 2021, following Røver Nord, Kveikje,
Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre and Cuvette. Discoveries in the
Troll-Gjøa area make up the largest share of DNO’s net contingent resources in
the North Sea, which stood at 132 MMboe at yearend 2023.

Ringand lies in the same license as Røver Nord and Røver Sør, all three within a
25-kilometer radius from the Troll B platform, a likely host candidate operated
by Equinor.

DNO continues to be one of the most active explorers in the North Sea. In early
December, the Company announced the play-opening Othello discovery in license
PL1086 (50 percent and operator) some 40 kilometers east of the Ekofisk hub and
55 kilometers northeast of the Valhall hub.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

Kilde

TekBot · desember 19, 2024, 7:00am

DNO Farms Into Mistral Exploration Well Through Horatio Swap

Oslo, 19 December 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced that the Company’s wholly-owned subsidiary DNO Norge AS has entered
into a swap agreement with OKEA ASA to farm into a 10 percent interest in PL1119
…

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containing the Mistral prospect. In exchange, OKEA will pick up a 10 percent
interest in PL1109 containing the Horatio prospect.

The Mistral prospect is located just south of the Åsgard area in the Norwegian
Sea. Drilling is expected to commence shortly using the semi-submersible rig
Deepsea Atlantic, targeting estimated predrill volumes of 19-57 million barrels
of oil equivalent with a medium chance of success. Total drilling time is
estimated at 60 days in case of a discovery. Other Mistral partners include
Equinor Energy AS (50 percent and operator), Pandion Energy AS (20 percent) and
OKEA (20 percent after the transaction).

DNO will retain a 20 percent interest in PL1109 following OKEA’s entry. In this
license, the Horatio well is scheduled for drilling in the first quarter of
2025 using the semi-submersible rig Transocean Norge. Other Horatio partners
include OMV (Norge) AS (30 percent and operator), Aker BP ASA (20 percent) and
Pandion (20 percent).

There is no consideration to be paid by either party for the swap of working
interests. Each party will carry its relative share of the drilling costs for
the respective wells.

The transaction is subject to government approval.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

Kilde

TekBot · januar 14, 2025, 1:26pm

DNO Receives 13 Awards in Norway’s APA Licensing Round

Oslo, 14 January 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced that its wholly-owned subsidiary DNO Norge AS has been awarded
participation in 13 exploration licenses, of which four are operatorships, under
…

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Norway’s Awards in Predefined Areas (APA) 2024 licensing round.

Of the 13 new licenses, 10 are in the North Sea and three in the Norwegian Sea.

At yearend 2024, DNO held interests in 84 licenses offshore Norway, of which 17
were operated by the Company.

The new awards under the APA 2024 licensing round include:

PL147B: DNO Norge AS (operator, 50 percent), Sval Energi AS

PL1151B: Harbour Energy Norge (operator), Aker BP ASA, DNO Norge AS (20
percent), Equinor Energy AS, Pandion Energy AS

PL1175B: Aker BP ASA (operator), DNO Norge AS (30 percent), ORLEN Upstream
Norway AS

PL1198B: Aker BP ASA (operator), DNO Norge AS (20 percent), Petoro AS, Source
Energy AS

PL1204BS: DNO Norge AS (operator, 60 percent), Equinor Energy AS

PL1244: DNO Norge AS (operator, 60 percent), Aker BP ASA

PL1245: Aker BP ASA (operator), DNO Norge AS (30 percent), Petoro AS

PL1251: DNO Norge AS (operator, 50 percent), Concedo AS

PL1255: Wellesley Petroleum AS (operator), DNO Norge AS (20 percent), Equinor
Energy AS, OKEA ASA

PL1258: Petrolia NOCO AS (operator), DNO Norge AS (40 percent)

PL1270: Sval Energi AS (operator), DNO Norge AS (50 percent)

PL1271S: Aker BP ASA (operator), DNO Norge AS (25 percent), Equinor Energy AS

PL1273: Petrolia NOCO AS (operator) DNO Norge AS (40 percent)

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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 the Norwegian Securities Trading Act.

Kilde

TekBot · januar 16, 2025, 6:00am

Q4 2024 Trading Update and Invitation to Earnings Call

Oslo, 16 January 2025 - DNO ASA, the Norwegian oil and gas operator, will
publish its Q4 2024 operating and interim financial results on 6 February at
07:00 (CET). A videoconference call with executive management will follow at
…

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14:00 (CET). Today the Company provides an update on production, sales volumes
and other selected information for the quarter.

Volumes (boepd)

Gross operated production Q4 2024 Q3 2024 Q4 2023

Kurdistan 74,163 84,212 65,773

North Sea 6,602 - -

Net entitlement production Q4 2024 Q3 2024 Q4 2023

Kurdistan 17,424 17,607 26,057

North Sea 19,031 11,236 16,879

Sales Q4 2024 Q3 2024 Q4 2023

Kurdistan 17,424 17,607 26,057

North Sea 17,088 15,307 15,628

Equity accounted production (net) Q4 2024 Q3 2024 Q4 2023

Côte d’Ivoire 2,988 2,842 3,476

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 fourth 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 also had a tax payment of USD 0.9 million in Norway, which relates to
the tax assessment for 2023.

North Sea exploration

DNO participated in three exploration wells on the Norwegian Continental Shelf
in the quarter. The operated Othello/Falstaff well in PL1086 (50 percent
interest) was spudded on 20 September and completed on 27 November, while the
Ringand well in PL923/923B (20 percent interest) was spudded on 5 November and
completed on 7 December. Both Othello and Ringand have been announced as
discoveries while the deeper Falstaff prospect was dry. The Mistral well was
spudded on 22 December and drilling was ongoing as of end of Q4 2024. As
previously announced, DNO entered into an agreement to farm into a 10 percent
interest in PL1119 containing the Mistral prospect earlier in December.

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 Q4 2024 operating and interim financial results and may be
subject to change.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

Kilde

TekBot · februar 6, 2025, 6:01am

DNO Results Reflect Robust Kurdistan Production, North Sea Expansion

Oslo, 6 February 2025 - DNO ASA, the Norwegian oil and gas operator, today
reported 2024 revenues of USD 667 million on the back of stellar production in
the Kurdistan region of Iraq in a year marked by continuing North Sea expansion.
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Cash from operations increased nearly 50 percent to USD 433 million year-on-
year. Operating profit dropped to USD 6 million reflecting the Company’s
decision to take non-cash impairments of USD 146 million in its accounts, part
of which was previously reported.

Net production climbed 50 percent year-on-year to 77,300 barrels of oil
equivalent per day (boepd), to which Kurdistan contributed 59,000 boepd, North
Sea 15,200 boepd and West Africa 3,100 boepd.

At Kurdistan’s Tawke license (75 percent and operator), DNO increased gross
production from the Tawke and Peshkabir fields by 70 percent year-on-year to
78,600 boepd in 2024, with oil sold at its Fish Khabur terminal as the Iraq-
Türkiye export pipeline remained shut in. Sales prices averaged USD 35 per
barrel with payments deposited into DNO’s international bank accounts ahead of
deliveries. At these prices, Tawke license sales generate around USD 10 million
per month of free cash flow to DNO.

Maintaining strict capital spending discipline, DNO drilled no new wells on the
Tawke license in 2024. Notwithstanding, output was increased by bringing three
previously drilled wells onstream and by workovers and interventions on more
than 20 other wells across the license.

“Our Kurdistan team is doing a terrific job. Maintaining, never mind increasing,
production from mature carbonate reservoirs without new drilling is rare, even
exceptional,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “In Norway,
we are applying a similar ‘can-do’ spirit to get our barrels from a string of
recent discoveries out of the ground and into the market and do so faster than
is the norm here,” he added.

In 2024, DNO took steps to expand its North Sea business by acquiring a 25
percent interest in the producing Arran field in the United Kingdom and
interests in four producing fields and one development asset in the Norne area
offshore Norway. Driven by contribution from these acquisitions, recovery of
production in some fields following maintenance and Trym field restart, net
North Sea production climbed to 19,000 boepd in the fourth quarter.

Meanwhile, DNO is taking part in four ongoing North Sea field development
projects expected to come online between 2025 and 2028 that represent proven and
probable reserves of some 30 million barrels of oil equivalent net to the
Company. Two other discoveries, namely Ofelia/Kyrre (10 percent) and Cuvette (20
percent) are nearing development decisions.

Among the 2024 exploration highlights was the play-opening Othello light oil
discovery (50 percent and operator), Norway’s second largest find last year.
Prior to the discovery, DNO had already taken a strong acreage position in this
area in close collaboration with Aker BP, host operator of nearby Valhall hub.

Overall, the Company plans to drill between four (firm) and six North Sea
exploration wells in 2025. Meanwhile, complementing its ongoing exploration
activities, last month DNO was awarded 13 new licenses in Norway’s 2024 Awards
in Predefined Areas (APA) licensing round, including four operatorships, by the
Norwegian Ministry of Energy.

Planned 2025 operational spend is ramped up to USD 750 million driven by
increased North Sea activity.

DNO’s robust balance sheet supports growth and distributions to shareholders.
The Board of Directors yesterday authorized a dividend of NOK 0.3125 per share
in February, maintaining the quarterly distribution at the same level as last
quarter.

A videoconference call with executive management will follow today at 14:00
(CET). Please visit www.dno.no to access the call.

Key figures
                                     Full-Year 2024   Q4 2024   Q3 2024
Gross operated production (boepd) 80,280 80,765 84,212

Net production (boepd) 77,269 77,646 77,238

Revenues (USD million) 667 177 171

Operating profit/-loss (USD million) 6 -82 31

Net profit/-loss (USD million) -27 -98 20

Free cash flow (USD million) 59 -5 35

Net cash/-debt (USD million) 99 99 134

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

Kilde

TekBot · februar 6, 2025, 6:01am

Key Information Relating to Cash Dividend

Oslo, 6 February 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced that pursuant to the authorization granted at the Annual General
Meeting held on 6 June 2024, the Board of Directors has approved a dividend
…

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payment of NOK 0.3125 per share to be made on or about 21 February 2025 to all
shareholders of record as of 14 February 2025. DNO shares will be traded ex-
dividend as of 13 February 2025.

Dividend amount: NOK 0.3125 per share

Declared currency: NOK

Last day including right: 12 February 2025

Ex-date: 13 February 2025

Record date: 14 February 2025

Payment date: 21 February 2025 (on or about)

Date of approval: 5 February 2025, based on authorization granted 6
June 2024

–

For further information, please contact:

Media: media@dno.no (https://www.globenewswire.com/Tracker?data=6SIiSLlaQ5-
NgYmgTrEzc0UypGoXaJGXR1c9U2I2xa5P-sYFwpBZ-l26gEJ5MFc4LZMSYw039b2XahCBuBE3TA==)
Investors: investor.relations@dno.no
(https://www.globenewswire.com/Tracker?data=N-mJkPHSpnlR2wrCVf-
WKUVrUfKV39iwuicXm518Rq1wIcqFcVCQs8pQnImqRHF4jG71-
M3tLImwQ7FRb2q2OsE5W1H9TDQ6eUWtqza5yYcj3b3WGHRHlom27YyXawP9)

–

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 and section 4.2.4 of Euronext Oslo
Rulebook II.

Kilde

TekBot · februar 13, 2025, 6:01am

DNO Shares Traded Ex-Dividend

Oslo, 13 February 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced that the Company’s shares will be traded ex-dividend effective 13
February 2025.
…

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A dividend payment of NOK 0.3125 per share will be made on or about 21 February
2025 to all shareholders of record as of 14 February 2025.

For further information, please contact:

Media: media@dno.no
Investors: investor.relations@dno.no

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 and section 4.2.5.3 of Euronext
Oslo Rulebook II.

Kilde

TekBot · mars 5, 2025, 7:31am

DNO Participates in Mistral Discovery; Eyes Quick Tieback

Oslo, 5 March 2025 - DNO ASA, the Norwegian oil and gas operator, today
confirmed a gas/condensate discovery on the Mistral prospect in the Norwegian
Sea license PL1119 in which the Company’s wholly-owned subsidiary DNO Norge AS
…

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recently acquired a 10 percent interest.

The well encountered a 45-meter hydrocarbon column with good reservoir
properties in the Garn Formation. Preliminary estimates of gross recoverable
resources encountered are in the range of 19-44 million barrels of oil
equivalent. In addition to DNO, license partners include Equinor Energy AS (50
percent and operator), OKEA ASA and Pandion Energy AS (20 percent each).

Located some 20 kilometers southwest of Equinor’s ongoing Lavrans subsea
development, the Mistral discovery is a candidate for a fast-track tieback to
this field. Given the good reservoir properties, the discovery likely allows for
simplified development solutions.

To diversify its exploration portfolio, DNO entered into the Mistral license
through a swap agreement with OKEA announced on 19 December 2024, shortly before
spud date of the discovery well. In exchange, OKEA picked up a 10 percent
interest in North Sea license PL1109 containing the Horatio prospect, in which
DNO has retained a 20 percent interest. Exploration drilling is ongoing at
Horatio. The DNO-OKEA transaction is subject to government approval.

Further south, DNO is currently drilling its Kjøttkake exploration well in North
Sea license PL1182S in which the Company holds a 40 percent operated stake.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

Kilde

TekBot · mars 7, 2025, 6:47am

DNO to Acquire Sval Energi in Transformative Transaction; Quadruples North Sea Output

Oslo, 7 March 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced it has reached agreement to acquire 100 percent of the shares of Sval
Energi Group AS from HitecVision for a cash consideration of USD 450 million
…

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based on an enterprise value of USD 1.6 billion.

The Sval Energi assets are complementary to DNO’s North Sea portfolio and will
add scale and diversification to solidify the Company’s position as a leading
listed European independent oil and gas company. The acquisition will be
financed from existing liquidity including available credit facilities. The
Company will set in place the optimal capital structure prior to completion.

“This is a rare opportunity to acquire a portfolio of high-quality oil and gas
assets on the Norwegian Continental Shelf,” said DNO’s Executive Chairman Bijan
Mossavar-Rahmani, “and we have moved fast to capture it.” He continued that
“given low unit production costs and limited near-term investment requirements,
the Sval Energi portfolio is highly cash generative and will help underpin
development of the numerous discoveries we have made in Norway recently,” he
added.

This transaction will:

Boost DNO’s global net production by two thirds to around 140,000 barrels of
oil equivalent per day (boepd) on a 2024 pro forma basis and proven and
probable (2P) reserves by 50 percent to 423 million barrels of oil
equivalent (boe)

Increase North Sea 2P reserves from 48 million boe to 189 million boe post-
closing and 2C resources from 144 million boe to 246 million boe

Quadruple North Sea production to around 80,000 boepd, propelling the
Company to the upper ranks of Norwegian Continental Shelf players

Turn the North Sea into the biggest contributor to Company’s net production
with some 60 percent of the total (with the balance coming predominantly
from two operated fields in the Kurdistan region of Iraq)

Provide tax synergies, G&A savings and lower DNO’s borrowing costs

Strengthen presence in core areas on the Norwegian Continental Shelf where
the Company has unparalleled exploration success since 2020 with 14
discoveries including Bergknapp/Åre, Bergknapp, Carmen, Cuvette, Heisenberg,
Kveikje, Mistral, Norma, Ofelia, Othello, Overly, Ringand, Røver Nord and
Røver Sør, together adding contingent resources (2C) of around 100 million
boe net to DNO

Capitalize on Sval Energi’s extensive portfolio which includes interests in
hubs and existing tiebacks that provide potential development synergies with
DNO’s discoveries

Sval Energi in brief:

Non-operated interest in 16 producing fields offshore Norway, with net
production of 64,100 boepd in 2024

141 million boe in net 2P reserves and 102 million boe of net 2C resources

Largest assets (measured by net 2P reserves) are Nova, Martin Linge,
Kvitebjørn, Eldfisk, Maria, Symra and Ekofisk

Portfolio is highly cash generative (cash flow from operations totaled USD
565 million in 2024) with low production cost (USD 14 per boe) and limited
near-term investments

Balanced portfolio split about equally between liquids and gas

Additional upside and production potential from organic growth in producing
assets, fields under development (Maria Revitalization, Symra, Dvalin North)
and discoveries (Cerisa, Ringhorne North, Beta), as well as redevelopment
opportunities (Albuskjell, West Ekofisk)

The MLK wind farm will be carved out prior to closing and is not part of the
transaction

A team of 93 employees to be integrated into the DNO organization

The acquisition will be financed with existing cash and other debt financing
facilities available to DNO. At yearend 2024, the Company held USD 900 million
in cash and a further USD 100 million liquidity under its reserve-based lending
(RBL) facility. Additional funding sources include new bond and RBL debt as well
as offtake-based financing.

The effective date of the transaction is 1 January 2025, with expected
completion mid-year 2025, subject to customary regulatory approvals from the
Norwegian Ministry of Energy, the Norwegian Ministry of Finance and competition
authorities.

Pareto Securities is acting as financial advisor to DNO and Advokatfirmaet
Thommessen as legal counsel.

DNO’s executive management will participate in a videoconference call, including
a question-and-answer session, today at 10:00 CET.

Please visit www.dno.no (http://www.dno.no/) to participate in the call.

A presentation of the transaction is attached to this release.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

DNO ASA is a leading 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 (http://www.dno.no/)

This announcement is considered to include inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This announcement was
published by Gudmund Hartveit, Manager Corporate Development and IR DNO ASA, at
the date and time set out above.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

Kilde

TekBot · mars 11, 2025, 6:30am

DNO to Hold Fixed Income Investor Meetings

11 March 2025 - DNO ASA, the Norwegian oil and gas operator, today announced it
has engaged DNB Markets, a part of DNB Bank ASA, and Pareto Securities AS as
Global Coordinators and Joint Bookrunners, to arrange fixed income investor
…

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meetings. Clarksons Securities AS, Fearnley Securities AS and SpareBank 1
Markets AS have been retained as Co-Lead Managers. Subject to inter alia market
conditions and acceptable terms, a new senior unsecured bond issue with a tenor
of five years may follow. The contemplated bond will materially have the same
terms as DNO05.

The purpose of the bond issue is to refinance the DNO04 senior unsecured bonds
with maturity in September 2026 (ISIN NO 0011088593) and general corporate
purposes. DNO will, subject to a successful bond placement, issue a call notice
for redemption of DNO04 at the prevailing call price.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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 considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This stock exchange
notice was published by Jostein Løvås, Communication Manager DNO ASA, on the
time and date set out above.

Kilde

TekBot · mars 11, 2025, 10:21pm

Mandatory Notification of Trade

TekBot · mars 14, 2025, 2:50pm

DNO Completes USD 600 Million Bond Placement

14 March 2025 - DNO ASA, the Norwegian oil and gas operator, today completed the
private placement of USD 600 million of new five-year senior unsecured bonds
with a coupon rate of 8.5 percent. The bond placement met strong investor demand
…

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across US, Nordic and international markets and was significantly
oversubscribed.

“With this issue, we extend our flawless record to 20 successful bond placements
over the past 24 years, with no waivers, no amendments and certainly no
defaults,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “The
enthusiastic response reflects this record and the growing diversification of
the Company with the transformative acquisition of Sval Energi Group AS
announced last week,” he added.

Settlement is expected on or about 27 March 2025, subject to customary
conditions precedent. An application will be made to list the bonds on the Oslo
Stock Exchange. Proceeds from the new bond issue will be used to call the USD
350 million outstanding DNO04 bonds (ISIN: NO0011088593) and general corporate
purposes.

DNB Markets, part of DNB Bank ASA, and Pareto Securities AS acted as Global
Coordinators and Joint Bookrunners with Clarksons Securities AS, Fearnley
Securities AS and SpareBank 1 Markets AS as Co-Lead Managers. AGP Advokater AS
acted as legal advisor to the Company.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

This release does not constitute any offer or solicitation to sell or purchase
any securities.

The release may not be released, published or distributed in the United States
of America or any other jurisdiction where release, publication or distribution
would be prohibited or require any registration or filing acts or similar.

Kilde

TekBot · mars 26, 2025, 6:31am

DNO Bags Kjøttkake with a Bang

Oslo, 26 March 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced an important oil and gas discovery in Northern North Sea license
PL1182 S in which the Company holds a 40 percent operated interest.
…

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The discovery was made in Paleocene injectite sandstones of excellent reservoir
quality with preliminary estimates of gross recoverable resources in the range
of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe.

The Kjøttkake exploration well encountered a 41-meter oil column and a 9-meter
gas column. A sidetrack drilled horizontally 1,350 meters westwards along the
reservoir in the Sotra Formation confirmed the presence of the oil column
throughout the discovery.

“We are on a hot streak in Norway,” said Executive Chairman Bijan Mossavar-
Rahmani. “Our latest and most exciting discovery this year, Kjøttkake, is close
to existing infrastructure in the Troll-Gjøa area, and we will be relentless in
pursuing its commercialization.”

Located 27 kilometers northwest of the Troll C platform and 44 kilometers
southwest of the Gjøa platform, Kjøttkake is DNO’s tenth discovery since 2021 in
the Troll-Gjøa exploration and development hotspot, following
Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre, Cuvette and
Ringand.

The Company has also racked up discoveries in other parts of the Norwegian
Continental Shelf, including Norma (2023) and Othello (2024), both play-opening
finds and both operated by DNO.

Partners in license PL1182 S include Aker BP ASA (30 percent), Concedo AS (15
percent) and Japex Norge AS (15 percent). The wells were drilled using the
Deepsea Yantai rig.

Following its exploration success, the Company has stepped up purchases of
producing assets to balance its Norwegian portfolio and help fund coming
developments. In early March, DNO announced the transformative acquisition of
Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million
barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources
from 144 million boe to 246 million boe (pro forma figures as of yearend 2024).

The acquisition, which is expected to close by mid-year, will turn the North Sea
into the biggest contributor to Company’s net production with some 60 percent of
the total, with the balance coming predominantly from two operated fields, Tawke
and Peshkabir, in the Kurdistan region of Iraq.

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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.

Kilde

E24Bot · mars 26, 2025, 2:39pm

DNO med Kjøttkake-funn

https://e24.no/boers-og-finans/i/Mnk5Vr/dno-med-kjoettkake-funn

TekBot · mars 27, 2025, 12:28pm

Key Information Relating to Full Redemption of Bond DNO04

Issuer: DNO ASA

ISIN of bond loan: NO0011088593
…

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Original maturity date: 9 September 2026

New maturity date: 10 April 2025

Redemption price: 102.3625% (plus accrued but unpaid interests)

Record date: 8 April 2025

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

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, and published in accordance with
section 6.2.2 of Euronext Oslo Rule Book II.

Kilde

TekBot · mars 30, 2025, 8:07pm