Q4 2022 Trading Update and Invitation to Earnings Call

17 Jan 2023 07:00 CET

Oslo, 17 January 2023 - DNO ASA, the Norwegian oil and gas operator, will
publish its Q4 and full-year 2022 operating and interim financial results on 9
February 2023 at 07:00 (CET). A videoconference call with executive management
will follow at 11:00 (CET). The Company issues below an update on production and
sales volumes for the quarter as well as other key financial information that
will be further discussed in the earnings call.

Volumes (boepd)

Gross operated production Q4 2022 Q3 2022 Q4 2021

  Kurdistan 107,822 109,054 107,472

  North Sea - - -



Net entitlement production Q4 2022 Q3 2022 Q4 2021

  Kurdistan 25,618 24,779 29,367

  North Sea 14,976 13,970 13,571



Sales Q4 2022 Q3 2022 Q4 2021

  Kurdistan 25,618 24,779 29,367

  North Sea 15,152 11,569 23,289



Equity accounted production (net) Q4 2022 Q3 2022 Q4 2021

  Côte d'Ivoire 3,470 3,100 -


Selected cash flow items

During the quarter, DNO received USD 167.3 million net from the Kurdistan
Regional Government, of which USD 147.0 million represents the entitlement share
of June and July 2022 crude oil deliveries for the Tawke and Baeshiqa licenses.
The balance of USD 20.3 million represents override payments equivalent to three
percent of gross June and July 2022 Tawke license revenues.

Also during the quarter, DNO paid two tax instalments totaling USD 3.5 million
in Norway and received USD 17.7 million in decommissioning tax refunds in the
UK.

The Company paid a dividend of NOK 0.25 per share totaling USD 25.4 million and
repurchased own shares totaling USD 12.3 million as part of DNO's share buyback
program announced in December.


Other items

DNO participated in two exploration wells in the North Sea in the quarter. The
Uer well in PL 943 on the NCS (30 percent working interest) was spudded on 21
September and completed on 22 October and has been announced as a dry well. The
Røver Sør well in PL 923 (20 percent working interest) was spudded on 1 December
and drilling was still ongoing as of end of Q4 2022.

DNO completed on 11 October the all-share agreement with RAK Petroleum plc for
assets in West Africa, following which the total outstanding shares at the end
of the quarter was 1,054,376,509. The contribution of these assets will be
reported in DNO's accounts through the equity accounting method. Pursuant to the
transaction, RAK Petroleum entered into voluntary liquidation and distributed
its shares in DNO to shareholders, including DNO. Together with shares acquired
through the share buyback program, the Company held 37,179,183 own shares in
treasury at the end of the quarter.


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 2022 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.

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