DNO Kicks Off 2023 with Discovery at Røver Sør

09 Feb 2023 07:04 CET

Oslo, 9 February 2023 - DNO ASA, the Norwegian oil and gas operator,
today confirmed an oil and gas discovery on the Røver Sør prospect in the
Norwegian North Sea license PL923 in which the Company holds a 20 percent
interest.

The discovery well and a follow-on appraisal sidetrack encountered hydrocarbons
in three Jurassic Brent Group sandstone reservoirs (Ness, Etive and Oseberg
formations). Preliminary estimates of gross recoverable resources are in the
range of 17-47 million barrels of oil equivalent.

The partners, which in addition to the Company's wholly-owned subsidiary DNO
Norge AS, include Equinor Energy AS (operator), Petoro AS and Wellesley
Petroleum AS, consider the discovery to be commercial. Together with a string of
recent discoveries in the area, Røver Sør may be tied back to the Equinor-
operated Troll field about 10 kilometers to the east.

Røver Sør is DNO's fourth consecutive exploration success in the Troll-Gjøa area
following the 2021 Røver Nord discovery within the same license and also the
2022 discoveries of Kveikje in PL293B (DNO 29 percent) and Ofelia in PL929 (DNO
10 percent).

One of the largest acreage holders in the Troll-Gjøa area, the Company has
scheduled five more exploration wells in this North Sea exploration hotspot
during 2023. The next of these exploration wells, Heisenberg, will spud in
license PL827S (DNO 49 percent with the remaining 51 percent held by Equinor as
operator) later this month.

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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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