DNO Makes Fifth Consecutive Discovery in its Core Area in the Norwegian North Sea

14 Mar 2023 08:31 CET

Oslo, 14 March 2023 - DNO ASA, the Norwegian oil and gas operator,
today confirmed an oil and gas discovery on the Heisenberg prospect in the
Norwegian North Sea license PL827S in which the Company holds a 49 percent
interest.

The discovery well encountered hydrocarbons in Hordaland Group sandstones of
Paleogene Age. Preliminary estimates of gross recoverable resources are in the
range of 24-84 million barrels of oil equivalent. A part of the discovery may
extend into the adjacent PL248F license in which DNO holds a 20 percent
interest.

The PL827S partnership, which in addition to the Company's wholly-owned
subsidiary DNO Norge AS includes operator Equinor Energy AS (51 percent),
considers the discovery commercially interesting as a tieback to existing
infrastructure in the area. An appraisal well is under consideration for next
year to delineate the discovery and assess its potential for a field
development.

Together with a string of recent discoveries in the area, Heisenberg may
ultimately be tied back to the Equinor-operated Troll field about 40 kilometers
to the southeast.

Heisenberg is DNO's fifth consecutive exploration success in the Troll-Gjøa area
following the 2023 Røver Sør and 2021 Røver Nord discoveries in PL923 (DNO 20
percent), as well as 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 four more exploration wells in this North Sea exploration hotspot
during 2023. The next of these exploration wells, Carmen, will spud in license
PL1148 (DNO 30 percent) next 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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