Transactions Under DNO's Share Buyback Program and Completion of Program

21 Mar 2023 16:45 CET

Oslo, 21 March 2023 - DNO ASA, the Norwegian oil and gas operator, today
reported the below transactions made under the Company's share buyback program,
which commenced 9 December 2022. For further information regarding the program,
please see the Company's stock exchange notification from 8 December 2022.

Overview of transactions:

+------------------------------------------------------------------------------+
| Aggregate daily Weighted average |
|Date volume (number of share price Total transaction |
| shares) (NOK) value (NOK) |
+------------------------------------------------------------------------------+
|20.3.2023 770,000 10.5753 8,142,981 |
| |
|21.3.2023  664,978 11.1238 7,397,082 |
+------------------------------------------------------------------------------+
|Previously disclosed |
|buyback under the |
|Program (accumulated) 51,672,348 12.0700 623,684,722 |
+------------------------------------------------------------------------------+
|        |
+------------------------------------------------------------------------------+
|Accumulated buyback |
|under the Program 53,107,326 12.0365 639,224,785 |
+------------------------------------------------------------------------------+



Following the above transactions, the Company owns a total
of 79,376,509 treasury shares, corresponding to 7.53 percent of its share
capital.

An overview of all the completed transactions under the program for the dates
specified above is attached to this notification and available on
www.newsweb.no.

The Company has now acquired the maximum number of shares set out under the
program and the program is completed. The Board of Directors plans to propose to
the Annual General Meeting scheduled on 25 May 2023 to cancel the treasury
shares held by 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.

This information is subject to the disclosure requirements pursuant to §5-12 of
the Norwegian Securities Trading Act and the EU Market Abuse Regulation.

More information:
Access the news on Oslo Bors NewsWeb site

585819_Release.pdf
585819_DNO Share Buyback Individual Transaction Overview - 22032023.pdf