Peshkabir Barrels Past Hundred Million Milestone

23 Mar 2023 06:59 CET

Oslo, 23 March 2023 - DNO ASA, the Norwegian oil and gas operator,
today reported that cumulative oil production from its Peshkabir field in the
Kurdistan region of Iraq has broken through the 100 million-barrel milestone
less than six years after startup. The field was initially estimated to contain
proven and probable reserves of 75 million barrels of oil commingled with
associated gas.

In 2020, DNO completed a USD 110 million project to capture, transport and
inject the commingled gas into the neighboring Tawke field to achieve the triple
goals of reducing greenhouse gas emissions, enhancing oil recovery and saving
gas for future use, in what is the first and only such project in Kurdistan.

"Even though Peshkabir has already delivered more oil than we thought it held,
we now project that there are at least another 100 million barrels still to be
produced from this prolific field," said DNO's Executive Chairman Bijan
Mossavar-Rahmani. "Team DNO has succeeded in getting oil out of the ground in
record time and at industry beating costs while adjusting drainage strategy as
understanding of the reservoir grows," he added.

Mr. Mossavar-Rahmani went on to say that DNO firmly believes there are more
Tawkes and Peshkabirs in Kurdistan and that the Company is well positioned to
find and tap them. Cumulative oil production from DNO's currently operated
fields is approaching 440 million barrels.

Development of the Peshkabir field continues with the drilling of new wells and
initiation of water and gas injection pilot projects to assess additional oil
recovery potential. Earlier this month, field production was reduced from about
60,000 barrels of oil per day (bopd) to 43,000 bopd for maintenance workovers,
including to replace downhole pumps. Once completed, the Company expects to
recover full field production by end April and retains its 2023 production
projection of 100,000 bopd for the Tawke license. DNO operates and has a 75
percent stake in this license containing the Tawke and Peshkabir fields with
partner Genel Energy plc holding the balance.

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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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