DNO Starts Shutdown of Kurdistan Oilfields as Pipeline Closure Continues

29 Mar 2023 06:59 CEST

Oslo, 29 March 2023 - DNO ASA, the Norwegian oil and gas operator, today
announced that it has started an orderly shutdown of its operated oil fields in
the Kurdistan region of Iraq four days after it was instructed to temporarily
cease deliveries to the Iraq-Turkey Pipeline destined for the Mediterranean port
of Ceyhan following an arbitration ruling in favor of Iraq against Turkey for
exporting Kurdish oil without Baghdad's approval.

DNO had diverted oil production to storage tanks, but capacity is limited, as
previously announced.

The Company's prolific Tawke and Peshkabir fields averaged combined production
of 107,000 barrels of oil per day in 2022, representing a quarter of Kurdistan's
total exports. Peshkabir production was halted last night and plans drawn up to
conduct deferred maintenance. Tawke production shutdown has started but will
take an additional day or so given the much larger numbers of wells spread
across some 10 kilometers.

"It is unfortunate it has come to this given the likely impact of a continuing
supply disruption on oil prices and at a fragile time in global financial
markets," said DNO's Executive Chairman Bijan Mossavar-Rahmani.

Prior to the shutdown, the Iraq-Turkey Pipeline carried some 400,000 barrels a
day of Kurdish oil and another 70,000 barrels a day of Iraqi oil for export to
Mediterranean and other refineries.

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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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