Q1 2023 Trading Update and Invitation to Earnings Call

18 Apr 2023 07:00 CEST

Oslo, 18 April 2023 - DNO ASA, the Norwegian oil and gas operator, will publish
its Q1 2023 operating and interim financial results on 11 May 2023 at 07:00
(CET). A videoconference call with executive management will follow at 10:00
(CET). The Company issues below an update on production and sales volumes for
the quarter as well as other key financial information that will be further
discussed in the earnings call.


Volumes (boepd)

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Gross operated production Q1 2023 Q4 2022 Q1 2022
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     Kurdistan 94,720 107,822 106,465

     North Sea - - -


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Net entitlement production Q1 2023 Q4 2022 Q1 2022
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     Kurdistan 22,691 25,618 26,670

     North Sea 14,776 14,976 12,700


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Sales Q1 2023 Q4 2022 Q1 2022
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     Kurdistan 22,691 25,618 26,670

     North Sea 15,865 15,152 10,689


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Equity accounted production (net) Q1 2023 Q4 2022 Q1 2022
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     Côte d'Ivoire 3,676 3,560 -


Selected cash flow items

During the quarter, DNO received USD 114.1 million net from the Kurdistan
Regional Government, representing the entitlement share of August and September
2022 crude oil deliveries for the Tawke and Baeshiqa licenses.

DNO paid one tax instalment of USD 43.1 million in Norway related to Norwegian
Continental Shelf (NCS) taxable profits in 2022.

Also during the quarter, the Company paid a dividend of NOK 0.25 per share
totaling USD 24.2 million and repurchased own shares totaling USD 50.7 million
as part of DNO's share buyback program. Following completion of the program in
March, the Company holds 79,376,509 own shares in treasury, representing 7.53
percent of its share capital.


Other items

DNO participated in two exploration wells in the North Sea in the quarter. The
Røver Sør well in PL923 on the NCS (20 percent working interest) was spudded on
1 December and completed on 2 February while the Heisenberg well in PL827S (49
percent working interest) was spudded on 14 February and completed on 6 March.
Both wells have been announced as discoveries.

Following shutdown of the Company's production in Kurdistan as announced on 29
March, the Company now projects full-year 2023 production for the Tawke license
to be below the previously communicated projection of 100,000 barrels of oil per
day.


Earnings call login details

Please visit www.dno.no (http://www.dno.no) for login details ahead of the call.


Disclaimer

The information contained in this release is based on a preliminary assessment
of the Company's Q1 2023 operating and interim financial results and may be
subject to change.

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For further information, please contact:
Media: media@dno.no (mailto:media@dno.no)
Investors: investor.relations@dno.no (mailto: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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