DNO Completes USD 400 Million Bond Placement

24 May 2024 15:47 CEST

24 May 2024 - DNO ASA, the Norwegian oil and gas operator, today completed the
private placement of USD 400 million of new five-year senior unsecured bonds
with a coupon rate of 9.25 percent. The bond placement launched on 21 May 2024
met strong investor demand across Nordic and international markets and was
significantly oversubscribed.

Settlement is expected on or about 4 June 2024, subject to customary conditions
precedent, and an application will be made for listing of the new bonds on the
Oslo Stock Exchange. Net proceeds from the new bond issue will be used towards
partly refinancing of the DNO04 bonds (ISIN: NO0011088593) and general corporate
purposes. In connection with the bond placement, the Company has agreed to buy
back USD 50 million in nominal value of DNO04.

Among independent oil and gas companies, DNO was a pioneer of the Nordic bond
market and has a flawless track record with 19 successful bond issues over the
past 23 years.

DNB Markets, part of DNB Bank ASA, and Pareto Securities AS acted as Global
Coordinators and Joint Bookrunners for the bond issue with Arctic Securities AS
as Joint Bookrunner. AGP Advokater AS acted as legal advisor to the Company.

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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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This release does not constitute any offer or solicitation to sell or purchase
any securities.

The release may not be released, published or distributed in the United States
of America or any other jurisdiction where release, publication or distribution
would be prohibited or require any registration or filing acts or similar.

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