DNO Bulks Up in Norway with Acquisitions, Exploration Success

02 Sep 2024 07:00 CEST

Oslo, 2 September 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced the completion of the acquisition of stakes in five oil and gas
fields, including an operatorship, in the Norne area in the Norwegian Sea from
Vår Energi ASA. Following closing, DNO's wholly-owned subsidiary DNO Norge AS
holds interests in all producing and under development fields in the greater
Norne area, making it a core area for the Company on the Norwegian Continental
Shelf.

The transaction includes interests in four producing fields, Norne (6.9
percent), Skuld (11.5 percent), Urd (11.5 percent) and Marulk (20 percent and
operatorship) plus the ongoing Verdande development (10 percent). Prior to the
transaction, DNO held interests in Alve (32 percent), Marulk (17 percent), and
Andvare development (32 percent) in the Norne area.

Adjusting for cash flow between effective transaction on 1 January 2024 and
completion on 30 August 2024, the net cash consideration paid by DNO was
approximately USD 24 million. The transfer of DNO's 22.6 percent interest in
Ringhorne East to Vår Energi, the other element of the swap, was completed on
the same date.

The transaction adds more than eight million barrels of oil equivalent (MMboe)
in reserves and resources net to DNO. In terms of production, the acquired
assets delivered approximately 3,000 barrels of oil equivalent per day (boepd)
in the first half of 2024, expected to rise to above 5,000 boepd in 2026 as the
Verdande contribution kicks in.

All fields in the Norne area are tied back to the Equinor-operated Norne FPSO
that came onstream in 1997. Oil produced in the area is loaded from the FPSO to
tankers for export, while gas is exported by pipeline through the Åsgard
Transport System. Planned hub lifetime extends to 2036. With its expanded area
position, DNO has stepped up studies of near-field exploration targets and
infill well opportunities.

Coming on the heels of DNO's acquisition of a 25 percent stake in UK's Arran
field completed in May, the new Norne assets will support a ramp-up in DNO North
Sea's production next year, together with the restart of Trym (DNO 50 percent
and operator) in the fourth quarter of 2024 and start-up of Andvare (DNO 32
percent) in 2025.

Meanwhile, DNO continues its active exploration in the North Sea with the
ongoing drilling of the combined Heisenberg appraisal and Angel exploration well
(DNO 49 percent). Followed by Ringand (DNO 20 percent) and Falstaff (DNO 50
percent and operator) which are expected to spud in September. DNO will today
submit one of the largest applications in the Company's history for the upcoming
APA 2024 licensing round, with awards expected during the first quarter of 2025.

Last year, the Company was the third most active exploration driller on the
Norwegian Continental Shelf in number of wells drilled and ranked second in
discovered volumes with an estimated 100 MMboe net to DNO. Having prioritized
near-infrastructure exploration, DNO has been an early mover in acquiring
substantial acreage positions in selected areas which have since become
hotspots.

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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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