DNO Reports Solid Third Quarter Results

07 Nov 2024 07:00 CET

Oslo, 7 November 2024 - DNO ASA, the Norwegian oil and gas operator, today
reported a 24 percent increase in revenue to USD 170 million in the third
quarter of 2024, with operating profit also higher at USD 31 million, up from an
operating loss of USD 3 million in the previous quarter.

Third quarter net production averaged 77,200 barrels of oil equivalent per day
(boepd), to which Kurdistan contributed 63,200 boepd, North Sea 11,200 boepd and
West Africa 2,800 boepd. Kurdistan production was up and sold at higher prices
in the local market with payments received in advance to the Company's
international bank accounts. North Sea production was down due to maintenance,
primarily at Arran and Norne fields.

During the quarter, the Company completed the second successful appraisal well
on the 2023 Heisenberg discovery. Heisenberg is one of eight discoveries DNO has
made in the exploration hotspot close to the Troll and Gjøa hubs offshore Norway
since 2021. A final investment decision is expected by yearend 2025 for the
first of these finds to be developed, with concept selection for other
discoveries also expected at about the same time.

In the North Sea, active exploration continues with the drilling of Falstaff
(DNO 50 percent and operator) and Ringand (20 percent). Meanwhile, DNO is
growing the offshore operating organization in Stavanger as it picked up
operatorship of Marulk after closing of the Norne area acquisition in August.

"Agreeing on development concepts for our Norwegian discoveries with partners
and importantly with nearby platform operators should be accelerated," said DNO
Executive Chairman Bijan Mossavar-Rahmani. "If we were operating these assets,
we would work with partners to collapse time from discovery to production
startup by half," he added.

In Kurdistan, DNO continued to deliver strong production. At the Tawke license
(DNO 75 percent and operator), three wells that were drilled but not completed
due to the closure of the Iraq-Türkiye Pipeline last year were brought onstream
midyear 2024 to meet demand from local traders. These new wells, together with
well interventions such as workovers, helped increase gross production by six
percent to 84,200 boepd in the third quarter.

On its other operated license in Kurdistan, Baeshiqa (DNO 64 percent and
operator), the Company is reviewing results of well testing programs and
considering next steps.

DNO exited the third quarter with cash deposits of USD 919 million and net cash
of USD 134 million, essentially unchanged from the second quarter. Given the
continuing strength of the balance sheet, the Board of Directors has authorized
a dividend payment of NOK 0.3125 per share in November, maintaining quarterly
distributions at the level of last quarter's payout.

A videoconference call with executive management is scheduled today at 14:00
(CET). To access the call, please visit http://www.dno.no/
(https://www.dno.no/).


Key figures

  Q3 2024 Q2 2024 Full-Year 2023

Gross operated production (boepd) 84,212 79,783 46,500

Net production (boepd) 77,238 79,415 52,566

Revenues (USD million) 170 137 668

Operating profit/-loss (USD million) 31 -3 218

Net profit/-loss (USD million) 20 35 19

Free cash flow (USD million) 5 16 -87

Net cash/-debt (USD million) 134 158 153


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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.

More information:
Access the news on Oslo Bors NewsWeb site

631477_Q3 2024 Interim Results Report.pdf
631477_Q3 2024 Interim Results Presentation.pdf