DNO Strikes Oil in New Play Offshore Norway

02 Dec 2024 08:20 CET

Oslo, 2 December 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced an oil discovery in license PL1086 in which the Company holds a 50
percent operated interest with the balance held by partners Aker BP ASA (20
percent), Petoro AS (20 percent) and Source Energy AS (10 percent).

Light oil was discovered in Palaeocene sandstones of good reservoir quality with
preliminary estimates of gross recoverable resources in the range of 27-57
million barrels of oil equivalent (MMboe) on a P90-P10 basis, with a mean of 41
MMboe.

As this is the first time moveable oil has been encountered in the Borr unit of
the Våle Formation in the Norwegian sector, the discovery is considered a play
opener. The well had two exploration targets, a deeper prospect (Falstaff) where
no reservoir was encountered and a shallower prospect (Othello) where a 16-meter
net oil bearing reservoir was encountered. This discovery was subsequently
confirmed in a sidetrack.

The Othello discovery marks the second new play DNO, as operator, has proven
recently in Norway, following last year's Norma discovery (30 percent and
operator). Remarkably, Othello has discovered oil east in the basin where
migration risk was commonly thought to be too high. In recent years, the
industry has shown little exploration interest in this area, which has been
disparagingly called "the dry belt".

Together with its partners, DNO is already considering tying back the discovery
to existing infrastructure, with the ConocoPhillips Ekofisk hub some 40
kilometers to the west and the Valhall hub operated by Aker BP some 55
kilometers to the southwest.

"DNO has become a North Sea playmaker," said Executive Chairman Bijan Mossavar-
Rahmani. "We have proven persistent, purposeful and pertinacious and these
qualities pay in exploration. In addition to our ongoing exploration campaign,
we will focus on other identified, and now derisked by Othello, prospects in the
area," he added.

Meanwhile, the licensees of nearby PL1085, comprising DNO (25 percent), Aker BP
(55 percent and operator) and Petoro (20 percent), are considering developing
the 2022 Overly discovery in the permit as a tieback to Aker BP's Valhall hub
based on recently completed studies leading to increased estimates of
recoverable resources. Overly lies 10 kilometers north of Valhall.

The PL1086 well and the sidetrack were drilled by the Noble Invincible jackup
which will now move to drill a production well on the nearby Tambar East
oilfield in which DNO holds a 37.8 percent interest.

Also nearby, the 2026 Sunndal exploration well is planned to be drilled in
PL1171 by DNO (50 percent) and Aker BP (50 percent and operator).

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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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