DNO Farms Into Mistral Exploration Well Through Horatio Swap

19 Dec 2024 08:00 CET

Oslo, 19 December 2024 - DNO ASA, the Norwegian oil and gas operator, today
announced that the Company's wholly-owned subsidiary DNO Norge AS has entered
into a swap agreement with OKEA ASA to farm into a 10 percent interest in PL1119
containing the Mistral prospect. In exchange, OKEA will pick up a 10 percent
interest in PL1109 containing the Horatio prospect.

The Mistral prospect is located just south of the Åsgard area in the Norwegian
Sea. Drilling is expected to commence shortly using the semi-submersible rig
Deepsea Atlantic, targeting estimated predrill volumes of 19-57 million barrels
of oil equivalent with a medium chance of success. Total drilling time is
estimated at 60 days in case of a discovery. Other Mistral partners include
Equinor Energy AS (50 percent and operator), Pandion Energy AS (20 percent) and
OKEA (20 percent after the transaction).

DNO will retain a 20 percent interest in PL1109 following OKEA's entry. In this
license, the Horatio well is scheduled for drilling in the first quarter of
2025 using the semi-submersible rig Transocean Norge. Other Horatio partners
include OMV (Norge) AS (30 percent and operator), Aker BP ASA (20 percent) and
Pandion (20 percent).

There is no consideration to be paid by either party for the swap of working
interests. Each party will carry its relative share of the drilling costs for
the respective wells.

The transaction is subject to government approval.

-

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

-

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