DNO Participates in Mistral Discovery; Eyes Quick Tieback

05 Mar 2025 08:31 CET

Oslo, 5 March 2025 - DNO ASA, the Norwegian oil and gas operator, today
confirmed a gas/condensate discovery on the Mistral prospect in the Norwegian
Sea license PL1119 in which the Company's wholly-owned subsidiary DNO Norge AS
recently acquired a 10 percent interest.

The well encountered a 45-meter hydrocarbon column with good reservoir
properties in the Garn Formation. Preliminary estimates of gross recoverable
resources encountered are in the range of 19-44 million barrels of oil
equivalent. In addition to DNO, license partners include Equinor Energy AS (50
percent and operator), OKEA ASA and Pandion Energy AS (20 percent each).

Located some 20 kilometers southwest of Equinor's ongoing Lavrans subsea
development, the Mistral discovery is a candidate for a fast-track tieback to
this field. Given the good reservoir properties, the discovery likely allows for
simplified development solutions.

To diversify its exploration portfolio, DNO entered into the Mistral license
through a swap agreement with OKEA announced on 19 December 2024, shortly before
spud date of the discovery well. In exchange, OKEA picked up a 10 percent
interest in North Sea license PL1109 containing the Horatio prospect, in which
DNO has retained a 20 percent interest. Exploration drilling is ongoing at
Horatio. The DNO-OKEA transaction is subject to government approval.

Further south, DNO is currently drilling its Kjøttkake exploration well in North
Sea license PL1182S in which the Company holds a 40 percent operated stake.

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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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