DNO Bags Kjøttkake with a Bang

26 Mar 2025 07:30 CET

Oslo, 26 March 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced an important oil and gas discovery in Northern North Sea license
PL1182 S in which the Company holds a 40 percent operated interest.

The discovery was made in Paleocene injectite sandstones of excellent reservoir
quality with preliminary estimates of gross recoverable resources in the range
of 39 to 75 million barrels of oil equivalent (MMboe), with a mean of 55 MMboe.

The Kjøttkake exploration well encountered a 41-meter oil column and a 9-meter
gas column. A sidetrack drilled horizontally 1,350 meters westwards along the
reservoir in the Sotra Formation confirmed the presence of the oil column
throughout the discovery.

"We are on a hot streak in Norway," said Executive Chairman Bijan Mossavar-
Rahmani. "Our latest and most exciting discovery this year, Kjøttkake, is close
to existing infrastructure in the Troll-Gjøa area, and we will be relentless in
pursuing its commercialization."

Located 27 kilometers northwest of the Troll C platform and 44 kilometers
southwest of the Gjøa platform, Kjøttkake is DNO's tenth discovery since 2021 in
the Troll-Gjøa exploration and development hotspot, following
Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre, Cuvette and
Ringand.

The Company has also racked up discoveries in other parts of the Norwegian
Continental Shelf, including Norma (2023) and Othello (2024), both play-opening
finds and both operated by DNO.

Partners in license PL1182 S include Aker BP ASA (30 percent), Concedo AS (15
percent) and Japex Norge AS (15 percent). The wells were drilled using the
Deepsea Yantai rig.

Following its exploration success, the Company has stepped up purchases of
producing assets to balance its Norwegian portfolio and help fund coming
developments. In early March, DNO announced the transformative acquisition of
Sval Energi Group AS, which will increase North Sea 2P reserves from 48 million
barrels of oil equivalent (boe) to 189 million boe post-closing and 2C resources
from 144 million boe to 246 million boe (pro forma figures as of yearend 2024).

The acquisition, which is expected to close by mid-year, will turn the North Sea
into the biggest contributor to Company's net production with some 60 percent of
the total, with the balance coming predominantly from two operated fields, Tawke
and Peshkabir, in the Kurdistan region of Iraq.

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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. More information is
available at www.dno.no

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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