DNO Continues to Highgrade North Sea Portfolio

18 Nov 2025 07:00 CET

Oslo, 18 November 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced the divestment of its 7.604 percent stake in the Ekofisk Previously
Produced Fields (PPF) project in license PL018B and PL018F on the Norwegian
Continental Shelf to Orlen Upstream Norway AS.

DNO also announced the acquisition from Orlen of a 20 percent interest in
license PL1135, which contains the Cassio prospect, as well as a 0.8272 percent
interest in the Verdande field.

"As we continue to highgrade our North Sea portfolio, our focus is on increasing
near-term cash flow with less spend and more barrels more quickly," said DNO
Executive Chairman Bijan Mossavar-Rahmani. "Ekofisk PPF covers redevelopment of
older, shut-in fields with expected production start in 2029 and while the
project fits other companies' portfolios, we have chosen to deploy our share of
the significant capital expenditure necessary in ways that play to our
strengths, namely exploration and rapid-fire development of our existing
discoveries," he added.

DNO will retain its 7.604 percent in PL018 containing the producing fields
Ekofisk, Eldfisk and Embla as well as a share in the Tor Unit.

The acquisition of additional interests in Verdande brings DNO's total interest
in the Verdande Unit containing five licenses to 14.8251 percent, including 3.5
percent from the recently announced asset swap with Aker BP. Verdande, located
in the Norne area, is currently in advanced development and scheduled to start
production later this year.

Cassio is located directly north of DNO-operated PL1086 (50 percent interest),
which includes the Othello discovery. An exploration well on Cassio is expected
in late 2026.

The all-cash transactions are conditional on customary government approvals.

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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, DNO is Norway's oldest oil company and the
first to list on the Oslo Stock Exchange in 1981. 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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