DNO Charges Past 500 Million Barrels in Kurdistan and Picks Up Speed

11 Dec 2025 08:00 CET

Oslo, 11 December 2025 - DNO ASA, the Norwegian oil and gas operator, today
announced it is revving up operations in the Kurdistan region of Iraq as it
charges past a major milestone marking 500 million barrels of oil produced from
the Tawke license (DNO 75 percent and operator).

Drilling will restart at the flagship license next week following a two-and-a-
half-year spending hiatus with the spud of a new production well targeting the
shallow Jeribe reservoir in the Tawke field. Two rigs, the "DQE-51" and the DNO-
owned "Sindy", have been mobilized to drill eight wells on the license through
2026 as the Company targets a 25 percent increase in gross operated production
to 100,000 barrels of oil per day. The Tawke license contains the Tawke and
Peshkabir fields, two of the region's largest operated by an international oil
company.

"Despite halting new drilling following the 2023 export pipeline closure and the
drop in revenues, we are still pumping an impressive 80,000 barrels of oil per
day with continuous, low-cost tweaks to the wells," said Executive Chairman
Bijan Mossavar-Rahmani. "Given two decades of experience working these complex
reservoirs, we have great confidence in our ability to extract much, much more
oil from the fields in this license," he said, adding, "DNO holds the key to
Tawke."

The first Western company to enter Kurdistan in 2004, DNO kick-started a modern
oil industry that has transformed the region's economy. Along the way, the
Company has catapulted into the ranks of the largest European-listed exploration
and production companies with the successful reentry into its home surf offshore
Norway where the Company is on track to exit 2025 with net production of 90,000
barrels of oil and gas equivalent. As in Kurdistan, DNO is now one of the most
dynamic players on the Norwegian Continental Shelf, spearheading an industry
campaign to "get off the sofa" and significantly reduce time from discovery to
production.

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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 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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