DNO Brings Forward Norway Production Through Multi-Asset Equinor Swap

16 Mar 2026 07:00 CET

Oslo, 16 March 2026 - DNO ASA, the Norwegian oil and gas operator, today
announced a non-cash swap of Norwegian Continental Shelf assets with Equinor
Energy AS covering DNO's stakes in four non-core discoveries in exchange for
interests in the Kvitebjørn area in the Northern North Sea. The Equinor swap
follows other recent transactions designed to increase near- to medium-term
production and cash flow.

Under the agreement, DNO will acquire a 19 percent interest in Atlantis and a
10 percent interest in Afrodite, two gas condensate discoveries near the
Kvitebjørn field. All three assets continue to be operated by Equinor. DNO
already holds a 19 percent interest in Kvitebjørn and 30 percent interest in the
nearby Carmen discovery and is expanding its footprint in this new core area.

"DNO has a need for speed in Norway," said DNO Executive Chairman Bijan
Mossavar-Rahmani. "We are transforming our portfolio to access barrels sooner
rather than later," he explained, adding, "We acquire production, swap some of
our discoveries for others that have been greenlighted for development and then
push hard to complete them."

One of the largest undeveloped discoveries in Norway, Atlantis is moving crisply
to final investment decision early next year, with production expected to start
in late 2029 and reach a plateau of 8,000 barrels of oil equivalent per day net
to DNO. Afrodite, like Atlantis and Carmen, is a candidate for tie-back to
Kvitebjørn. An appraisal well will be drilled on each of Afrodite and Carmen in
2026.

The Company will transfer its interests in Røver, Mistral, Tyrihans East and
Bergknapp, as well as the Sjørøver exploration license, to Equinor. These
assets, all but one operated by Equinor, are outside DNO's core areas and
currently face longer appraisal and development timelines.

Over the past three years, DNO has logged a commercial success rate of over 50
percent in its offshore Norway exploration program with 12 discoveries out of
22 wells drilled. The Company has four field developments underway in Norway,
and has just launched a fast-track project to develop its 2025 Kjøttkake
discovery targeting first oil in early 2028. Three other development projects
are slated for approval this year.

At yearend 2025, DNO held 129 offshore licenses in Norway.

The transaction is subject to 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 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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