Q3 2023 Trading Update and Invitation to Earnings Call

DNO ASA

Oslo, 16 October 2023 – DNO ASA, the Norwegian oil and gas operator, will publish its Q3 2023 operating and interim financial results on 9 November at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). The Company issues below an update on production and sales volumes for the quarter as well as other key financial information that will be further discussed in the earnings call.

Volumes (boepd)

Gross operated production	Q3 2023	Q2 2023	Q3 2022
Kurdistan	25,984	65	109,054
North Sea	-	-	-
Net entitlement production	Q3 2023	Q2 2023	Q3 2022
Kurdistan	9,897	598	24,779
North Sea	14,292	10,841	13,970
Sales	Q3 2023	Q2 2023	Q3 2022
Kurdistan	9,897	598	24,779
North Sea	15,749	9,056	11,569
Equity accounted production (net)	Q3 2023	Q2 2023	Q3 2022
Côte d’Ivoire	3,373	3,532	-

Selected cash flow items

Following shutdown of DNO’s operated fields in Kurdistan which commenced 25 March, the Tawke field was reopened on 18 July and production has since ramped up. DNO’s share of crude oil from the field during the quarter has been sold to local buyers with payments received directly by DNO in advance. No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye.

DNO received USD 27.2 million in decommissioning tax refunds in the United Kingdom. In Norway, there were neither tax payments nor refunds in the quarter.

Also during the quarter, the Company paid a dividend of NOK 0.25 per share (totaling USD 23.0 million).

Other items and information

DNO participated in two exploration wells and one appraisal well in the North Sea in the quarter. The Carmen well in PL1148 on the NCS (30 percent working interest) was completed on 12 July and has been announced as the largest discovery in Norway in 10 years. The Norma well in PL1148 on the NCS (30 percent working interest) was spudded 18 July and completed 26 September and has been announced as a play-opening discovery. The Bergknapp appraisal well in PL836S (30 percent interest), the second well drilled to appraise this discovery, was spudded 14 July; operations were temporarily suspended 3 August but resumed 1 October.

Earnings call login details

Please visit www.dno.no for login details ahead of the call.

Disclaimer

The information contained in this release is based on a preliminary assessment of the Company’s Q3 2023 operating and interim financial results and may be subject to change.

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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.