DNO Announces Successful Ofelia Appraisal and New Kyrre Discovery

Oslo, 12 December 2023 – DNO ASA, the Norwegian oil and gas operator, today announced completion of appraisal/side track wells that both confirmed the 2022 Ofelia oil and gas discovery and led to a new gas discovery in the overlying Kyrre formation in license PL929 in the Norwegian North Sea. Combined recoverable volumes are estimated by the operator to range between 27 and 52 million barrels of oil equivalent (MMboe).

Ofelia/Kyrre is a candidate for a fast track, low cost development tie-back to the Gjøa platform located 23 kilometers to the south. Gjøa is operated by Neptune Energy Norge AS, which is also operator of license PL929 with a 40 percent interest. Other partners include Wintershall Dea Norge AS (20 percent), Pandion Energy AS (20 percent), DNO Norge AS (10 percent) and Aker BP ASA (10 percent).

As one of the largest acreage holders in the prospective Troll-Gjøa area, DNO has already participated in six discoveries in this area with combined recoverable resources totaling 100 MMboe net to DNO since 2021.

The Company plans to continue its extensive exploration and appraisal activity in Troll-Gjøa area in 2024.

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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 §5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation.