DNO Kicks Off 2023 with Discovery at Røver Sør

Oslo, 9 February 2023 – DNO ASA, the Norwegian oil and gas operator, today confirmed an oil and gas discovery on the Røver Sør prospect in the Norwegian North Sea license PL923 in which the Company holds a 20 percent interest.

The discovery well and a follow-on appraisal sidetrack encountered hydrocarbons in three Jurassic Brent Group sandstone reservoirs (Ness, Etive and Oseberg formations). Preliminary estimates of gross recoverable resources are in the range of 17-47 million barrels of oil equivalent.

The partners, which in addition to the Company’s wholly-owned subsidiary DNO Norge AS, include Equinor Energy AS (operator), Petoro AS and Wellesley Petroleum AS, consider the discovery to be commercial. Together with a string of recent discoveries in the area, Røver Sør may be tied back to the Equinor-operated Troll field about 10 kilometers to the east.

Røver Sør is DNO’s fourth consecutive exploration success in the Troll-Gjøa area following the 2021 Røver Nord discovery within the same license and also the 2022 discoveries of Kveikje in PL293B (DNO 29 percent) and Ofelia in PL929 (DNO 10 percent).

One of the largest acreage holders in the Troll-Gjøa area, the Company has scheduled five more exploration wells in this North Sea exploration hotspot during 2023. The next of these exploration wells, Heisenberg, will spud in license PL827S (DNO 49 percent with the remaining 51 percent held by Equinor as operator) later this month.

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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.