DNO Participates in Mistral Discovery; Eyes Quick Tieback

Oslo, 5 March 2025 – DNO ASA, the Norwegian oil and gas operator, today confirmed a gas/condensate discovery on the Mistral prospect in the Norwegian Sea license PL1119 in which the Company’s wholly-owned subsidiary DNO Norge AS recently acquired a 10 percent interest.

The well encountered a 45-meter hydrocarbon column with good reservoir properties in the Garn Formation. Preliminary estimates of gross recoverable resources encountered are in the range of 19-44 million barrels of oil equivalent. In addition to DNO, license partners include Equinor Energy AS (50 percent and operator), OKEA ASA and Pandion Energy AS (20 percent each).

Located some 20 kilometers southwest of Equinor’s ongoing Lavrans subsea development, the Mistral discovery is a candidate for a fast-track tieback to this field. Given the good reservoir properties, the discovery likely allows for simplified development solutions.

To diversify its exploration portfolio, DNO entered into the Mistral license through a swap agreement with OKEA announced on 19 December 2024, shortly before spud date of the discovery well. In exchange, OKEA picked up a 10 percent interest in North Sea license PL1109 containing the Horatio prospect, in which DNO has retained a 20 percent interest. Exploration drilling is ongoing at Horatio. The DNO-OKEA transaction is subject to government approval.

Further south, DNO is currently drilling its Kjøttkake exploration well in North Sea license PL1182S in which the Company holds a 40 percent operated stake.

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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.