Norway logs largest hydrocarbon discovery in 10 years

Oslo, 10 July 2023 – DNO ASA, the Norwegian oil and gas operator, today announced a significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea license PL1148 in which the Company holds a 30 percent interest.

Preliminary evaluation of comprehensive data, including cores and fluid samples, acquired from the discovery well and a follow-on extended sidetrack indicates gross recoverable resources in the range of 120-230 million barrels of oil equivalent (MMboe) on a P90-P10 basis. At 175 MMboe, the mid-point of this range, Carmen ranks as the largest discovery on the Norwegian Continental Shelf since 2013.

The two wells have established a deeper hydrocarbon-water contact, tripling the mid-point of DNO’s pre-drill expected range.

Carmen is DNO’s sixth discovery in the Troll-Gjøa area since 2021 and is located close to existing infrastructure with clear routes towards commercialization. The other discoveries are Røver Nord, Kveikje, Ofelia, Røver Sør and Heisenberg.

"Norway is the gift that keeps on giving,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. Carmen proves there are important discoveries still to be made and Norway’s oldest oil company, DNO, will be part of this next chapter of the country’s oil and gas story,” he added.

DNO farmed into PL1148 in 2022 through its wholly-owned subsidiary DNO Norge AS. The other partners in the license are Wellesley Petroleum AS as operator with 50 percent interest and Equinor Energy AS and Aker BP ASA with 10 percent each.

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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 announcement is considered to include inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement was published by Gudmund Hartveit, Manager Corporate Development and IR DNO ASA, at the date and time set out above.