DNO ASA - Mandatory notification of trade

On 16 June 2006, Roar Tessem, Managing Director of Det Norske Oljeselskap AS, exercised an option agreement to purchase 1.600.000 shares in DNO ASA at the option strike price of NOK 0,51 per share. The strike price represents the strike price of NOK 27,10 per share at option award adjusted for subsequent dividend payments and share splits.
 
As of the same date, Tessem sold 800.000 shares in DNO ASA at a price of NOK 12,96 per share.
 
Following these transactions, Tessem holds 800.000 shares and no share options in DNO ASA.
 
DNO ASA will transfer the shares to Tessem from its holding of treasury shares. Following this transaction,  DNO ASA holds 16.983.960 treasury shares (after the share split on 16 June 2006). In addition, DNO ASA holds options for purchase of 80.000.000 DNO shares.
 
 
19 June, 2006
 
Roar Tessem / DNO ASA