DNO ASA: Settlement of Bond Call Option

Oslo, 7 August 2015 - DNO ASA, the Norwegian oil and gas operator, today announced settlement of its call of all outstanding bonds under FRN DNO ASA Senior Unsecured Callable Bond Issue 2011/2016, including the USD tranche with ticker DNO13 and ISIN NO0010606189 and the NOK tranche with ticker DNO14 and ISIN NO0010606197. The bonds were redeemed at a price of 101.5 percent of par value as provided for under Clause 10.2.2 of the Bond Agreement.

The settlement follows the company's exercise of its option to call outstanding bonds on 24 June 2015. Through exercise of the call option, USD 124.6 million in the USD tranche of the bonds and NOK 421 million in the NOK tranche were redeemed on 6 August 2015. The company's remaining debt consists of USD 400 million of new, five-year senior unsecured bonds issued on 19 June 2015.

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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
Tel: +47 911 57 197

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North 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, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.

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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.