Disclosure of Large Shareholding

Oslo, 10 October 2022 – Reference is made to today’s announcement by RAK Petroleum plc ("RAK Petroleum") regarding the completed intra-group transfer of 438,379,418 shares in DNO ASA from RAK Petroleum's wholly owned subsidiary, RAK Petroleum Holdings BV ("RAK BV"), to RAK Petroleum (the "Intra-Group Transfer").

Following completion of the Intra-Group Transfer, RAK BV has reduced its shareholding in DNO from 438,379,418 to 0 shares and has therefore crossed below several thresholds for disclosure of large shareholdings, including the 5 percent threshold.

RAK Petroleum did not previously hold any DNO shares directly. Following the Intra-Group Transfer, RAK Petroleum owns 438,379,418 DNO shares, equivalent to 44.94 percent of the outstanding shares in DNO, and it has accordingly passed several thresholds for disclosure of large shareholdings, including the one-third threshold.

RAK Petroleum is a Close Associate of Bijan Mossavar-Rahmani, DNO’s Executive Chairman, and of Shelley Watson, a member of DNO’s Board of Directors.

The Intra-Group Transfer will in principle trigger a mandatory offer by RAK Petroleum for all outstanding DNO shares. However, as RAK Petroleum will transfer its DNO shares to the RAK Petroleum shareholders pursuant to its proposed capital repayment within the four week deadline set out in Section 6-9 of the Norwegian Securities Trading Act, it will not be under an obligation to put forward a mandatory offer for DNO. RAK Petroleum’s proposed capital repayment is further described in that company’s announcements and Circular published on 22 August 2022.

Today’s announcement is made pursuant to sections 4-2, 5-12 and 6-8 of the Norwegian Securities Trading Act and the Market Abuse Regulation article 19.

For further queries, please contact:

Kevin Toner
RAK Petroleum plc
Email: [email protected]