Disclosure of Shareholdings by Close Associate of Primary Insiders

Oslo, 11 October 2022 – Reference is made to the stock exchange announcement made earlier today by RAK Petroleum plc ("RAK Petroleum") on the ticker "RAKP" regarding completion of RAK Petroleum's plan to transfer its interest in Mondoil Enterprises LLC to DNO ASA in exchange for 78,943,763 new DNO shares (the "Transfer"), following which RAK Petroleum will distribute all its DNO shares and USD 20 million in cash to its shareholders through a UK court-approved capital repayment (the "Capital Repayment").

The completion of the Transfer and the Capital Repayment trigger several obligations to disclose shareholdings by Persons Discharging Managerial Responsibilities (“PDMRs”) in DNO and Close Associates of such persons. Both Bijan Mossavar-Rahmani, Executive Chairman of RAK Petroleum and Shelley Watson, Chief Operating Officer and Chief Financial Officer of RAK Petroleum, are PDMRs with regard to DNO in their capacity as Executive Chairman of the board of directors of DNO and board member of DNO, respectively. RAK Petroleum is considered a Close Associate of these individuals due to their roles in this company.

RAK Petroleum has subscribed for 78,943,763 new DNO shares as consideration for the Transfer (the "Consideration Shares"). Following the Transfer, RAK Petroleum will hold 517,323,181 shares in DNO, corresponding to 49.06 percent of the issued and outstanding shares of DNO.

Pursuant to the Capital Repayment, RAK Petroleum will distribute all the DNO shares to its shareholders. As a result, RAK Petroleum's shareholding in DNO will cross below several thresholds for disclosure of large shareholdings, including the 5 percent threshold, and RAK Petroleum will following the Capital Repayment hold no shares in DNO.

Bijan Mossavar-Rahmani will beneficially own 125,683,241 DNO shares, representing 11.92 percent  of the issued and outstanding shares and votes in DNO after issuance of the Consideration Shares. Accordingly, pursuant to the Capital Repayment, he will cross the 5 percent and 10 percent thresholds for disclosure of large shareholdings. Bijan Mossavar-Rahmani does not directly or indirectly hold any other DNO shares.

Shelley Watson will beneficially own 593,700 DNO shares, equivalent to 0.06 percent of the issued and outstanding shares and votes in DNO after issuance of the Consideration Shares. Shelley Watson does not directly or indirectly hold any other DNO shares.

Please see the forms of notification by PDMRs and their Close Associates attached.

For further information, please contact:
Media: [email protected]
Investors: [email protected]

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. 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, Netherlands and Yemen.

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

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