DNO Closes RAK Petroleum Transaction

Oslo 11 October 2022 – DNO ASA, the Norwegian oil and gas operator, today announced the completion of the transaction agreement entered between DNO and RAK Petroleum plc ("RAK Petroleum") by which the Company will acquire Mondoil Enterprises LLC and its 33.33 percent indirect interest in privately-held Foxtrot International LDC, whose principal assets are operated stakes in offshore production of gas and associated liquids in Côte d'Ivoire.

Pursuant to the approval given by DNO’s Extraordinary General Meeting of 13 September 2022, the Company will issue 78,943,763 new shares to RAK Petroleum, its largest shareholder, as consideration for the transfer between the companies. RAK Petroleum will distribute by way of a capital repayment the entirety of its DNO shareholding to its shareholders, which include DNO (5.1 percent). Prior to the issuance of the consideration shares, RAK Petroleum holds 438,379,418 shares in DNO, representing 44.94 percent of shares outstanding. The capital repayment is expected to take place on or about 19 October 2022. Following the distribution, DNO will have 26,269,183 own shares which will be retained as treasury shares.

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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.