DNO Completes USD 400 Million Bond Placement

Oslo, 9 June 2015 - DNO ASA, the Norwegian oil and gas operator, has completed the placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.75 percent and an issue price of 87.5 percent of par value. The bond placement received strong investor demand across international markets and its combination of a fixed coupon rate and an original issue discount was designed to meet market yield expectations while reducing the debt service impact on the Company's operating cash flow.

The bond placement is expected to complete on or about 18 June 2015, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Oslo Stock Exchange. Net proceeds from the newly issued bonds will be used, among other purposes, to call the Company's existing NOK-denominated bonds and lock in a substantial foreign exchange gain.

ABG Sundal Collier, DNB Markets, Fearnley Securities and Pareto Securities acted as joint lead managers and bookrunners for the bond issue.


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


DNO 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.


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