DNO Finds Oil at Ofelia

Oslo, 26 August 2022 – DNO ASA, the Norwegian oil and gas operator, today confirmed an oil discovery on the Ofelia prospect in the Norwegian North Sea license PL929 in which the Company holds a 10 percent interest. The well encountered a 73-meter oil column in Lower Cretaceous Agat Formation sandstones of moderate to good reservoir quality. Preliminary estimates of gross recoverable resources are in the range of 16-39 million barrels of oil equivalent. In addition, upsides have been identified in both the Agat Formation and the overlying Kyrre Formation.

The partners, which in addition to the Company’s wholly-owned subsidiary DNO Norge AS, include license operator Neptune Energy Norge AS, Wintershall Dea Norge AS, Pandion Energy AS and ABP Norway AS, will consider development of the discovery with a tieback to the Neptune-operated Gjøa platform 15 kilometers to the south.

With Ofelia, DNO racks up its third recent exploration success in the Troll-Gjøa area in the North Sea alongside the 2022 Kveikje (DNO 29 percent) and 2021 Røver Nord discoveries (DNO 20 percent). The Company is one of the largest holders of acreage in what has become an exploration hotspot on the Norwegian continental shelf, with several drill-ready prospects close to existing infrastructure. The next of these prospects to be tested, Røver Sør, will be drilled in the fourth quarter of 2022 within the Røver Nord discovery license.

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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.