Second Appraisal Well Moves Bergknapp/Åre Closer to Development

Oslo, 13 December 2023 – DNO ASA, the Norwegian oil and gas operator, today announced successful completion of the second appraisal well on the Bergknapp/Åre discoveries in license PL836S in the Norwegian Sea. Recoverable volumes are currently estimated by the operator to range between 50 and 100 million barrels of oil equivalent (MMboe).

Bergknapp/Åre are located eight kilometers west of the Wintershall Dea Norge AS operated Maria field, which is tied back to Equinor Energy AS’ Kristin platform. Wintershall Dea holds a 40 percent in license PL836S as operator, with DNO Norge AS and Equinor each holding a 30 percent interest. DNO will now work expeditiously with the other licensees to fast track development utilizing the existing infrastructure in the area.

The Bergknapp light oil discovery in the Garn, Ile and Tilje formations (44-75 MMboe) was made in 2020 and subsequently appraised by re-entering and sidetracking the discovery well in 2021. The sidetrack well also extended into the deeper Åre formation, where additional volumes of light oil, gas and condensate were discovered (6-25 MMboe).

DNO’s 2023 North Sea exploration and appraisal program has led to four successful exploration discoveries (Røver Sør, Heisenberg, Carmen and Norma), two successful appraisal wells (of which one with a sidetrack that has led to a new discovery in the same license (Ofelia/Kyrre)) and two dry holes.

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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West 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, Norway, the United Kingdom, Côte d'Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to §5-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation.