Kurdistan region of Iraq

In December 2025, DNO announced that 500 MMboe had been produced from its operated Tawke license in the Kurdistan region of Iraq. After more than two decades of DNO activity, the flagship license, containing the Tawke and Peshkabir oil fields, continues to be a core asset for DNO and, importantly, for Kurdistan. At the end of 2025, there were 70 producing wells on the license.

Both the Tawke field (discovered in 2006) and Peshkabir field (discovered in 2012) are characterized by complex structural geology. While the Tawke field predominantly produces from the Cretaceous Bekhme and Qamchuqa formations, with some contributions from the younger Tertiary Jeribe formation, hydrocarbons from the Peshkabir field reside in the Cretaceous Shiranish and also Qamchuqa formations. All these formations are characterized as naturally fractured carbonate reservoirs containing medium gravity crude.

Gross operated production from the Tawke license averaged 70,092 barrels of oil equivalent per day (boepd) during 2025 (78,615 boepd in 2024). The Tawke field contributed 27,452 boepd (29,153 boepd in 2024) and the Peshkabir field contributed 42,641 boepd (49,462 boepd in 2024). DNO brought no new wells onstream on the Tawke license in 2025. Notwithstanding, field potential was kept at a high level by an active program of workovers and interventions, and by gas injection into the Tawke field. The year-on-year decline was primarily due to damaging drone strikes in July, which depressed production capacity well into the fourth quarter. In December 2025, DNO announced it was restarting drilling on the Tawke license.

DNO holds a 75 percent operated interest in the Tawke license with partner Genel Energy International Limited holding the remaining 25 percent.

On DNO's other Kurdistan license, Baeshiqa, no production or drilling activities took place in 2025 (5 boepd from well testing in 2024). Baeshiqa does not represent any reserves in DNO's books, and 2C resources are kept at 38.1 MMboe, unchanged from yearend 2024. The Company is minimizing running costs while determining its future work program.

DNO holds a 64 percent operated interest in the Baeshiqa license (80 percent paying interest) with partners including the Turkish Energy Company Limited (TEC) with a 16 percent interest (20 percent paying interest) and the Kurdistan Regional Government (KRG) with a 20 percent carried interest.