Q1 2023 Trading Update and Invitation to Earnings Call

Volumes (boepd)Gross operated productionQ1 2023Q4 2022Q1 2022     Kurdistan94,720107,822106,465     North Sea---    Net entitlement productionQ1 2023Q4 2022Q1 2022     Kurdistan22,69125,61826,670     North Sea14,77614,97612,700    SalesQ1 2023Q4 2022Q1 2022     Kurdistan22,69125,61826,670     North Sea15,86515,15210,689    Equity accounted production...

Volumes (boepd)

Gross operated production	Q1 2023	Q4 2022	Q1 2022
Kurdistan	94,720	107,822	106,465
North Sea	-	-	-
Net entitlement production	Q1 2023	Q4 2022	Q1 2022
Kurdistan	22,691	25,618	26,670
North Sea	14,776	14,976	12,700
Sales	Q1 2023	Q4 2022	Q1 2022
Kurdistan	22,691	25,618	26,670
North Sea	15,865	15,152	10,689
Equity accounted production (net)	Q1 2023	Q4 2022	Q1 2022
Côte d'Ivoire	3,676	3,560	-

Selected cash flow items

During the quarter, DNO received USD 114.1 million net from the Kurdistan Regional Government, representing the entitlement share of August and September 2022 crude oil deliveries for the Tawke and Baeshiqa licenses.

DNO paid one tax instalment of USD 43.1 million in Norway related to Norwegian Continental Shelf (NCS) taxable profits in 2022.

Also during the quarter, the Company paid a dividend of NOK 0.25 per share totaling USD 24.2 million and repurchased own shares totaling USD 50.7 million as part of DNO's share buyback program. Following completion of the program in March, the Company holds 79,376,509 own shares in treasury, representing 7.53 percent of its share capital.

Other items

DNO participated in two exploration wells in the North Sea in the quarter. The Røver Sør well in PL923 on the NCS (20 percent working interest) was spudded on 1 December and completed on 2 February while the Heisenberg well in PL827S (49 percent working interest) was spudded on 14 February and completed on 6 March. Both wells have been announced as discoveries.

Following shutdown of the Company's production in Kurdistan as announced on 29 March, the Company now projects full-year 2023 production for the Tawke license to be below the previously communicated projection of 100,000 barrels of oil per day.

Earnings call login details

Please visit www.dno.no for login details ahead of the call.

Disclaimer

The information contained in this release is based on a preliminary assessment of the Company's Q1 2023 operating and interim financial results and may be subject to change.

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For further information, please contact:
Media: [email protected]
Investors: [email protected]

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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 section 5-12 of the Norwegian Securities Trading Act.