DNO Adds Its Ninth Discovery in North Sea Core Area

Oslo, 17 December 2024 – DNO ASA, the Norwegian oil and gas operator, today announced an oil and gas discovery on the Ringand prospect in the Norwegian North Sea license PL923/923B in which the Company’s wholly-owned subsidiary DNO Norge AS holds a 20 percent interest.

Preliminary estimates of gross recoverable resources are in the range of 2-13 million barrels of oil equivalent (MMboe) on a P90-P10 basis with a mean of 10 MMboe. Together with its partners Equinor Energy AS (60 percent and operator) and Petoro AS (20 percent), DNO will consider tying back the discovery to future infrastructure in the area.

The discovery is DNO’s ninth discovery in the exploration hotspot surrounding the Troll and Gjøa production hubs since 2021, following Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen, Kyrre and Cuvette. Discoveries in the Troll-Gjøa area make up the largest share of DNO’s net contingent resources in the North Sea, which stood at 132 MMboe at yearend 2023.

Ringand lies in the same license as Røver Nord and Røver Sør, all three within a 25-kilometer radius from the Troll B platform, a likely host candidate operated by Equinor.

DNO continues to be one of the most active explorers in the North Sea. In early December, the Company announced the play-opening Othello discovery in license PL1086 (50 percent and operator) some 40 kilometers east of the Ekofisk hub and 55 kilometers northeast of the Valhall hub.

–

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

–

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.