DNO Increases Stake in Berling; Updates Norwegian Development Plans

Oslo, 19 December 2022 – DNO ASA, the Norwegian oil and gas operator, today announced the acquisition of an additional 10 percent stake in the Berling (previously Iris Hades) field development project from Sval Energi AS. Following the acquisition, DNO Norge AS holds a 30 percent interest in the 2018 gas and condensate discovery offshore Norway, with operator OMV (Norge) AS and Equinor Energy AS retaining 30 percent and 40 percent interests, respectively.

The partnership will submit a plan for development and operation (PDO) to the Ministry of Petroleum and Energy before the end of December with a recommendation that the Berling field be developed as a subsea tieback to the Åsgard B platform some 20 kilometers away. The Berling field stretches across three licenses with aligned ownership interests (PL644, PL644B and PL644C).

Separately, plans have been submitted to the Ministry for the Andvare field development (previously Gjøk) by a partnership comprising DNO Norge AS (32 percent), operator Equinor Energy AS (53 percent) and PGNiG Upstream Norway AS (15 percent). The field lies within a license (PL159B) that also includes the producing Alve field as a subsea tieback to Norne FPSO. Andvare will use existing infrastructure and an available Norne well slot, allowing for a fast-track development of the gas discovery.

A third DNO field development that was matured towards a 2022 investment decision is the DNO-operated Brasse project also offshore Norway (PL740). As recent changes in the temporary petroleum tax system and industry cost pressures have significantly weakened the project’s economics, the license partners (DNO and Vår Energi ASA with 50 percent each) have decided not to submit a PDO by yearend 2022. DNO is considering its options to commercialize the Brasse oil and gas discovery, including through a modified development concept.

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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.