Q4 2021 Trading Update and Invitation to Earnings Call

Q4 2021 Trading Update and Invitation to Earnings Call

18 Jan 2022 07:00 CET

Oslo, 18 January 2022 - DNO ASA, the Norwegian oil and gas operator, will
publish its Q4 and full-year 2021 operating and interim financial results on
Thursday, 10 February 2022 at 07:00 (CET). A videoconference call with executive
management will follow at 15:00 (CET). The Company issues below an update on
production and sales volumes for the quarter as well as other key financial
information that will be further discussed in the earnings call.

Volumes (boepd)?

Gross operated production Q4 2021 Q3 2021 Q4 2020

Kurdistan 107,472 105,179 110,176

North Sea - - -

Net entitlement production Q4 2021 Q3 2021 Q4 2020

Kurdistan 29,367 26,749 33,417

North Sea 13,571 13,102 15,309

Sales Q4 2021 Q3 2021 Q4 2020

Kurdistan 29,367 26,749 33,417

North Sea 23,289 ?14,653? 21,731

Selected cash flow items

During the quarter, DNO received refunds of USD 75.4 million in relation to tax
losses in Norway and USD 15.3 million in the UK in relation to decommissioning
tax refunds.

DNO also received USD 182.8 million net from the Kurdistan Regional Government
(previously recognized in Q3 2021), of which USD 132.0 million represents the
entitlement share of July, August and September 2021 Tawke license crude oil
deliveries. Of the balance, USD 17.3 million represents override payments
equivalent to three percent of gross July, August and September 2021 Tawke
license revenues and USD 33.4 million represents payments towards arrears built
up from non-payment of certain invoices in 2019 and 2020.

The Company paid a dividend of NOK 0.20 per share, totaling USD 22.1 million.

Other

The Mugnetind exploration well in PL906 (DNO 30 percent) in Norway encountered
limited hydrocarbons and is unlikely to be commercial.

DNO acquired seismic data at a cost of USD 15.8 million in support of its
Norwegian exploration program.

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 Q4 and full-year 2021 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 focused on the Middle East and the
North Sea. 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, Netherlands, Ireland and Yemen.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
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Source

DNO ASA

Provider

Oslo Børs Newspoint