DNO ASA

06/19/2024 | Press release | Distributed by Public on 06/19/2024 05:29

DNO Racks Up Discoveries in its Offshore Norway Core Area

DNO Racks Up Discoveries in its Offshore Norway Core Area

19 Jun 2024 08:20 CEST

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Issuer

DNO ASA

Oslo, 19 June 2024 - DNO ASA, the Norwegian oil and gas operator,
today announced a gas condensate discovery on the Cuvette prospect in the
Norwegian North Sea licenses PL248F and PL248GS in which the Company's wholly-
owned subsidiary DNO Norge AS holds a 20 percent interest.

Preliminary evaluation of the discovery indicates gross recoverable resources in
the range of 16-38 million barrels of oil equivalent (MMboe) with a mean of 25
MMboe, well above predrill estimates. Just over half of the resources were
encountered in the Middle Jurassic primary target, and the balance in the Upper
Jurassic secondary target.

Cuvette is DNO's eighth discovery in the highly prolific area surrounding the
Troll and Gjøa production hubs since 2021. The other discoveries
are Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen and Kyrre,
all close to infrastructure and with clear routes towards commercialization.

Wintershall Dea Norge AS operates licenses PL248F and PL248GS as well as the
nearby Vega field tied back to Gjøa. Another partner in the licenses, Petoro AS,
similarly holds a stake in Vega. One of Vega's three subsea templates, Vega
Central, is located only three kilometers to the north of the new discovery
well. The partners will consider fast-track production of Middle Jurassic
volumes through the Vega Central template. Another option is a joint development
with three nearby discoveries made in 2015-2016 (Syrah, Orion, Beaujolais;
totaling some 15 MMboe gross), in which DNO also holds a 20 percent interest.

"We are racking up discovery after discovery close to existing gathering and
processing infrastructure. Our challenge now is to inject the Norwegian oil
sector with a large dose of entrepreneurialism to bring a sense of urgency to
partners, infrastructure hosts and regulatory bodies in helping bring our and
other discoveries to market," said DNO Executive Chairman Bijan Mossavar-
Rahmani.

Following the successful appraisal of Heisenberg early in the year, Cuvette was
the second well in DNO's 2024 North Sea exploration program. Five wells remain
to be drilled, of which four are also in the Troll-Gjøa area.

In 2023, the Company was the third most active exploration driller on the
Norwegian Continental Shelf in number of wells drilled and ranked second in
discovered volumes with an estimated 100 MMboe net to DNO. Having prioritized
near-infrastructure exploration, DNO has been an early mover in acquiring
substantial acreage positions in selected areas which have since become
hotspots.

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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 §5-12 of
the Norwegian Securities Trading Act.

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Source

DNO ASA

Provider

Oslo Børs Newspoint

Company Name

DNO, DNO ASA 21/26 7.875 pct USD C

ISIN

NO0003921009, NO0011088593

Symbol

DNO

Market

Oslo Børs