Q2 2022 Trading Update and Earnings Call Invitation

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Oslo, July 18, 2022 – DNO ASA, the Norwegian oil and gas operator, will publish its interim operating and financial results for the second quarter of 2022 on Thursday August 11, 2022 at 07:00 (CET). A videoconference with the general management will follow at 11:00 a.m. (CET). The company is providing an update on production and sales volumes for the quarter below along with other key financial information that will be discussed in more detail during the earnings call.

volumes (boepd)

Gross operated production Q2 2022 Q1 2022 Q2 2021
Kurdistan 107 178 106,465 110,304
the North Sea
Net duty generation Q2 2022 Q1 2022 Q2 2021
Kurdistan 26,682 26,670 27,661
the North Sea 11,579 12,700 9,939
Sales Q2 2022 Q1 2022 Q2 2021
Kurdistan 26,682 26,670 27,661
the North Sea 12,594 10,689 7,285

C selectedash flow elements

During the quarter, DNO received $264.6 million net from the Kurdistan Regional Government, of which $183.8 million represents the rights share of Tawke-licensed crude oil deliveries from January to March 2022. Of the balance, 30 $.5 million represents overrun payments equivalent to 3% of Tawke License gross revenue from December 2021 to March 2022 and $50.3 million represents payments for accrued arrears due to non-payment of certain outstanding 2019 and 2020.

DNO paid two tax installments totaling USD 24.5 million in Norway as tax losses for 2021 ended below the estimated tax losses that formed the basis of tax refunds received in the second half of the year 2021.

Other

DNO participated in four exploration wells in the North Sea during the quarter. The Kveikje well in PL 293B on the Norwegian Continental Shelf (NCS) (29% working interest) was sunk on March 8 and completed on April 8 and was announced as a discovery. The Overly well in PL 1085 on the NCS (25% working interest) was drilled on May 4 and completed on May 25 and resulted in a minor discovery. The Edinburgh well in P255 on the UK Continental Shelf (45% working interest) was sunk on March 15 and had drilling activity throughout the second quarter, but was later announced as a dry well. The Brage South well in PL 055 (14.3% working interest) on the NCS was drilled on June 10 and drilling was still ongoing at the end of the second quarter.

Earnings call login details

Please visit www.dno.no for login information prior to the call.

Disclaimer

The information in this press release is based on a preliminary assessment of the company’s interim operating and financial results for the second quarter of 2022 and may be subject to change.

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

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 interests in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, United Kingdom , the Netherlands and Yemen.

This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.

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