Oslo, 21 February 2022 – DNO ASA, the Norwegian oil and gas operator, announced today that it ended 2021 with 321 million barrels of oil equivalent (MMboe) of net proven and probable (2P) reserves, notwithstanding a production of 34 MMboe during the year. The life of the Company’s 2P reserves is 9.3 years. Combined with contingent resources (2C) of 189 MMboe, the lifetime of DNO’s reserves and resources amounts to 14.8 years.

Of the total, the Company’s Kurdistan portfolio represented 267 million barrels of oil (MMbbls) of 2P net reserves compared to 295 MMbbls in 2020, and 71 MMbbls of 2C net resources compared to 27 MMbbls at the end of 2020.

Across its entire North Sea portfolio at the end of 2021, DNO’s net 2P reserves stood at 54 MMboe compared to 64 MMboe a year earlier. 2C resources amount to 113 MMboe against 120 MMboe at the end of 2020.

Beginning in 2021, the Company reports its net production, reserves and resources on an equity basis across all of its licenses. Prior to 2021 and for licenses governed by production sharing contracts, the company reported its net figures after royalty and included DNO’s additional share of the cost of oil covering its advances to government interest (if any). ) along with the volumes attributed to the three percent of gross production from the Tawke License under the August 2017 Claims Settlement Agreement. The main reason for this change is to improve comparability with peer companies and to show the company’s share of production before the government took it.

International oil consultants DeGolyer and MacNaughton have carried out an independent assessment of the Tawke and Baeshiqa licenses in Kurdistan. Gaffney, Cline & Associates have carried out an independent assessment of DNO licensing in Norway and the UK.

The 2021 Annual Statement of Reserves and Resources, prepared and published today in accordance with Oslo Stock Exchange listing and disclosure requirements (Circular No. 1/2013), is attached and is also available at Company website www.dno.no.

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For more 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 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, Ireland and Yemen.

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

• Annual Statement of Reserves and Resources 2021