Oslo, 8 February 2024 - DNO ASA, the Norwegian oil and gas operator, today
reported 2023 revenues of USD 668 million and operating profit of USD 218
million on the back of production rebound in the Kurdistan region of Iraq in a
year marked by North Sea exploration success.
Net production averaged 52,600 barrels of oil equivalent per day (boepd), of
which Kurdistan contributed 34,900 boepd, North Sea 14,200 boepd and West Africa
3,500 boepd. The pivot towards North Sea, accelerated in 2019, delivered a
string of discoveries with combined recoverable volumes estimated at 100 million
barrels of oil equivalent net to the Company last year.
At yearend, gross production from the DNO-operated Tawke license had largely
recovered from the March 2023 export pipeline shutdown and was averaging 80,000
boepd. The Company's net entitlement share is sold at reduced prices in the low-
to-mid USD 30s per barrel on a cash and carry basis and transported by traders
by road tanker or pipelined to local refineries.
With operational spend down 65 percent, Tawke sales now generate some USD 10
million per month of free cash flows to DNO, notwithstanding lower realized
prices.
"Surely no one is pleased to leave significant money on the table with every
barrel sold," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "But the
Company remains resilient in its second semi-centennium and will take this new
challenge head on," he said.
Net production in the North Sea this year is projected at 15,000-16,000 boepd;
the bolt-on acquisition of a 25 percent stake in the producing UK field Arran
will add another 2,000-2,500 boepd once completed.
In Kurdistan, DNO expects gross operated production at the Tawke license to
continue to average 80,000 boepd. That figure could change depending on the
outcome of ongoing discussions related to recovery of arrears for past
deliveries to the Kurdistan Regional Government and payment terms and conditions
for any future oil exports, which in turn will drive investments in wells.
Total operational spend is projected at USD 645 million, up 15 percent from last
year, primarily reflecting higher development activity in Norway on the back of
previous discoveries.
The balance sheet remains strong and the Board of Directors yesterday authorized
a dividend of NOK 0.25 per share in February, maintaining quarterly
distributions.
A videoconference call with executive management will follow today at 14:00
(CET). Please visit www.dno.no to access the call.
Key figures

                                  Q4 2023 Q3 2023 Full-Year 2023 Full-Year 2022
 Gross operated production        65,773  25,984  46,500         107,637

(boepd)

 Net production (boepd)           69,684  37,150  52,566         97,310
 Revenues (USD million)           199     141     668            1,377
 Operating profit/-loss (USD      38      40      218            431

million)

 Net profit/-loss (USD million)   4       -55     19             385
 Free cash flow (USD million)     33      -6      -82            619
 Net cash/-debt (USD million)     153     142     153            388

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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
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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.
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