DNO Updates North Sea Drilling

Oslo, 28 September 2021 – DNO ASA, the Norwegian oil and gas operator, today reported an oil discovery on the Gomez prospect in its operated PL006C license offshore Norway.

The exploration well encountered hydrocarbons in the primary target in the Våle Formation of Paleocene Age. The reservoir is a 23 meters thick, homogeneous sandstone of poor to moderate quality. A small amount of oil was recovered during logging. The oil/water contact was not encountered.

Based on preliminary assessments, there is uncertainty whether the reservoir can be commercially produced and no estimate of recoverable volumes has been established at this stage. DNO holds a 65 percent interest in the PL006C license and together with its partner Aker BP (35 percent) will study the extensive data collected during the operation before deciding next steps.

In a separate announcement, Equinor as operator of license PL159B (DNO 32 percent) has reported that the recently completed Black Vulture exploration well did not encounter hydrocarbons.

In addition to Gomez and Black Vulture, DNO’s 2021 Norwegian exploration and appraisal program comprises three wells, of which the first two, Røver Nord (DNO 20 percent) and Bergknapp (DNO 30 percent), have already been drilled and proven likely commercial volumes. The remaining 2021 exploration well, Mugnetind (DNO 30 percent), will spud shortly.

The Company has 74 licenses in Norway, of which eight are in production, one is under development and four contain discoveries pending development decisions.

–

For further information, please contact:
Media: [e-mail]
Investors: [e-mail]

–

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.