DNO International ASA - Regarding the Extraordi...

DNO sent a request for Extraordinary General Meeting (EGM) in Det
norske oljeselskap ASA ("DETNOR") on 2 January, 2009. The EGM will
take place on 2 February, 2009. The EGM will vote on election of a
new board of directors in DETNOR.


This request is a continuation of the DNO stock exchange notice of 6
December, 2008, 'Strategic Review of DNO`s 36.9% Shareholding in Det
norske oljeselskap ASA (DETNOR)', where DNO expressed concern
regarding the significant decline in the market value since the
combination into DETNOR in November 2007, as well as the fact that
the DETNOR share was trading at a significant discount to the
underlying value of the company's assets, hence not reflecting the
true potential of the company.

The further background for DNO's call for an EGM to vote over
election of new board members is as follows:


  * The main objective of the merger in November 2007 was to create
    the no.2 Norwegian Exploration and Production (E&P) company
    focused on the Norwegian continental shelf, and a sound platform
    for further growth and value creation. In DNO's opinion, DETNOR
    has not followed up on these objectives.
  * Instead, DETNOR's predominant management focus has been on
    redeveloping the marginal Frøy field. This has been costly and it
    has restricted active development of other growth opportunities
    with stronger value potential.
  * DETNOR holds a cash position of about NOK 2 billion as a result
    of the sale of license interests in the Goliat and Yme fields in
    Q4 2008. In DNO's opinion, DETNOR should use its current
    financial strength on other license investment opportunities, as
    well as merger and acquisition possibilities within the E&P
    industry.
  * In DNO's view, DETNOR's strategic focus since the merger has
    contributed to both erosion of shareholder value and to weaker
    investor confidence in the management and the board of the
    company.


As the largest shareholder, DNO's main objective is to see DETNOR
grow into a strong and sustainable E&P company, creating shareholder
value reflected in the share price.

On this basis, DNO believes that the shareholders in DETNOR should
elect a new board of directors with a clear strategy that would
better serve the shareholders interests.

DNO encourages other DETNOR shareholders to propose board member
candidates to the election committee in the company. Alternatively,
such candidates may be proposed at the EGM on the 2nd of February. In
DNO's view, 2-4 new board members independent from the management of
DETNOR, and with a strong support among the shareholders, should be
elected to replace some of the current board members.

DNO notes that Mr. Kaare M. Gisvold, Chairman of the Board of DETNOR,
has sent a letter dated 6 January, 2009 to DETNOR shareholders. In
this letter, Mr. Gisvold presents negative speculations concerning
alleged reasons for DNO's EGM call. DNO finds the chairman's letter
inappropriate and strongly rejects his speculations concerning the
motivations of the largest shareholder in the company. As chairman,
Mr. Gisvold is supposed to represent the interests of all
shareholders.


Board of Directors
DNO International ASA
26 January, 2009



Contact:

Media:
Helge Eide, MD DNO International ASA   Telephone:    [phone]
Ketil Jørgensen, Crux Communication    Telephone     [phone]
(Norway)
Ben Willey, Buchanan Communications    Telephone:    [phone]
(UK)

Investor Relations:
Haakon Sandborg, CFO DNO International Telephone:    [phone]
ASA


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