Peshkabir Barrels Past Hundred Million Milestone

Oslo, 23 March 2023 – DNO ASA, the Norwegian oil and gas operator, today reported that cumulative oil production from its Peshkabir field in the Kurdistan region of Iraq has broken through the 100 million-barrel milestone less than six years after startup. The field was initially estimated to contain proven and probable reserves of 75 million barrels of oil commingled with associated gas.

In 2020, DNO completed a USD 110 million project to capture, transport and inject the commingled gas into the neighboring Tawke field to achieve the triple goals of reducing greenhouse gas emissions, enhancing oil recovery and saving gas for future use, in what is the first and only such project in Kurdistan.

“Even though Peshkabir has already delivered more oil than we thought it held, we now project that there are at least another 100 million barrels still to be produced from this prolific field,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “Team DNO has succeeded in getting oil out of the ground in record time and at industry beating costs while adjusting drainage strategy as understanding of the reservoir grows,” he added.

Mr. Mossavar-Rahmani went on to say that DNO firmly believes there are more Tawkes and Peshkabirs in Kurdistan and that the Company is well positioned to find and tap them. Cumulative oil production from DNO’s currently operated fields is approaching 440 million barrels.

Development of the Peshkabir field continues with the drilling of new wells and initiation of water and gas injection pilot projects to assess additional oil recovery potential. Earlier this month, field production was reduced from about 60,000 barrels of oil per day (bopd) to 43,000 bopd for maintenance workovers, including to replace downhole pumps. Once completed, the Company expects to recover full field production by end April and retains its 2023 production projection of 100,000 bopd for the Tawke license. DNO operates and has a 75 percent stake in this license containing the Tawke and Peshkabir fields with partner Genel Energy plc holding the balance.

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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.