DNO Scores Bergknapp Upgrade

Oslo, 6 September 2021 – DNO ASA, the Norwegian oil and gas operator, today announced that following the completion of an appraisal program on the 2020 Bergknapp discovery in the Norwegian Sea, the Company has upgraded its recoverable resource estimate for this licence by 35 percent.

With further appraisal drilling and testing, the size of the previously discovered recoverable resources in the Garn and Tilje formations is now estimated by the operator to range between 40 to 84 million barrels of oil equivalent (MMboe) of light oil.

Additionally, a sidetrack drilled to a vertical depth of 4,854 meters below sea level encountered a 260-meter hydrocarbon column in the Åre formation not seen in the original discovery well. The Åre reservoir is estimated by the operator to hold 13 to 56 MMboe of recoverable resources. Investigation of collected sidewall cores and fluid samples is ongoing to understand whether the hydrocarbons present in the Åre formation primarily consist of light oil, condensate or wet gas.

Wintershall Dea is operator of license PL836S with 40 percent and DNO Norge AS and Spirit Energy each hold 30 percent. The Bergknapp discovery is located eight kilometers west of the Maria Field (Wintershall Dea operated) in an area with existing infrastructure. The partnership will now evaluate development options.

Meanwhile, DNO’s 2021 Norwegian exploration and appraisal program continues with the ongoing drilling of the Gomez prospect (DNO 65 percent and operator) and the Black Vulture appraisal well (DNO 32 percent). The Mugnetind exploration well (DNO 32 percent) will spud in September.

The Company has 74 licenses in Norway (of which 19 are operated) including eight producing licenses with combined average daily production of 12,500 barrels of oil equivalent in the first half of 2021, one license containing a discovery undergoing development and five licenses with discoveries pending development decisions.

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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 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.