Second Well Delineates Heisenberg, Confirms Size of Discovery

Oslo, 24 September 2024 – DNO ASA, the Norwegian oil and gas operator, today announced completion of a second well delineating the play-opening 2023 Heisenberg oil and gas discovery in Norwegian North Sea license PL827SB. Encountering a six-meter oil-filled Eocene sandstone reservoir, the well confirmed the Heisenberg volume estimate of 24 to 56 million barrels of oil equivalent (MMboe) with mean of 37 MMboe.

The license partnership, which in addition to DNO Norge AS (49 percent) includes operator Equinor Energy AS, is studying a tieback of Heisenberg to nearby infrastructure, potentially jointly coordinated with the development of other recent discoveries in this highly prolific area surrounding the Troll and Gjøa production hubs. DNO has a strong area position.

Earlier this year, Cuvette (DNO 20 percent) marked DNO’s eighth discovery in the area since 2021, following Røver Nord, Kveikje, Ofelia, Røver Sør, Heisenberg, Carmen and Kyrre. Discoveries in the Troll-Gjøa area make up the largest share of DNO’s net contingent resources in the North Sea, which stood at 132 million barrels of oil equivalent at yearend 2023.

DNO continues to be one of the most active explorers in the North Sea. Last week, the Company commenced drilling operations at Falstaff (DNO 50 percent and operator) while Ringand (DNO 20 percent) is expected to be drilled later this fall. In early September, DNO submitted one of the largest applications in the Company’s history for the upcoming APA 2024 licensing round, with awards expected during the first quarter of 2025.

The Angel exploration prospect, which was the main target of the license PL827SB well, was found to be mainly water wet although the well encountered non-commercial volumes of gas.

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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.