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2015-08-20

DNO ASA: DNO Seeking Ongoing Revenues to Sustain Kurdistan Operations; Reports Second Quarter 2015 Results

Oslo, 20 August 2015 - DNO ASA, the Norwegian oil and gas operator, set record
production levels from the Tawke field in the Kurdistan region of Iraq during
the second quarter of 2015 with output averaging 153,346 barrels of oil per
day (bopd). A total of 118,037 bopd, representing 77 percent of field
production, was delivered to the Kurdistan Regional Government for pipeline
export through Turkey. An additional 31,378 bopd was sold into the local
market and the balance processed in the company's Tawke refinery.

Company-wide revenues increased to USD 55 million, up from USD 26 million in
the first quarter. Net loss declined to USD 40 million from USD 61 million in
the first quarter.

Kurdistan's Ministry of Natural Resources recently announced plans to allocate
monthly payments from its independent oil sales to DNO and other operators
from September onwards. "We welcome regular export payments which are
necessary to sustain our operations in Kurdistan," said Bijan
Mossavar-Rahmani, DNO's Executive Chairman. "Without such payments, we will
not be in a position to make further investments," he added, "and without
further investments, production from the Tawke field will decline."

Discussions are ongoing with the Kurdistan Regional Government to allocate
export revenues to DNO on a regular, predictable and ongoing basis,
consistent with the company's contractual entitlements.

DNO's receivables from the Kurdistan Regional Government for past Tawke
production approached USD 1 billion at the end of the second quarter, of
which USD 829 million represented unbooked revenues for export sales and USD
118 million represented booked revenues for local sales and refined product
sales.

Gross production stood at 162,422 barrels of oil equivalent per day (boepd)
during the quarter, including 9,076 boepd from offshore Block 8 in Oman.

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For further information, please contact:
Media:media@dno.no

Investors:investor.relations@dno.no

Tel: +47 911 57 197

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and
North 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,
Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.

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This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Q2 2015 Interim Presentation
http://hugin.info/36/R/1946580/706449.pdf
Q2 2015 Interim Report
http://hugin.info/36/R/1946580/706448.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DNO ASA via Globenewswire

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