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2015-05-28

DNO ASA: DNO Updates Operations Ahead of Annual General Meeting

Oslo, 28 May 2015 - DNO ASA, the Norwegian oil and gas operator, today
announced a new daily record of 170,000 barrels of oil produced from the
Tawke field in the Kurdistan region of Iraq, of which 30,000 barrels were
sold into the local market and the balance allocated for export.

Tawke production in the first quarter of 2015 was 104,925 barrels of oil per
day (bopd), of which 8,679 bopd was sold into the local market. In the
current quarter to date, production has averaged 146,309 bopd, including
26,027 bopd sold into the local market.

The company's realized prices for local sales currently average around USD 40
per barrel, with payments received upfront and revenues split 50/50 with the
Kurdistan Regional Government.

"We are ramping up production, export and local sales following the recently
completed Tawke capacity expansion," said Bijan Mossavar-Rahmani, DNO's
Executive Chairman. "We will dust off investment plans as our revenue stream
continues to grow," he added.

In early May, DNO completed a two-year investment program doubling Tawke
wellhead, processing and pipeline capacity to 200,000 bopd with the addition
of ten horizontal wells, two production trains and a 44-kilometer, 24-inch
pipeline.

DNO will hold its Annual General Meeting in Oslo today at 10:00 AM CET at the
Thon Hotel Vika Atrium.

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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 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.

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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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