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2015-03-27

DNO ASA: Initiation of Repair Offering Canceled

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE
PEOPLE'S REPUBLIC OF CHINA, JAPAN, SOUTH AFRICA OR THE UNITED STATES, OR ANY
OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Oslo, 27 March 2015 - DNO ASA, the Norwegian oil and gas operator, announced
today that the Company has decided not to initiate a repair offering
following the successful completion of a NOK 975 million offering of new
shares and treasury shares on 10 March 2015.

Since the completion of the offering, 137.29 million DNO shares have traded on
the Oslo Stock Exchange, with an average daily trading volume of 10.56
million shares, and at closing prices ranging from NOK 11.20 to NOK 12.81.
Shareholders therefore have had an extended period to neutralize the dilution
effect of the offering by purchasing DNO shares in the open market at a price
below the subscription price of NOK 13.25 per share.

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For further information, please contact:

Media:media@dno.no

Investors:investor.relations@dno.no

--

IMPORTANT NOTICE:

This announcement is not and does not form a part of any offer for sale of
securities.

This notice is not for distribution to United States news services or for
dissemination in the United States, Canada, Japan, the Hong Kong Special
Administrative Region of the People's Republic of China, South Africa or
Australia or elsewhere where such dissemination would be unlawful or would
require registration or other measures.

The distribution of this announcement and other information in connection with
the Offering and the Repair Offering may be restricted by law in certain
jurisdictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to
observe any such restrictions.

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DNO ASA is an Oslo-listed, Middle East and North Africa focused oil and gas
company holding stakes in 20 blocks in various stages of exploration,
development and production both onshore and offshore in the Kurdistan Region
of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab
Emirates, the Tunisian Republic and Somaliland.

--

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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