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2016-10-12

DNO ASA: Kurdistan Operational Update

12 October 2016 - DNO ASA, the Norwegian oil and gas operator, today reported
the completion of three new production wells at the flagship Tawke field in
the Kurdistan region of Iraq as part of a stepped up drilling program kicked
off in July 2016.

The Tawke-31 well, targeting the main Cretaceous reservoir will be brought on
production following an acid stimulation program. Two additional wells
targeting the shallow Jeribe reservoir, Tawke-33 and Tawke-34, are also being
readied for production. A fourth well, Tawke-37, will be spud next week. The
four wells are expected to cost less than USD 20 million in total and add
about 10 percent to field output capacity.

Earlier this month the company also spudded the Peshkabir-2 well to appraise
the Jurassic reservoir and explore the deeper Cretaceous horizon on a
previous discovery to the west of the main Tawke field. This well marks the
completion of the current drilling program at the Tawke license which was
initiated on the back of monthly export payments from the Kurdistan Regional
Government. Plans to engage a third drilling rig were dropped in September
though the company expects to re-start investments to boost production to a
targeted level of 135,000 barrels of oil per day (bopd) following the
resumption of regular and predictable payments.

Tawke production during the third quarter averaged 109,159 bopd, of which
108,759 bopd was delivered for export through Turkey.

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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.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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