DNO ASA

FAPE01 bond buyback

Oslo, 15 January, 2020 - DNO ASA, the Norwegian oil and gas operator, today purchased USD 5.0 million in nominal value of FAPE01 bonds (ISIN NO0010811268) originally issued by Faroe Petroleum plc, and renamed DNO North Sea plc. The bonds were purchased at a price of 107.125. Following the bond buyback, USD 16.2 million in nominal value of the FAPE01 bonds remain outstanding with DNO ASA holding the balance of USD 69.6 million. The FAPE01 bonds mature on 28 April 2023.

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. 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, Netherlands, Ireland and Yemen.

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