DNO Reports Payment for Tawke License Deliveries

Oslo, 1 April 2020 - DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 77,235,229 as payment for October 2019 crude oil deliveries to the export market from the Tawke license in the Kurdistan region of Iraq. The funds will be shared by DNO and partner Genel Energy plc pro-rata to the companies' interests in the license. 

Separately, a payment of USD 5,712,176 has been received net to DNO, representing three percent of gross October 2019 Tawke license revenues, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government. 

DNO operates and has a 75 percent interest in the Tawke license which contains the Tawke and Peshkabir fields. 

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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.