Q4 2021 Trading Update and Invitation to Earnings Call

Oslo, January 18, 2022 – DNO ASA, the Norwegian oil and gas operator, will publish its interim and fourth-quarter financial results for the full year 2021 on Thursday, February 10, 2022 at 07:00 (CET). This will be followed by a video call with the Executive Management at 15:00 (CET). Below the company releases an update on production and sales volumes for the quarter as well as other key financial information that will be discussed in more detail on the earnings call.

Sizes (boepd)

Total running production

Fourth Quarter 2021

Q3 2021

Fourth Quarter 2020

Kurdistan

107472

105179

110,176

North Sea

net production accrual

Fourth Quarter 2021

Q3 2021

Fourth Quarter 2020

Kurdistan

29367

26749

33417

North Sea

13,571

13102

15309

sales

Fourth Quarter 2021

Q3 2021

Fourth Quarter 2020

Kurdistan

29367

26749

33417

North Sea

23,289

14653

21,731

selected cAsh flow elements

During the quarter, DNO received refunds of US$75.4 million in respect of tax losses in Norway and US$15.3 million in the UK in respect of tax refund deactivation.

DNO also received a net $182.8 million from the Kurdistan Regional Government (previously recognized in the third quarter of 2021), of which $132.0 million represented the July, August and September 2021 maturity share of Tawke’s Crude Delivery License. Of the balance, $17.3 million represents overpayments equal to three percent of total Tawke license revenue in July, August and September 2021 and $33.4 million represents payments toward arrears accrued from non-payment of certain bills in 2019 and 2020.

The company paid a cash dividend of NOK 0.20 per share, totaling $22.1 million.

else

The Mugnetind exploration well at PL906 (DNO 30 percent) in Norway encountered limited quantities of hydrocarbons and is unlikely to be commercial.

DNO acquired seismic data at a cost of US$15.8 million to support the Norwegian Exploration Program.

earnings communicate Login details

Please visit www.dno.no for login details before the call.

disclaimer

The information in this release is based on a preliminary assessment of the fourth quarter and interim financial and operating results for the full year 2021 and may be subject to change.

For more information, please contact:
Media: [email protected]
Investors: [email protected]

DNO ASA is a Norwegian oil and gas company 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 in various stages of exploration, development and production in the Kurdistan Region of Iraq, Norway, the United Kingdom, the Netherlands, Ireland and Yemen.

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Exchange Act.

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