Q1 2025 Trading Update and Invitation to Earnings Call

Core Insights - DNO ASA will release its Q1 2025 operating and interim financial results on May 15, 2025, followed by a videoconference with executive management [1] Production and Sales Volumes - Gross operated production in Kurdistan for Q1 2025 was 82,081 barrels of oil equivalent per day (boepd), an increase from 74,163 boepd in Q4 2024 and 76,310 boepd in Q1 2024 [2] - North Sea production reached 8,864 boepd in Q1 2025, up from 6,602 boepd in Q4 2024 [2] - Net entitlement production in Kurdistan was 18,464 boepd for Q1 2025, compared to 17,424 boepd in Q4 2024 and 20,503 boepd in Q1 2024 [2] - North Sea net entitlement production was 19,296 boepd in Q1 2025, slightly up from 19,031 boepd in Q4 2024 and significantly higher than 14,217 boepd in Q1 2024 [2] - Sales volumes in Kurdistan for Q1 2025 matched net entitlement production at 18,464 boepd, while North Sea sales were 16,981 boepd, down from 17,088 boepd in Q4 2024 [2] Financial Highlights - DNO paid a dividend of NOK 0.3125 per share in Q1 2025, totaling USD 27.4 million, which annualizes to NOK 1.25 per share [4] - The company made no tax payments or refunds during the quarter [4] - DNO announced the acquisition of Sval Energi Group AS in early March, paying a deposit of USD 22.5 million, with completion expected mid-2025 [4] - A private placement of USD 600 million in new five-year senior unsecured bonds was completed in March 2025 [5] - Early redemption of another bond, DNO04, was completed on April 10, 2025, without impacting Q1 2025 cash flow [5] Exploration Activities - DNO participated in two discoveries on the Norwegian Continental Shelf during Q1 2025, with combined recoverable resources of 26 million barrels of oil equivalent net to DNO [6] - The Mistral well in PL1119 and the Kjøttkake well in PL1182 S were successfully completed, while the Horatio well in PL1109 was dry [6]