Vidsyn Discovery Proves Up Commercial Oil and Gas

Core Insights - DNO ASA has confirmed a gas and condensate discovery at the Vidsyn prospect, enhancing its stake in the Norwegian Sea license PL586 to 25 percent following the acquisition of Sval Energi Group AS [1][2] - Preliminary estimates indicate gross recoverable resources of 25 to 40 million barrels of oil equivalent (MMboe), with a mean estimate of 31 MMboe, surpassing pre-drill expectations [2] - The Vidsyn discovery is located in high-quality reservoir sandstones of the Middle Jurassic Ile formation and is considered commercial by the partnership, which includes Vår Energi ASA [2][3] Company Operations - DNO ASA has been active in Norway since 2017, participating in over a dozen discoveries on the Norwegian Continental Shelf, including three operated by the company [4] - The company currently produces approximately 80,000 barrels of oil equivalent per day from over 30 fields in the North Sea and is involved in six ongoing field development projects [5] - DNO holds interests in 138 permits in the North Sea and plans to drill three additional exploration wells later this year [5]