Q2 2025 Trading Update and Invitation to Earnings Call

Core Insights - DNO ASA will release its Q2 2025 operating and interim financial results on August 21, 2025, with a videoconference call scheduled for the same day [1] Production and Sales Volumes - Gross operated production in Kurdistan for Q2 2025 was 74,760 boepd, down from 82,081 boepd in Q1 2025 and 79,783 boepd in Q2 2024 [2] - North Sea gross operated production was 5,526 boepd in Q2 2025, compared to 8,864 boepd in Q1 2025 [2] - Net entitlement production in Kurdistan was 18,675 boepd for Q2 2025, slightly up from 18,464 boepd in Q1 2025 and up from 17,167 boepd in Q2 2024 [2] - North Sea net entitlement production increased to 33,348 boepd in Q2 2025 from 19,296 boepd in Q1 2025 and 16,321 boepd in Q2 2024 [2] - Sales volumes in Kurdistan were 18,675 boepd for Q2 2025, consistent with Q1 2025 [2] - North Sea sales volumes rose to 32,393 boepd in Q2 2025 from 17,216 boepd in Q1 2025 and 12,871 boepd in Q2 2024 [2] - Equity accounted production from Côte d'Ivoire was 3,175 boepd in Q2 2025, down from 3,375 boepd in Q1 2025 [2] Financial Highlights - DNO paid a dividend of NOK 0.3125 per share in Q2 2025, totaling USD 30.2 million, which annualizes to NOK 1.25 per share [3] - The company completed the acquisition of Sval Energi Group AS for USD 440 million, with Sval Energi's production included from June 1, 2025 [4] - A tax installment of USD 114 million was made in June 2025 [4] Financing Activities - DNO redeemed USD 350 million of outstanding DNO04 bonds on April 10, 2025 [5] - In June 2025, DNO completed a private placement of USD 400 million in new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility [5] - At the end of Q2 2025, DNO had USD 348 million outstanding under Sval Energi's prepayment facilities and cash deposits of USD 788 million [5] Exploration Activities - DNO participated in one exploration well on the Norwegian Continental Shelf, the Vidsyn well in PL586, which was spudded on June 14, 2025, and announced as a discovery in July 2025 [6]