Prospectus Approved for Listing of DNO’s USD 400 Million Hybrid Bonds on Oslo Stock Exchange Oslo, 24 October 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Financial Supervisory Authority of Norway on 23 October 2025 approved the prospectus prepared in connection with the listing on the Oslo Stock Exchange of the Company’s 10.75 percent USD 400 million subordinated hybrid callable bonds issued on 17 June 2025 with maturity in June 2085 (ISIN: NO0013582627). Trading in the bonds is expected to commence today. The prospectus dated 23 October 2025 is available o...
Q3 2025 Trading Update and Invitation to Earnings Call Oslo, 14 October 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q3 2025 operating and interim financial results on 6 November at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today, the Company provides an update on production, sales volumes and other selected information for the quarter. Volumes (boepd) Gross operated productionQ3 2025Q2 2025Q3 2024Kurdistan46,57274,76084,212North Sea11,5085,526- Net entitlement productionQ3 2025Q2 2025Q3 2024Kurdistan14,44918,675...
Mandatory Notification of Trade Attached is a form of notification of transaction by a primary insider under the DNO ASA Employee Synthetic Share Program. This notification has been submitted pursuant to the Norwegian Securities Trading Act § 5-12 and MAR Article 19 no. 3. Attachment
• The first investment under the US$100 mm Zephyr Hawk partnership has been approved, comprising a US$2.5 mm commitment fully funded by Zephyr’s partner. The investment secures a share in a work programme targeting up to 13 wells. • Zephyr estimates life-of-well undiscounted cashflows of ~US$1.8 mm, net to its interest. • This marks the first in a series of similar transactions. Even assuming a conservative NPV10 of 30–50% of the undiscounted cashflow, the US$2.5 mm investment by the funding par...
Please click here to access the financial metrics for Auctus' coverage universe AUCTUS PUBLICATIONS ________________________________________ Serica Energy (SQZ LN)C; Target price of £3.05 per share: Another operational setback at Triton; value and distribution profile intact – Operational issues with the flare system at the Triton FPSO have resulted in a temporary suspension of production. Production is likely to restart shortly at very low rates until the root cause is identified and resolved...
• Zephyr is estimated to hold 35.2 mmboe net 2P reserves (net of royalty) and 74.2 mmboe 3P plus contingent resources in the Paradox. The 2P case assumes 12 drilling locations, including 3 existing wells. These volumes are materially higher than in the 2022 CPR (25x for 2P) and align with the May management estimates (25.6–89.5 mmboe vs. 35.2–74.2 mmboe in the new CPR’s 2P–3P+2C range). The 3P+2C case includes 11 additional locations (further from the existing wells) vs. the 2P case. • The CPR a...
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to M...
• 2Q25 sales (excluding NGLs) averaged 632 boe/d, reflecting continued operator-imposed constraints on the six Slawson wells due to prevailing low commodity prices. Aggregate production from these wells in 1H25 was 141 boe/d, below management’s forecast of 214 boe/d. Importantly, there are no reservoir integrity concerns. With the recent completion of a production acquisition which has added approximately 380 moe/d from June, and the potential for the Slawson wells to come back online, we believ...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Favourable court ruling allows Welchau testing operations to resume – The Upper Austrian State Administrative Court has rejected objections from environmental activist groups regarding drilling and testing at Welchau. The court confirmed that Environmental Clearances were issued in full compliance with applicable regulations. ADX is now authorized to resume operations at the Welch...
DNO Updates Status of Tawke License Oil Exports Oslo, 26 September 2025 - DNO ASA, the Norwegian oil and gas operator, today announced that it has been instructed to prepare for commencement of oil exports through the Iraq-Türkiye Pipeline on 27 September 2025, following agreements reached between the Federal Government of Iraq, the Kurdistan Regional Government and a group of international oil companies. DNO accordingly will deliver the Kurdistan Regional Government’s share of sales from the Company’s operated Tawke license, currently averaging 38,000 barrels a day, for export. The balanc...
DNO Appoints New Chief Financial Officer Oslo, 24 September 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that Birgitte Wendelbo Johansen has been appointed Chief Financial Officer effective 1 November 2025, replacing Haakon Sandborg who is stepping down following 24 years in the role. Ms. Johansen joins DNO from Reach Subsea ASA, an Oslo Børs listed oil services company, where she served as Chief Financial Officer since 2012. Prior to this, she had a successful career in banking, specializing in shipping and energy. “I am pleased to pass the baton to Birgitte; her e...
Possible Participation in Resumption of Exports Through the Iraq-Türkiye Pipeline Oslo, 23 September 2025 - DNO ASA, the Norwegian oil and gas operator, today announced that it welcomes the reports that agreements have been reached between the Federal Government of Iraq, the Kurdistan Regional Government and a group of international oil companies to resume exports of crude oil produced in Kurdistan through the Iraq-Türkiye Pipeline. DNO has consistently stated that it is eager to resume exports but pursuant to agreements that ensure payment surety for both past arrears and future exports b...
Arrow Exploration (AXL LN/CN)C; Target price of £0.50 per share: High impact exploration drilling in 2H25 – 2Q25 production averaged 3,768 boe/d, impacted by water handling constraints and steeper-than-anticipated early declines at newly drilled wells. Current WI production stands at ~4,200 boe/d, down from the July peak of 4,600–4,800 boe/d, which reflected initial flush output from AB-HZ5 and AB-HZ4. While first-month decline rates are steep, Arrow has observed that post-month-one declines are...
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