Cover photo: On board the Borgland Dolphin drilling rig during DNO operations offshore Norway

Key figures

Quarters

First nine months

Full-Year

USD million

Q3 2021

Q2 2021

Q3 2020

2021

2020

2020

Key financials

Revenues

253.5

184.3

163.0

607.6

440.7

614.9

Gross profit

147.8

97.7

4.9

329.6

-10.2

24.9

Profit/-loss from operating activities

65.4

60.9

-208.1

192.7

-300.4

-314.5

Net profit/-loss

30.9

56.7

-122.5

139.0

-225.6

-285.9

EBITDA

156.6

122.2

76.1

398.3

224.1

322.8

EBITDAX

193.0

149.1

84.8

472.0

264.6

378.8

Netback

193.5

153.4

100.6

481.6

248.6

559.1

Acquisition and development costs

80.7

60.4

27.2

191.9

156.6

207.9

Exploration expenses

36.4

26.9

8.7

73.8

40.5

55.9

Production

Gross operated production (boepd)

105,179

110,304

113,742

109,131

110,317

110,282

Net production (boepd)

91,986

92,667

102,995

94,579

100,776

100,063

Key performance indicators

Lifting costs (USD/boe)

5.7

5.7

4.2

5.4

5.0

4.9

Netback (USD/boe)

22.9

18.2

10.6

18.7

9.0

15.3

For more information about key figures, see the section on alternative performance measures.

Third Quarter 2021 Interim Results | 3

Q3 2021 operational highlights

  • Gross operated Tawke license production including the Tawke and Peshkabir fields averaged 105,200 barrels of oil per day (bopd) in Q3 2021 (110,300 bopd in Q2 2021) of which 78,900 bopd net to DNO's interest (82,700 bopd Q2 2021)
  • North Sea contributed another 13,100 barrels of oil equivalent per day (boepd), up from 9,900 boepd in Q2 2021 as production resumed at Marulk and Alve fields
  • Totaling net DNO production of 92,000 boepd in Q3 2021 (92,700 boepd in Q2 2021)
  • Tawke license 2021 gross operated production guidance unchanged at around 110,000 bopd
  • North Sea 2021 net production guidance unchanged at around 13,000 boepd
  • DNO had 91 licenses across its portfolio at end Q3 2021 (25 operated), of which two in Kurdistan, 74 in Norway, 11 in the United Kingdom, two in the Netherlands, one in Ireland and one in Yemen

4 | DNO ASA

Q3 2021 financial highlights

  • Revenues totaled USD 253 million in Q3 2021, up 38 percent quarter-on- quarter driven by strengthening oil and gas prices and higher North Sea sales
  • Kurdistan revenues of USD 149 million (USD 141 million in Q2 2021) and North Sea revenues of USD 104 million (USD 43 million in Q2 2021)
  • Operating profit of USD 65 million in Q3 2021 (USD 61 million in Q2 2021)
  • New USD 400 million five-year bonds with coupon rate of 7.875 percent, lowering average debt interest rate and extending maturity
  • Received USD 120 million from Kurdistan in Q3 2021 (entitlement USD 88 million, override USD 11 million and USD 20 million towards arrears built up from non-payment of certain invoices in 2019 and 2020)
  • At end Q3 2021, outstanding Kurdistan arrears had dropped to USD 203 million, down from the original USD 259 million, excluding any interest

Third Quarter 2021 Interim Results | 5

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DNO ASA published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2021 10:36:04 UTC.