DNO ASA: Exercise of Bond Call Option

Oslo, 24 June 2015 - DNO ASA, the Norwegian oil and gas operator, today announced the exercise of its option to call all outstanding bonds under FRN DNO ASA Senior Unsecured Callable Bond Issue 2011/2016, including the USD tranche with ticker DNO13 and ISIN NO0010606189 and the NOK tranche with ticker DNO14 and ISIN NO0010606197, at a redemption price of 101.5 percent of par value as provided for under Clause 10.2.2 of the Bond Agreement.

The call date is 24 June 2015 with settlement on 6 August 2015. The outstanding amounts, excluding bonds previously repurchased and held by the company, are USD 124.6 million in the USD tranche and NOK 421 million in the NOK tranche.

Following the exercise of the call option, the company's remaining debt consists of USD 400 million of new, five-year senior unsecured bonds issued on 19 June 2015.

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For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
Tel: +47 911 57 197

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DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.

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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.